ISLAMABAD: Petrol prices in Pakistan are expected to decrease by Rs10.60 per litre for the next fortnight, effective from January 1, 2026, according to ARY News, citing sources.Sources suggest that the price of high-speed diesel (HSD) may also be reduced by Rs8.59 per litre, while petrol is likely to see a cut of Rs10.60 per litre.Similarly, the price of light diesel oil (LDO) is likely to drop by Rs6.62 per litre, and kerosene oil could be reduced by Rs8.92 per litre.After the proposed reductions, the price of petrol is expected to decrease from Rs263.09 to Rs252.85 per litre. High-speed diesel may drop from Rs267.80 to Rs259.21 per litre.Sources also mentioned that the Oil and Gas Regulatory Authority (OGRA) will send its price recommendations to the Petroleum Division on December 31. Following approval from Prime Minister Shehbaz Sharif, the new prices will be formally announced by the Petroleum Division.Notably, in the previous fortnight, the government kept the price of petrol unchanged at Rs263.45 per litre, while reducing the price of high-speed diesel by Rs14 to Rs265.65 per litre.Therefore, there are strong indications that petrol prices will be reduced in this fortnight as well, marking a potential decrease for the new year.Earlier, Pakistan submitted its projections for petroleum development levy collections over the next five years to the International Monetary Fund (IMF), ARY News reported on Thursday, citing sources.According to the submitted documents, the climate support levy will also increase by Rs2.5 per liter starting July 1, 2026.The IMF report includes year-on-year estimates of petroleum levy collections.For the current fiscal year, collections are projected at Rs1,468 billion, while for the next fiscal year, the estimate stands at Rs 1,638 billion. Projections for the fiscal year 2027-28 are Rs1,787 billion, 2028-29 at Rs1,989 billion, and 2029-30 at Rs2,212 billion.