ISLAMABAD - Viewing declining trend in the international oil market, the prices of Petroleum Oil and Lubricant (POL) products in the country are likely to witness a decrease up to Rs 9.50 per litre for the month of June. The estimations made so far to determine the future prices disclosed that as recently crude oil prices have come down by $6 per barrel in the Arabian Gulf market so it is likely that Rs 9.50/liter cut would be made on June 1. Further, in accordance with the officials of Finance Ministry, last month average price of crude oil in Arab Gulf market stood at $121 per barrel which has recently come down to $115.Owing to this reduction in the prices of crude oil prices in Arab Gulf market, it is expected that prices of POL will witness a reduction. It is expected that price of Hi-Octane Blended Component (HOBC) will witness a cut by Rs 9.55 per litre, high-speed diesel (HSD) by Rs 3.60, petrol Rs 1.65, light-diesel oil (LDO) Rs 3.45 and kerosene oil by Rs 3.70 per litre. Sources in Finance Ministry also told that the government is collecting petroleum levy on petrol Rs 8.86 per litre instead of Rs. 10. Similarly, Rs 11.84 per litre on hi-octane instead of Rs 14, Rs. 4.20 per litre on hi-speed diesel instead of Rs 4.20 per litre and Rs 5.15 per litre on kerosene oil instead of Rs 6 per litre. They further informed that currently government is receiving Rs 3 per litre petroleum levy (PL) in light-diesel from May 1, and further raise in this regard is not possible to pass it on to consumers. Sources, however, also made it clear that despite increase in petroleum levy, prices of kerosene oil, light-diesel and hi-octane are likely to come down next month. They further declared that final prices of POL products for the month of June will be decided after the finalisation of Inland Freight Equalization Margin (IFEM) to be imposed by Ogra on the products, adding, that Ogra on May 29 will send a summary to Ministry of Petroleum and Natural Resources (MP&NR) seeking final approval on prices of petroleum products for the month of June.