(1) While preparing the cost estimate of the goods, subject to Rule 63 and the specification of the related goods, it may be prepared according to any or all of the following bases:-
(a) the actual cost incurred by the relevant local body or other public bodies of the district where such local body is located in the current or previous years in the procurement of the same nature,
(b) Price prevailing in the local market,
(c) Prevailing prices in other markets and estimated shipping costs to the place of supply of the goods,
(d) Rates issued by the Chamber of Commerce and Industry.