Petroleum prices likely to increase after five consecutive fortnightly reductions, primarily due to rising international prices linked to escalating tensions in the Middle East.
Official sources indicated that effective October 16 and lasting until October 31, the prices of major petroleum products—petrol and high-speed diesel (HSD)—are expected to rise by approximately Rs5.50 and Rs13 per litre, respectively.
In the past two weeks, petrol prices have increased by about $2.8 per barrel, while HSD prices have risen by around $7 per barrel. The final price adjustments will depend on the exchange rate and current tax rates.
Currently, the average international price for petrol has risen to nearly $79 per barrel from about $76, while HSD has increased from $80.5 to about $87.5 per barrel. Import premiums have remained relatively stable, with petrol at $8.7 per barrel and HSD at $5 per barrel. The exchange rate has also remained steady.
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At present, the ex-depot price for petrol is Rs247.03 per litre and for HSD, Rs246.69 per litre, although they are sold for over Rs248 per litre in the retail market. Petrol, commonly used in private transport, small vehicles, rickshaws, and two-wheelers, significantly impacts the budgets of middle- and lower-middle-class families.
