Petroleum prices are anticipated to rise following five consecutive reductions, driven primarily by increasing international prices amid escalating tensions in the Middle East.
Official sources have indicated that starting October 16 and continuing until October 31, the prices of key petroleum products—petrol and high-speed diesel (HSD)—could increase by approximately Rs5.50 and Rs13 per litre, respectively.
Over the last two weeks, petrol prices have surged by around $2.8 per barrel, while HSD prices have seen an increase of approximately $7 per barrel. The final adjustments to prices will depend on fluctuations in the exchange rate and current tax rates.
Currently, the average international price of petrol has risen to nearly $79 per barrel from about $76, while HSD has climbed from $80.5 to approximately $87.5 per barrel. Import premiums have remained fairly stable, with petrol at $8.7 per barrel and HSD at $5 per barrel. The exchange rate has also shown stability.
At this time, the ex-depot price for petrol stands at Rs247.03 per litre, while HSD is priced at Rs246.69 per litre, although retail prices exceed Rs248 per litre. The price of petrol, which is commonly used in private transport, small vehicles, rickshaws, and two-wheelers, significantly affects the budgets of middle- and lower-middle-class families.
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