After five straight fortnightly drops in prices, there is likely to be an increase in petroleum prices, mostly because of rising international prices associated with intensifying Middle East tensions.
Official sources stated that the prices of the two main petroleum products—petrol and high-speed diesel (HSD)—are anticipated to increase by roughly Rs5.50 and Rs13 per litre, respectively, starting on October 16 and continuing until October 31.
The price of gasoline has gone up by approximately $2.8 per barrel during the last two weeks, while the price of HSD has gone up by approximately $7 per barrel. Current tax rates and the currency rate will determine the final pricing modifications.
At now, the average global price of gasoline has gone from roughly $76 to almost $79 per barrel, and the price of HSD has increased from $80.5 to approximately $87.5 per barrel.
