After two weeks of reduced petroleum product prices, the same are likely to increase by up to Rs2.34 per litre starting November 1, reports said.
According to reports, the potential spike is expected amid volatility in the international oil market and the impact of recent United States (US) sanctions on Russia’s top oil producers.
Preliminary estimates for the first 12 days of the current pricing cycle suggest petrol prices may rise by Rs1.48 per litre while high-speed diesel (HSD) could go up by Rs1.38 per litre.
Kerosene oil is likely to see a sharper increase of Rs2.34 per litre whereas light diesel oil (LDO) may edge higher by Rs0.49 per litre.
If these trends continue, the new consumer prices from November 1 are projected to be Rs264.50 per litre for petrol, Rs276.80 for diesel, Rs184.05 for kerosene and Rs163.25 for LDO.
Reports said that final price adjustments will be announced on the evening of October 31, after a review of the complete fortnight’s import and exchange rate data.
It may be noted that petrol prices last changed in mid-October when the government announced a downward revision, providing some relief to consumers amid easing global oil rates and a relatively stable rupee.
According to a notification issued by the Ministry of Finance, the price of petrol was reduced by Rs5.66 per litre while HSD was cut by Rs1.39 per litre.
The new rates came into effect on October 16, following which a modest reduction in transport and commodity costs was reported.