Petrol prices likely to rise further as cost of oil jumps

Another massive hike is expected in the prices of petroleum products in the upcoming fortnightly review amid rise in global oil prices. According to media reports, the Oil and Gas Regulatory Authority (Ogra) is expected to announce new prices for petrol, diesel and other petroleum products on September 15, based on the average international crude oil prices and exchange rate fluctuations in the first 15 days of September. The petrol price may jump by Rs16 per litre in the next fortnight review of the petroleum prices, while the price of high-speed diesel (HSD) is likely to go up by Rs13.66 per litre, industry estimates showed. The ex-depot price of petrol has been calculated at Rs321.35 per litre for the next fortnight compared to its existing price of Rs305.36 per litre, showing an increase of Rs15.99, while the ex-depot price of HSD has been worked out at Rs325.50 per litre compared to its current price of Rs311.84 per litre, indicating an increase of Rs13.66 per litre. The prices of kerosene and light diesel oil (LDO) are also expected to rise by Rs10.02 and Rs4.45 per litre respectively. The increase in the ex-depot price has been mainly caused by the rupee depreciation as well as the increase in the international prices of petroleum products. The oil industry has worked the ex-depot price of petroleum products for the next fortnight at the average exchange rate of Rs304.21 versus one dollar compared to Rs299.77 per dollar average exchange rate for the existing price of petroleum products in the country.