The government is set to raise fuel prices from October 16, with petrol expected to rise by Rs3.95 per litre and diesel by Rs10.26 per litre. This increase may contribute to rising inflation in the country, putting additional pressure on consumers.
The price hike is attributed to the ongoing instability in the Middle East, which has impacted global oil prices. Currently, Brent crude oil is priced at $79.04 per barrel, while WTI crude stands at $75.56 per barrel.
Based on preliminary data from the past 12 days, with three days remaining for final calculations, petrol prices are projected to increase from Rs162.73 to Rs166.68 per litre. Meanwhile, high-speed diesel is likely to see a significant jump, going from Rs165.26 to Rs175.72 per litre. The price of kerosene oil is expected to rise by Rs7.85 per litre, bringing the new price to Rs153.27, up from Rs145.42. Light diesel oil (LDO) is also expected to see an increase of Rs8.33 per litre, reaching Rs142.25 from its current price of Rs133.92.
These revised prices have been calculated considering government taxes and the Inland Freight Equalisation Margin (IFEM). The premium on Mogas is projected to be $8.789 per barrel, further impacting fuel costs.
