Fuel prices may rise

After five straight fortnightly cuts, the petroleum prices have started reverse journey owing mainly to higher international prices following flare up in the Middle East crisis. Informed official sources said the prices of major petroleum products — petrol and high speed diesel (HSD) — are estimated to go up by around Rs5.50 and Rs13 per litre, respectively, with effect from October 16 for the next fortnight ending October 31. They said the petrol price had gone up by an average $2.8 per barrel and that of HSD by about $7 per barrel in the last two weeks or so. Depending on final exchange rate calculation and existing tax rates, the prices of both petrol and HSD are projected to increase by Rs5.50 to 13 per litre.