Fuel prices poised for second fortnightly rise

For the second fortnight, the prices of major petroleum products — petrol and high-speed diesel (HSD) — are estimated to go up again about Rs4-5 per litre from Nov 16 for a fortnight owing to higher international prices and import premium on petrol. Informed sources said the average prices of petrol and HSD increased in the international market by about $1.7 and $4.4 per barrel, respectively, in the last fortnight. The import premium on petrol was up to almost $1 per barrel. Depending on final exchange rate calculation and existing tax rates, the prices of petrol and HSD are projected to increase by up to Rs4 and Rs5 per litre, respectively. Officials said the average price of petrol increased in the international market to about $77.2 per barrel from $75.6. HSD price rose to $88 per barrel from about $83.6 in the last fortnight. During the current fortnight, the import premium on petrol increased to $9.80 per barrel from $8.8. It remained unchanged at $5 per barrel for HSD. The exchange rate also slightly moved against the rupee.