October 26, 2023 (MLN): The rise in global oil prices amid the Middle East conflict suggests a slight upward revision in petrol prices by around Rs2.43 per litre.
Price estimates till October 26, 2023, show an average international petroleum price of $90.72 as against last fortnight's weighted average price of $87.74 per barrel.
Accordingly, the ex-refinery works to be around Rs204.76, as compared to the previous fortnight's price of Rs202.33 per litre.
On the other hand, diesel prices show a downward revision of around Rs5.65 per litre in accordance with the decline in international diesel prices.
Globally, diesel prices have gone down to $112.53 from the previous fortnight's $114.65 per barrel.
Accordingly, the ex-refinery cost of diesel works out to be Rs225.74, as compared to last fortnight's price of Rs231.38 per litre.
However, it is pertinent to note that there are still around three trading sessions left for the next pricing update, thus the future trajectory of these prices will largely hinge on global market dynamics and the exchange rate.
The government will announce the next fortnightly update on October 31, 2023.
To note, the international oil benchmarks also show an average price of $90.25 as against last fortnight's weighted average price of $87.35 per barrel.
