Petrol, diesel prices likely to drop by up to Rs3 per litre

The prices of major petroleum products — petrol and high speed diesel (HSD) — are estimated to go down by Rs2 to Rs3 per litre with effect from Nov 1 for a fortnight, after a minor reduction in global prices. Informed sources said the average prices of petrol and HSD decreased in the international market by about $1.5 and $2.5 per barrel, respectively, in the last fortnight. Depending on final exchange rate calculation and existing tax rates, the prices of petrol and HSD are projected to come down by Rs3 and Rs2.30 per litre, respectively. Officials said the average price of petrol had dropped in the international market to about $76 per barrel from about $77.5 per barrel. The HSD also declined to about $84 per barrel from $86.5 in the last fortnight.