Petrol, diesel prices likely to rise by Rs8 for next fortnight

After four consecutive fortnightly price cuts, the major petroleum products — petrol and high-speed diesel (HSD) — are estimated to become costlier by Rs7 and Rs8 per litre, respectively, with effect from July 1 for the next fortnight, mainly because of the higher international market. Informed sources said the prices of petrol and HSD had increased in the international market by about $4.4 and $5.5 per barrel, respectively, in the last fortnight. Depending on the final calculation and existing tax rates, the price of petrol is projected to be Rs7 higher and that of HSD to go up by Rs8.5 per litre. The price increase could be higher if the government opts for a higher petroleum development levy (PDL) from the existing Rs60 per litre with the start of the new fiscal year.