Petrol price cut by Rs3.63, HSD’s hiked by 31 paise

According to Business Recorder, the government revised fuel prices for October 16 in its daily review. Petrol now sells for Rs390.23 per litre after a reduction of Rs3.63 from Rs393.86. High-speed diesel rose by 31 paise to Rs396.96 per litre.

Over the past week, the average refined petrol price fell to USD 127.24 per barrel from USD 129.31 on October 15, while diesel edged up to USD 108.53 from USD 108.43. The regulator linked the adjustment to global developments, including movements in Platts rates and premiums. Import costs moved in opposite directions, with petrol falling to Rs279.45 from Rs283.08 and HSD climbing to Rs289.40 from Rs289.09.

No changes were made to the levies or the fixed profit margins for either fuel. Each attracts a Rs80 per litre Petroleum Levy and a Rs5 per litre Climate Support Levy, while dealers keep Rs9.98 per litre and oil marketing companies Rs7.87 per litre. The inland freight equalisation margin stays at Rs7.93 for petrol and Rs4.71 for diesel.