With no let-up in the rising energy rates, the prices of petroleum product may rise again later this week owing to a combination of currency depreciation and higher international oil prices.
Informed sources told Republic policy that the prices of both major petroleum products — petrol and high-speed diesel (HSD) — could go up by about Rs10-14 and Rs14-16 per litre, respectively, on Sept 15 for the next fortnight, while kerosene price would also get costlier by about Rs10 per litre, based on the existing tax rates and import parity price.
The rupee initially depreciated by Rs4.5 against the dollar in the first ten days of the current fortnight (from Rs299 to Rs304) before sliding below Rs300, but in the meanwhile, benchmark international Brent prices went beyond $92 per barrel on Wednesday against $88 in the first week of September, thus nullifying whatever little space the exchange rate might have created.
