Petrol and diesel prices will remain unchanged until November 15

The caretaker government announced Tuesday that petrol and diesel prices will remain unchanged until November 15.

In addition, the government reduced the prices of kerosene and light-speed diesel by Rs3.82 and 3.40 per litre. Kerosene and light-speed diesel will be priced at 211.03 and 189.46 per litre, respectively.

In the last review on October 15, the caretaker government had announced a reduction of Rs40 and Rs15 in petrol and diesel prices, taking the prices to 283.38 and 303.18 per litre, respectively, in line with the rupee’s continues appreciation against the dollar as well as variations in the international prices of petroleum products.

After a record low of 307.1 against the US dollar in the inter-bank market on September 5, the rupee eked out nearly 11% gain in next 28 successive sessions on the back of a crackdown against smuggling and controls on exchange companies.

However, in last two weeks, the local currency has weakened against the dollar by over 1%.

Internationally, oil prices edged higher on Tuesday as a drop in euro zone inflation buoyed hopes that the European Central Bank has almost certainly finished raising interest rates, and offset higher OPEC output.

Brent crude futures for December delivery, were 32 cents, or 0.4% higher at $87.77 a barrel by 11:42 a.m. ET (1542 GMT) ahead of their expiry later on Tuesday.