Petrol price of 95 goes up, while 93 dips

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The federal government has decided not to change the prices of petroleum products for the month of October, 2019.

The government on Monday chose to keep prices of petroleum products unchanged for the month of October.

The department said global product prices for petrol, diesel and illuminating paraffin increased during the period under review.

It says this is due to the latest increase in pump prices placing "further strain" on motorists.

In the worldwide market, Brent crude futures fell 20 cents to $61.71 a barrel by 0632 GMT while U.S. West Texas Intermediate (WTI) crude futures edged down 3 cents to $55.88 a barrel. QP has retained the prices for premium grade petrol and diesel from last month, while super grade will cost 5 dirhams more.

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CASH-STRAPPED consumers will have to dig even deeper into their pockets as the price of petrol is set to increase by 18 cents a litre this week.

Petrol prices rose to Rs 77.10 a litre in Kolkata, Rs 80.08 a litre in Mumbai and Rs 77.36 a litre in Chennai.

The trend of an increase in prices will continue until November, the notification read.

A look at the price data shows petrol prices have risen by ₹2.45 a litre and diesel by ₹1.96 a litre since September 14 - the day on which Saudi Aramco's crude oil processing facilities came under a drone attack. Brent crude oil prices will average $65.15 per barrel in 2019 and $ 62 per barrel in 2020 according to the most recent forecast from the US Energy Information Administration's monthly short term energy outlook. Despite this, Saudi Arabia says oil production will resume as normal by the end of September.

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