Overview
- The new fortnightly rates take effect on November 16, with petrol at Rs265.45 per litre and high-speed diesel at Rs284.44.
- The Finance Division issued the notification after reviewing input from the Oil and Gas Regulatory Authority and relevant ministries.
- Industry projections earlier in the week had pointed to a larger diesel hike of up to Rs9.60 per litre, which did not materialize.
- Expected increases for kerosene and light diesel oil remained projections and were not part of the official notification.
- Reporting links pricing pressure to reduced diesel availability from Kuwaiti refinery maintenance and a recent near-2% rise in global crude after the Novorossiysk attack.