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Fuel prices likely to surge in October: CAL Research

CAL Research predicts a substantial increase in fuel prices of approximately Rs. 12-14 per liter in October 2023, attributing this forecast to global factors such as a 4-5% month-on-month rise in petrol and diesel prices, driven by a 7.7% month-on-month increase in average Brent oil prices. The influence of the Brent benchmark on fuel prices is emphasized, and production cuts by key players like the OPEC+ alliance, aimed at long-term stability, are noted to lead to short-term fuel price spikes. This surge in fuel costs is expected to impact various sectors, potentially increasing prices for goods and services, affecting household budgets, and highlighting the need for sustainable energy alternatives. Businesses, particularly in logistics and manufacturing, will likely face higher operational expenses, while consumers are advised to prepare for increased pump prices, underscoring the importance of prudent planning and sustainable energy solutions for economic resilience.

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