Petrol price hiked by Rs8.36 per litre, diesel up by Rs10.39

The federal government has increased the price of petrol by Rs8.36 per litre, bringing the new rate to Rs266.79, according to a notification issued by the Ministry of Finance. The hike will remain in effect for the next 15 days.

In the same notification, the price of high-speed diesel has also been raised by Rs10.39 per litre, pushing the new price to Rs272.98. These adjustments were made on the recommendation of the Oil and Gas Regulatory Authority (OGRA) and other relevant ministries.

Earlier, reporters circulated in the media that diesel was expected to rise by Rs20 per litre and petrol by Rs15 per litre. Final approval for the price revision was to be given by Prime Minister Shehbaz Sharif.

Check: Govt announces Rs 4.80 hike for petrol, Rs 7.95 for diesel

It is worth noting that in the previous fortnightly review, the government had raised petrol prices by Rs4.80 per litre and diesel by Rs7.95 per litre.

Petrol is predominantly consumed by private vehicles, motorcycles, and rickshaws, making any increase directly burdensome for the middle and lower-middle-income groups.

Diesel, on the other hand, fuels the country’s transport and agriculture sectors, used in buses, trucks, trains, tractors, tube wells, and threshers.

Since diesel prices affect the cost of transporting goods, any rise typically leads to higher prices for vegetables and other essential commodities. However, despite fluctuations in diesel prices, transport fares often remain unchanged.