ISLAMABAD: In a move that surprised market observers, the federal government has raised petrol prices by Rs1.35 per litre for the upcoming fortnight, effective November 1 and lasting until November 15.
According to a notification from the Finance Division, the new petrol price will be Rs248.38 per litre, up from the previous Rs247.03.
The statement also indicated that the Oil and Gas Regulatory Authority (OGRA) determined the new consumer prices based on fluctuations in the international market.
In addition, the price of high-speed diesel (HSD) has risen by Rs3.85 per litre, increasing from Rs251.29 to Rs255.14.
Conversely, prices for other petroleum products have seen reductions. Kerosene oil will now cost Rs161.54, down Rs1.48 from Rs163.02, while light diesel oil has decreased by Rs2.61, from Rs150.12 to Rs147.51.
Petrol is primarily utilized in private transport, small vehicles, rickshaws, and motorcycles. The increase in fuel prices significantly affects the budgets of middle and lower-middle-class families, who rely on petrol for daily commuting. In contrast, high-speed diesel is crucial for the transportation sector and is essential for heavy goods vehicles, trucks, buses, trains, and agricultural machinery.
The rise in high-speed diesel prices is particularly concerning, as it contributes to higher costs of vegetables and other food items, exacerbating inflationary pressures on consumers.
