The federal administration has raised the costs of petrol and high-speed diesel, with the updated prices becoming effective from October 1.
As per a notification released by the Ministry of Finance, the price of petrol has been increased by Rs4.07 per litre. After this adjustment, petrol will now retail at Rs268.68 per litre, an increase from Rs264.61. High-speed diesel has seen a price hike of Rs4.04 per litre, bringing its cost to Rs276.81 from Rs272.77.
These new prices, in effect for the next 15 days, were implemented at fuel stations starting at midnight. The government evaluates petroleum prices every two weeks, with changes correlating to fluctuations in global oil prices and the exchange rate.
This marks the second adjustment in fuel prices within a month. On September 16, the government had announced new prices where the petrol rate remained the same while high-speed diesel costs were increased.
Petrol is predominantly used in motorcycles, cars, and rickshaws, which are vital modes of transport for the middle and lower-income populations. This increase is anticipated to impact daily commuting expenses, especially in urban locales where motorcycles and rickshaws play a significant role in mobility.
Conversely, high-speed diesel has far-reaching implications for the economy. It is widely utilized by the transport sector, powering buses, trucks, and railways. In rural regions, it is essential for operating agricultural machinery like tractors and tube wells.
A rise in diesel prices typically results in increased costs for vegetables and other food items, given the crucial role transportation is plays in supply chains
The Ministry of Finance noted that the government has revised the prices of petroleum products based on the recommendations of the Oil and Gas Regulatory Authority (OGRA) and the relevant ministries.