By In another blow to inflation-weary citizens, the federal government has announced a significant increase in petrol and diesel prices for the next fortnight. According to news reports, the price of petrol has gone up by Rs 8.36 per litre, although the official notification from the Ministry of Finance states a total increase of Rs 14.80 per litre, pushing the new price of petrol to Rs 266.89 per litre.
High-speed diesel (HSD) has not been spared either. Its price has been raised by Rs 10.39 per litre, taking the new rate to Rs 272.98 per litre.
The Ministry of Finance issued the notification after a notable delay. Normally, the government announces the revised prices of petroleum products every 15 days, usually before midnight. However, this time the announcement was postponed, causing uncertainty among consumers and businesses alike.
The delay reportedly stemmed from extended consultations between the Ministry of Finance and the Prime Minister’s office. Under current policy, the Ministry of Finance is responsible for finalizing and issuing price notifications after considering recommendations from the Oil and Gas Regulatory Authority (OGRA).
The latest hike comes at a time when global oil prices have shown fluctuations, and the rupee continues to face pressure in the international currency market. Increased petroleum prices are expected to have a cascading effect on the cost of transportation, food, and other essential commodities, adding further strain to household budgets already burdened by rising inflation.
Citizens and industry stakeholders have voiced concerns about the frequent adjustments in fuel prices, calling for more stability and transparency in the pricing mechanism. Many believe the government should explore measures to cushion the impact of global market trends on local fuel prices.
With this fresh revision, the public will once again have to bear the brunt of higher transportation and utility costs, highlighting the urgent need for long-term energy and economic reforms.
