Petrol, diesel prices hiked by more than Rs11 per litre – SUCH TV

The federal government has announced a hike in petrol prices by over Rs5 per litre for the upcoming fortnight starting tomorrow, according to a statement by the Finance Division on Tuesday.

The new price of petrol has been set at Rs272.15 per litre, reflecting an increase of Rs5.36 per litre.

Meanwhile, diesel prices have surged to Rs284.35 per litre, rising by Rs11.37 per litre.

This marks the third consecutive fortnightly price hike.

In a statement, the Finance Division said that the government has revised the prices of petroleum products based on the recommendations of Oil and Gas Regulatory Authority (Ogra) and the relevant ministries.

In the previous fortnight, the petrol rate was hiked by Rs8.36 per litre following fluctuations in international crude oil prices.

The price of diesel was also raised by Rs10.39.

Petrol powers small vehicles, rickshaws, and bikes, making price hikes especially hard on middle- and lower-income households who depend on it for daily commuting.

In contrast, a substantial portion of the transport sector depends on high-speed diesel.

Its price is considered inflationary due to its widespread use in trucks, buses, trains, and farm machinery, such as tractors and tube wells.

The increased cost of high-speed diesel directly contributes to the rising prices of vegetables and other essential food items.