ISLAMABAD: Contrary to market expectations, the federal government has raised the price of petrol by Rs1.35 per litre for the next fortnight, effective November 1 and continuing until November 15. The new petrol price is set at Rs248.38 per litre, up from the previous rate of Rs247.03.
The Finance Division issued a notification stating that the adjustment in fuel prices is based on calculations from the Oil and Gas Regulatory Authority (OGRA), which took into account fluctuations in international market prices.
In addition to petrol, the price of high-speed diesel (HSD) has also increased, rising from Rs251.29 to Rs255.14 per litre, reflecting an increase of Rs3.85.
Conversely, the government has announced reductions in the prices of other petroleum products. Kerosene oil will now cost Rs161.54 per litre, down from Rs163.02, while light diesel oil has decreased from Rs150.12 to Rs147.51, a reduction of Rs2.61.
These price changes are particularly significant for the middle and lower-middle classes, who primarily use petrol for personal transportation, including small vehicles, rickshaws, and motorcycles.
Higher fuel costs directly impact their commuting budgets. On the other hand, the transport sector, which heavily relies on high-speed diesel, may see broader economic effects.
The price of diesel is especially inflationary, as it is essential for heavy goods transport vehicles, including trucks and buses, as well as agricultural machinery like tractors.
The rise in diesel prices contributes to increased costs for transporting vegetables and other food items, further affecting food inflation.
Overall, these adjustments reflect ongoing challenges in managing fuel prices amid fluctuating international markets and their widespread economic implications.
