ISLAMABAD: The federal government on Tuesday hiked petrol by Rs5.36 per litre and diesel by Rs11.37 per litre.
The Finance Division issued the notification according to which the revised prices based on the recommendations of the Oil and Gas Regulatory Authority (OGRA and relevant ministries.
The new fuel prices would remain effective for the next fortnight from July 16 (tonight).
Following the increase, the new price of petrol is Rs272.15 per litre, up from Rs266.79, while HSD reached Rs284.35 per litre, compared to the earlier Rs272.98.
The hike is part of the government’s fortnightly fuel price review.
Meanwhile, in the deregulated market, the price of kerosene oil has been reduced by Rs3.10 per litre and light diesel oil by Rs1.85 per litre.
The increase in fuel prices is expected to further strain household budgets and contribute to inflation, as both petrol and diesel are widely used in transport, agriculture, and industry.
No adjustments have been made to the prices of kerosene oil and light diesel oil.
Industry sources said that the ex-depot petrol rate was anticipated to increase by nearly 2% to Rs272.04, while HSD was projected to rise by around 2.5%, reaching Rs279.48 per litre.
Petrol, widely used in motorcycles, cars, and rickshaws, plays a vital role in the daily expenses of lower- and middle-income segments. On the other hand, diesel powers public transport, agricultural equipment, and freight vehicles, making its price a major contributor to inflation and overall commodity costs.
Transporters had already begun revising fares in response to the anticipated price hike.
