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The federal government of Pakistan has announced a fresh hike in fuel prices, increasing petrol and diesel rates for the next two weeks, effective from Wednesday, July 16, Geo News reported.
According to Geo News, citing a statement released by the Finance Division of Pakistan on Tuesday, petrol will now cost PKR 272.15 per litre, after a rise of PKR 5.36. Meanwhile, high-speed diesel has increased by PKR 11.37, bringing its new price to PKR 284.35 per litre. This marks the third consecutive increase in fuel prices in recent weeks. The adjustments were made based on recommendations from Pakistan's Oil and Gas Regulatory Authority (OGRA) and other relevant ministries, as reported by Geo News, citing the country's Finance Division. In the last fortnight, petrol prices in the country were increased by PKR 8.36 per litre, while diesel prices rose by PKR 10.39, reflecting volatility in international oil markets. Petrol is widely used in motorcycles, rickshaws, and small cars, making the price hike particularly burdensome for lower- and middle-income families who rely on it for everyday travel. According to Geo News, high-speed diesel, crucial for the transportation and agricultural sectors, has a broader inflationary impact. Its price affects the cost of operating trucks, buses, trains, and farming equipment, such as tractors and tube wells, and as a result, higher diesel prices contribute to increased costs for essential goods, including vegetables and food staples. (ANI)
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