Govt hikes petrol price by Rs7.45, diesel by Rs9.60 per litre

New rates applicable for next fortnight after midnight

The Ministry of Finance issued a notification announcing an increase in prices for petroleum products effective immediately.

According to the notification, the price of petrol has been raised by Rs 7.45 per litre, increasing from Rs 258.16 to Rs 265.61 per litre, while the price of high-speed diesel has been increased by Rs 9.60 per litre, jumping from Rs267.89 to Rs 277.49 per litre.

The revised prices will come into effect from July 1 (Monday) and will remain applicable for the next fifteen days, as confirmed by the Ministry of Finance. The decision follows directives from the federal government amid global fluctuations in oil prices.

This increase in petroleum prices is likely to impact consumers across the country, with implications for transportation costs and household budgets. The government's move aims to address fiscal challenges and ensure stability in the energy sector amidst ongoing economic pressures.

The announcement has prompted concerns among various sectors, including businesses and consumers, about the potential inflationary impact of higher fuel costs. The Ministry of Finance has indicated that these adjustments are necessary to manage economic uncertainties and maintain financial equilibrium.

The Ministry has urged stakeholders to adhere to the revised prices and expects compliance across the petroleum distribution network. Authorities will monitor the implementation closely to ensure transparency and fair pricing practices in the market.