Govt hikes petrol price by Rs9.99 per litre, HSD by Rs6.18

The federal government has increased the price of petrol by a whopping Rs9.99 per litre while the price of high-speed diesel has been hiked by Rs6.18 per litre. As per a notification issued by the Ministry of Finance on Monday, the new prices for petrol are Rs275.60 per litre and Rs283.63 per litre for HSD.

This increase comes into effect from July 16 with the revised prices to remain applicable for the next fortnight. The sudden price hike is expected to burden consumers already grappling with inflationary pressures. The move by the government is aimed at offsetting rising international oil prices and maintaining fiscal stability, although it is likely to provoke widespread public outcry and criticism.

The impact of these latest increases on daily commuters, transporters, and businesses dependent on fuel is anticipated to be severe. Citizens are bracing themselves for higher transportation costs and increased inflationary pressures on essential commodities, further straining household budgets already under stress from previous economic challenges.

The Ministry of Finance has defended the decision, citing global market dynamics and the need to manage fiscal deficits amid economic uncertainties. However, critics argue that such frequent and substantial increases in fuel prices disproportionately affect the common citizen and call for measures to alleviate the resulting financial strain on the public.