Petrol Price Hiked by Rs2.43, Now Rs265.45 Per Litre

The government has increased petrol prices by Rs2.43 per litre for the next fortnight, effective November 1, following recommendations from the Oil and Gas Regulatory Authority (OGRA) and relevant ministries. According to a notification from the Finance Division, petrol will now be priced at Rs265.45 per litre for the next 15 days. High-speed diesel (HSD) has also been revised upwards by Rs3.02, reaching Rs278.44 per litre, reflecting adjustments suggested by the concerned ministries. Meanwhile, sources confirmed that kerosene rose by Rs3.34 to Rs185.05 per litre, and light diesel oil (LDO) increased by Rs1.22, bringing its price to Rs163.98 per litre. Earlier, The News had reported that petroleum prices were expected to rise by up to Rs2.34 per litre for the fortnight due to fluctuations in global oil markets and the impact of recent US sanctions on major Russian producers. Preliminary calculations for the first 12 days of the pricing cycle had suggested a smaller increase: petrol by Rs1.48 per litre and HSD by Rs1.38. Kerosene was expected to rise by Rs2.34, while LDO could increase by Re0.49. Earlier this month, in line with international fuel market trends, the federal government had reduced petrol prices by Rs5.66 per litre, bringing petrol down to Rs263.02 per litre for the preceding fortnight. The price of high-speed diesel (HSD) was also reduced by Rs1.39 to Rs275.41 per litre. Similarly, the price of kerosene oil was cut by Rs3.26 to Rs181.71 per litre. The government had set the price of light diesel oil at Rs162.76 per litre for the fortnight. Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel. Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers. The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.