The federal government has dramatically increased the price of petrol by a significant Rs9.99 per litre, while the cost of high-speed diesel has been surged by Rs6.18 per litre. According to a notification issued by the Ministry of Finance on Monday, the revised prices for petrol now stand at Rs275.60 per litre, and Rs283.63 per litre for HSD.
This increase comes into effect from July 16, with the new prices set to remain in place for the next two weeks. The sudden spike in prices is expected to add a considerable burden to consumers already struggling with rising inflation. The government’s move aims to counterbalance escalating international oil prices and sustain fiscal stability, although it is predicted to trigger widespread public dissatisfaction and criticism.
The repercussions of these latest hikes on daily commuters, transporters, and businesses heavily reliant on fuel are projected to be profound. Citizens are preparing for higher transportation expenses and amplified inflationary pressures on essential goods, which will further strain household budgets already under pressure from previous economic challenges.
The Ministry of Finance has justified the decision, pointing to global market dynamics and the necessity of managing fiscal deficits amid economic uncertainties. Nonetheless, critics argue that such frequent and substantial hikes in fuel prices disproportionally impact the average citizen and call for initiatives to alleviate the resultant financial strain on the public.