In a significant development, the Government of Pakistan has announced an increase in petrol prices by Rs9.99 per litre, effective from midnight. This hike comes as a response to the rising oil rates in the international market.
According to the official notification, the price of high-speed diesel (HSD) has also seen an uptick, rising by Rs6.18 per litre. This adjustment follows the last fortnight’s review on June 30, where petrol and HSD prices were increased by Rs7.54 and Rs9.56 per litre, respectively.
With this latest revision, the current prices of petrol and diesel stand at Rs265.61 per litre and Rs277.45 per litre, respectively.
Impact on Consumers and Market
The increase in fuel prices is expected to have a cascading effect on the cost of goods and services, as transportation expenses rise. This move may also contribute to inflationary pressures within the economy, impacting household budgets and overall consumer spending.
Government’s Stance
The government has justified the price hike by citing the surge in global oil prices, which has necessitated the adjustment to maintain economic stability. Officials have emphasized that these decisions are crucial to manage the fiscal deficit and ensure a steady supply of petroleum products across the country.
Public Reaction
The public’s reaction to the fuel price hike has been mixed, with many expressing concerns over the rising cost of living. Citizens have called for measures to mitigate the impact on everyday expenses, especially for the lower and middle-income segments of the population.
Future Outlook
As the global oil market remains volatile, further adjustments in fuel prices may be anticipated. The government continues to monitor international trends closely to make informed decisions that balance economic needs with public welfare.
