In a potential blow to consumers, petrol prices in the capital city may experience a significant increase today, touching a possible peak of 1.47 rupees per liter. The government, now in charge since February 16, 2024, has revealed an exchange adjustment, signaling an imminent hike in petrol rates.
The decision comes in the wake of escalating regional tensions, particularly concerning the consistent attacks by Houthi rebels on the transportation of oil via ships in the Arabian Sea. Authorities have expressed concern over the impact of these disruptions on the supply chain, potentially leading to a surge in petrol prices.
As part of the government’s measures, petrol prices are expected to see a jump of 1.47 rupees per liter, with high-speed diesel (HSD) following suit with an increase of 7.50 rupees per liter. This adjustment is set to be enforced for the next fifteen days.
However, in the absence of an exchange adjustment, there is a looming possibility of an additional increase of 1.97 rupees per liter in petrol prices, taking the retail price from 272.89 to 274.86 rupees per liter. Diesel prices might also face an upward trajectory, potentially rising by 9.20 rupees per liter, from 278.96 to 288.16 rupees per liter.
The situation remains fluid, and consumers are advised to stay informed about any developments in fuel prices over the coming days. The government continues to monitor the situation closely and is taking necessary steps to address the challenges posed by regional uncertainties.
