In a fresh blow to consumers already struggling with rising inflation, petrol prices have been increased by Rs. 4.80 per litre, bringing the new rate to Rs. 258.47 per litre. The price hike, effective immediately, was announced late Monday night by the Ministry of Energy and Petroleum.
According to officials, the price revision is attributed to a combination of global crude oil fluctuations and adjustments in the domestic pricing formula. The ministry cited the devaluation of the local currency and rising international fuel demand as key factors contributing to the surge.
This marks the third consecutive increase in fuel prices within the past two months, sparking concern among transporters, industrial sectors, and daily commuters.
“The increase in petrol prices will have a ripple effect on the cost of living. Transportation, food prices, and utility bills are all likely to go up,” said Farhan Ahmed, a senior economist at the Policy Research Forum.
Public reaction has been swift, with many taking to social media to voice their frustration. Transport unions have warned of possible fare hikes, while opposition parties are calling for a rollback, terming the move “an additional burden on the poor and middle class.”
The government, however, maintains that the revision was necessary to avoid further strain on national reserves and to keep the supply chain stable.
Further adjustments to fuel prices are expected at the start of the next month, based on global market trends.
