Petrol price jacked up by Re1 for next fortnight

The federal government on Friday increased the price of petrol by Re1 to Rs257.13 per litre for the next 15 days.

According to a notification issued by Ministry of Finance, the price of high-speed diesel (HSD) has been increased by Rs7 to Rs267.95 per litre.

“The Oil & Gas Regulatory Authority (OGRA) has reviewed and adjusted consumer prices for petroleum products in view of recent fluctuations in the international oil market,” read the notification.

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.