Government Raises Petrol Prices for the Third Time in Just Over a Month

Consumers Face Continued Fuel Price Hikes

The federal government has announced an increase in petrol and diesel prices for the next fortnight, marking the third hike in just over 30 days. Effective February 1, the price of petrol has been raised by Re1 per litre, bringing it to Rs257.13 per litre, while high-speed diesel (HSD) has seen a Rs7 increase, now priced at Rs267.95 per litre.

Impact of Global Oil Prices

This adjustment is attributed to rising global crude oil rates, which have exerted pressure on domestic fuel pricing. The Oil and Gas Regulatory Authority (OGRA) assessed international market trends before recommending the new rates.

Historical Context of Recent Increases

This latest hike follows previous increases on January 15, when petrol prices were raised by Rs3.47, and HSD by Rs2.63 per litre. At that time, petrol was priced at Rs256.13 per litre, and diesel at Rs260.95 per litre.

Public Reaction and Economic Implications

The consecutive fuel price hikes have sparked concerns among consumers and industry stakeholders about the potential for increased inflationary pressures. Transportation and manufacturing sectors are particularly sensitive to fuel costs, and sustained price increases could lead to higher costs for goods and services across the economy.