The government has announced an increase in the prices of all petroleum products, including petrol, for the upcoming fortnight, effective from December 16, 2020. This adjustment reflects global market trends and fluctuations in crude oil prices, impacting the cost of fuel domestically.
According to a notification issued by the Finance Division, the price of petrol has been raised by Rs3 per liter, bringing the new rate to Rs103.69 per liter from the previous Rs100.69. Petrol remains a crucial commodity for transportation and daily economic activities, and any price adjustment directly affects consumers across the country.
Similarly, the price of high-speed diesel has witnessed an increase of Rs3.01 per liter, pushing the new rate to Rs108.44 from Rs105.43. High-speed diesel is widely used in heavy transportation and agricultural machinery, making this increase significant for the logistics and farming sectors.
The government has also raised the rate of kerosene oil by Rs5 per liter, setting the new price at Rs70.29 from the previous Rs65.29. Kerosene oil is commonly used for heating and cooking, particularly in rural areas where access to alternative fuels is limited. The hike in its price is expected to impact households that rely on it for their daily needs.
Additionally, the price of light diesel oil has been increased by Rs5 per liter, reaching Rs67.86 from Rs62.86. Light diesel oil is often used in industrial operations and small-scale power generation, making this price revision notable for various industries.
The adjustment in petrol prices comes amid fluctuations in global crude oil rates and the exchange rate of the Pakistani Rupee. The government periodically revises petroleum prices based on recommendations from the Oil and Gas Regulatory Authority (OGRA) to align domestic fuel costs with international trends.
With petrol being a key factor in inflation, the increase in fuel prices is expected to have a ripple effect on transportation costs and overall market prices. Consumers and businesses alike are bracing for the economic impact of these revised fuel rates as the government continues to manage price adjustments in line with global oil trends.