Petrol prices set to rise from October 1

Petroleum prices in the country are expected to rise again, with an increase ranging from Rs1.97 to Rs4.65 per liter.

According to the report, petrol may see a hike of Rs1.97 per liter, while the price of high-speed diesel is likely to rise by Rs2.48 per liter. Light diesel oil could increase by Rs1.76 per liter, whereas kerosene might see the highest jump of Rs4.65 per liter. The Oil and Gas Regulatory Authority (OGRA) has prepared a working paper on the revised fuel prices and will forward it to the Ministry of Finance through the Petroleum Division. After receiving the summary, the Ministry of Finance will present it to the Prime Minister for approval. Once the approval is given, the final decision on the new fuel prices will be announced tomorrow.

It is worth noting that just 15 days ago, the government kept petrol prices unchanged, but the rate of high-speed diesel was raised by Rs 2.78 per liter. The expected hike this time will add to the burden on consumers already facing rising living costs. The adjustment in petroleum prices comes in line with international market trends and currency exchange fluctuations, which directly affect import costs. If the proposed increases are approved, the new rates will come into effect immediately, impacting transport fares and the overall cost of goods. Fuel price adjustments continue to play a crucial role in shaping inflationary pressure in the country.