The federal government has significantly increased the prices of petroleum products for the next fifteen days, with a formal notification issued by the Ministry of Finance.
According to the issued notification, the price of petrol has been increased by 8 rupees and 36 paisa per liter, after which the new price has been set at 266 rupees and 89 paisa per liter, while the price of high-speed diesel has been increased by 10 rupees and 39 paisa, bringing the new price to 272 rupees and 98 paisa per liter.
This increase comes at a time when the public is already under severe inflationary pressure, and it is considered the first major increase in petroleum products after the budget.
According to sources, the final approval for the price changes was given after consultation with the Prime Minister; however, this time the announcement of prices was made with a delay instead of the usual midnight schedule. The Ministry of Finance delayed issuing the notification unusually, which caused public uncertainty as well.
Economic experts say that this increase in petroleum product prices will not only lead to further increases in transport fares but will also raise the prices of essential goods, which could trigger a new wave of inflation.
It is worth mentioning that despite minor fluctuations in global crude oil prices, the continuous increase in local prices is becoming a cause of public concern.
