The Government of Pakistan increased the petrol and diesel price by Rs3.72 and Rs3.29/ltr on Saturday, as the finance ministry announced new rates as per the issued notification.
Petrol prices are rised by Rs3.72 per litre and diesel by Rs3.29 per litre starting December 1 for the next fortnight, due to a modest increase in international prices over the past 12 days.
According to a notification issued by the Ministry, the price of petrol has been raised to Rs 252.10 per litre, while high-speed diesel has seen an increase of Rs 3.29 per litre, bringing it to Rs 258.43.
Sources revealed that the proposed hike is attributed to the high premium on petroleum products in the global market and increased import costs.
Brent crude settled 2 cents higher at $72.83 a barrel while US West Texas Intermediate crude slipped 5 cents to $68.72.
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.
