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Federal Govt hikes petrol price by Rs9.99, diesel’s by Rs6.18 per litre

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On Monday, the federal government announced a substantial increase in the price of petrol, raising it by Rs9.99 to reach Rs275.60 per litre. This significant jump is expected to have far-reaching implications on the cost of living for citizens across the country. Alongside the surge in petrol prices, the cost of high-speed diesel (HSD) has also been raised by Rs6.18 per litre, reaching Rs283.63. These revised prices are set to come into effect from July 16, 2024.

The notification issued by the Finance Division also underscored that there would be no adjustments in the applicable duties and levies, maintaining them at their current levels. This decision further compounds the financial burden on consumers, as it directly translates into higher expenses for transportation and daily commuting.

This latest price hike comes on the heels of a previous review where the government had augmented petrol and diesel prices by Rs7.45 per litre and Rs9.56 per litre respectively. These successive increments have sparked concerns among the populace regarding the affordability of basic commodities and the overall impact on household budgets. The government’s rationale behind these frequent revisions remains to be seen, but it undoubtedly poses a significant challenge for the country’s economic stability and the well-being of its citizens.

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