The finance ministry announced new rates as part of the fortnightly adjustment, raising the price of petrol by Rs 3.72 per litre and high-speed diesel by Rs 3.29 per litre.
Following the hike, the new prices for petrol and HSD are Rs 252.10 and Rs 258.38, respectively. Additionally, the prices of light diesel oil and kerosene oil were reduced by 48 and 62 paise per litre, respectively.
Since the rates of daily commodities fluctuate along with the inflation rate in Pakistan, the prices of petroleum products are closely correlated with it. Reductions bring respite, and price increases cause the inflation rate to rise as well, burdening the general populace.
According to the facts, the new LPG price for December is Rs 254.30 per kilogram.
A household LPG cylinder now costs Rs 3,079.79, up from Rs 2,999.47 in November. The increase in the value of the US dollar is the reason for the hike in LPG costs.
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The updated prices will take effect on December 1st, according to a statement released by OGRA. It’s anticipated that this price increase would further strain customers, who are already dealing with growing inflation and fuel costs.
According to the administration, these shifts are indicative of worldwide patterns in oil pricing. Consumers, who are already dealing with inflation and the growing cost of necessities, have responded to the move in a variety of ways.
Changes in the domestic economy and the global oil market are anticipated to influence future changes in fuel prices.
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