The interim government has implemented a significant increase in petrolprices by Rs14.91 per liter and high-speed diesel (HSD) prices by Rs18.44per liter. Following this adjustment, the cost of petrol has reachedRs305.36 per liter, while HSD is now priced at Rs311.84 per liter. Thisannouncement was made by the Ministry of Finance through a post on X(formerly Twitter) after midnight.
Notably, there have been no revisions in the rates for kerosene or lightdiesel oil. This recent surge in fuel prices comes in the wake of asubstantial hike that took place on August 15, where the interim governmentraised fuel prices by up to Rs20 per liter. It’s worth mentioning that thisincrease followed similar adjustments made by the previous government onAugust 1.
The rationale behind these price hikes is based on the existing tax ratesand import parity prices. The adjustments are primarily attributed tocurrency depreciation and a slight increase in international oil prices.The devaluation of the rupee continues to impact the economy, with thecurrency losing a further Rs1.09 against the US dollar in the interbankmarket. This resulted in the rupee closing at a record low of Rs305.54.
