The federal government has announced a fresh increase in petroleum prices, reversing earlier relief measures as fuel rates rise once again. According to a notification issued by the Petroleum Division, both petrol and diesel prices have been increased by Rs26.77 per litre. Following the revision, petrol is now priced at Rs393.35 per litre, while diesel has reached Rs380.19 per litre. The new rates came into effect from midnight.
Background of the Price Hike
The latest hike comes shortly after Prime Minister Shehbaz Sharif had announced a significant reduction in fuel prices during a televised address. At the time, diesel prices were cut by Rs135 per litre to Rs385, while petrol saw a decrease of Rs12 per litre, bringing it down to Rs366. The prime minister had stated that the reductions were aimed at passing on the benefits of falling global oil prices to the public, while also easing inflationary pressures.
Government Subsidies and Relief Measures
He had further highlighted that the government had provided subsidies worth Rs129 billion to support consumers, emphasizing efforts to reduce the financial burden on households and businesses. The latest increase reflects continued volatility in global oil markets, with domestic prices adjusting accordingly.
