The government has increased petrol prices by Rs137 per litre, taking the new price to a record Rs458.4. This marks a sharp rise of about 43%. At the same time, the price of high-speed diesel has gone up by 55%, reaching Rs520.35 per litre.
This increase was mainly caused by a rise in petroleum levies and ongoing financial pressure on the government. Officials were unable to secure additional financial support from the International Monetary Fund, which added to the need for higher fuel prices.
This is the second major fuel price increase within just one month. Overall, petrol prices have now increased by around 63%, while diesel prices have gone up by nearly 75% during this short period. These repeated hikes are creating serious challenges for the public.
Experts say that several factors are behind this situation, including policy issues, rising global oil prices, and regional tensions. All of these have combined to put extra pressure on the country’s economy.
The impact is being felt strongly by households, many of which are already dealing with poverty, unemployment, and low income levels. Higher fuel prices mean increased transportation costs, which can lead to higher prices for food and other daily necessities.
Businesses are also affected, as rising fuel costs increase operating expenses. This can slow down economic activity and reduce overall growth.
