Govt hikes petrol, diesel prices for next fortnight

• Petrol price increases to Rs258.17 per litre.
• High-speed diesel rate climbs to Rs275.7 per litre.
• Revised fuel prices take effect from February 16.
  

ISLAMABAD: The federal government on Sunday raised the prices of petrol and high-speed diesel by Rs5 and Rs7.32 per litre, respectively, for the next fortnight, starting from February 16.

After the increase, the new price of petrol will be Rs258.17 per litre from Rs253.17; whereas, the diesel rate was hiked to Rs275.70 per litre from 268.38.

The Petroleum Division announced in a notification that the revised fuel prices will take effect from February 16 and remain applicable for the upcoming fortnight.

In the previous review, the federal government raised the price of high-speed diesel by Rs11.30 per litre while keeping petrol prices unchanged for 15 days.

Petrol is mainly used by commuters in small vehicles, rickshaws and two-wheelers. Higher fuel prices significantly impact the budgets of middle and lower-middle class households, who rely on petrol for daily travel.

On the other hand, a significant portion of the transport sector relies on high-speed diesel.

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.