- Government Announces Rs5 Per Ltr Increase in Diesel Prices.
- The new diesel price stands at Rs251.92 per litre.
- The new pricing took effect at midnight on October 16.
With this adjustment, the new price of diesel now stands at Rs251.92 per litre. There had been expectations of a petrol price hike due to rising crude oil prices in the international market, but the government chose not to impose any increase, providing relief to citizens already grappling with inflation and high electricity bills.
The new pricing took effect at midnight on October 16, as detailed in the official notification.
According to a statement from the Finance Division, "The Oil and Gas regulatory Authority (Ogra) has worked out the consumer prices of petroleum products, based on the price variations in the international market"
The price of High-Speed Diesel (HSD) has risen to Rs251.29 after the latest increase. Petrol is primarily used in private vehicles, small cars, rickshaws, and motorcycles.
The rise in fuel prices significantly affects the budgets of middle and lower-middle-class households, which largely depend on petrol for transportation. Meanwhile, many transport services rely heavily on high-speed diesel, making its price particularly inflationary. HSD is commonly used in heavy goods vehicles, trucks, buses, trains, and agricultural machinery, contributing to higher prices for vegetables and other food products.
It is worth noting that Brent crude futures have recently dropped by $2.81, or 3.6%, to $74.65 per barrel, having previously fallen to $74.26, its lowest level since October 2. Similarly, US West Texas Intermediate futures decreased by $2.72, or 3.7%, to $71.11 per barrel, reaching a low of $70.75, the weakest since October 3.
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