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Fuel Prices Surge Across the Board
The federal government on Tuesday revised petroleum prices for the new fortnight, increasing the rates of both petrol and high-speed diesel with effect from July 22.
Price Adjustments
According to an official notification, the price of petrol has been increased by Rs4.83 per litre, taking the new rate to Rs320.73 per litre.
Meanwhile, the price of high-speed diesel (HSD) has been raised by Rs7.15 per litre, bringing the new rate to Rs367 per litre.
Context of Latest Revision
The latest revision comes after the government on Monday reduced petrol prices by Rs0.35 per litre to Rs315.80, while increasing the price of high-speed diesel by Rs5.71 per litre to Rs360.60. This marks the second consecutive hike in diesel prices following significant increases.
Pricing Mechanism
The government reviews petroleum prices on a regular basis in line with fluctuations in international oil markets, exchange rate movements, and recommendations from the relevant authorities.
Impact on Consumers
The combined impact of the latest hike means petrol consumers will now pay over Rs320 per litre, while diesel has crossed the Rs367 mark. The substantial increase in diesel prices is expected to further impact transportation costs and inflationary pressures.
