Petrol, diesel prices increased by nearly Rs15 per litre

Govt hikes petrol by Rs14.92 per litre, diesel by Rs15

The federal government on Friday increased petroleum prices for the third consecutive time, raising petrol by Rs14.92 per litre and high-speed diesel (HSD) by Rs15 per litre.

According to a notification issued by the Petroleum Division, the new prices came into effect from May 9. Following the hike, petrol now costs Rs414.78 per litre, while HSD has reached Rs414.58 per litre.

Sources said the government also increased the petroleum levy by Rs13.91 per litre. The levy on petrol was raised from Rs103.50 to Rs117.41, while the levy on diesel increased from Rs28.69 to Rs42.60 per litre.

Meanwhile, the price of kerosene oil was reduced by Rs41.80 per litre, bringing its new rate down to Rs318.96 per litre.

The latest increase follows earlier hikes over the past two weeks, during which petrol prices rose by over Rs33 and diesel by more than Rs46 per litre.

Officials linked the latest revision to rising global oil prices amid renewed tensions involving the US and Iran and concerns over disruptions in the Strait of Hormuz, a key global oil route. Brent crude crossed $101 per barrel, while US crude neared $96.

Petrol prices directly affect middle- and lower-income households that rely on motorcycles, rickshaws, and small vehicles for daily travel. Higher diesel prices are also expected to fuel inflation, as HSD is widely used in trucks, buses, trains, and agricultural machinery, increasing transportation and food costs.

The government has been reviewing fuel prices every Friday due to volatility in the international oil market following the recent Middle East conflict.