The government has announced a fresh increase in fuel prices, escalating concerns about the growing financial burden on the public. The new price of petrol now stands at Rs. 252.10 per liter, reflecting a rise of Rs. 3.72 per liter. High-speed diesel (HSD) has also seen a significant increase of Rs. 3.29 per liter, pushing its cost to Rs. 258.43 per liter.

Economic Drivers of the Hike

According to government sources, the price adjustments are driven by a combination of high global premiums on petroleum products and increasing import expenses. These global dynamics, coupled with currency depreciation, are directly impacting domestic energy costs.

This announcement follows a similar hike on October 31, when petrol prices were raised by Rs. 1.35 per liter, reaching Rs. 248.38, and HSD climbed by Rs. 3.85 to Rs. 255.14 per liter.

Rising LPG Costs Compound the Crisis

In addition to fuel price increases, OGRA has raised the price of Liquefied Petroleum Gas (LPG) for December. The new price per kilogram of LPG is now Rs. 254.30, up from the previous month’s rate. Consequently, the cost of a domestic LPG cylinder has increased to Rs. 3,079.79, compared to Rs. 2,999.47 in November.

This upward adjustment is attributed to the strengthening US dollar, which has amplified import costs and contributed to a cascading effect on consumer goods prices.

For households and businesses relying on LPG and other fuels, these price hikes are expected to exacerbate financial difficulties, adding to the challenges posed by soaring inflation and stagnant wages.