In a major blow to consumers, the government has announced a sharp increase in fuel prices, significantly raising the cost of both petrol and diesel across the country.
According to the latest notification, the price of petrol has been increased by Rs 137 per liter, bringing the new rate to Rs 458.40 per liter. Similarly, diesel prices have witnessed an even steeper rise of Rs 184 per liter, with the new price set at Rs 520.34 per liter.
The unprecedented surge in fuel prices is expected to have a cascading impact on the overall cost of living, as transportation expenses rise and inflationary pressures intensify. Experts warn that the hike could lead to increases in the prices of essential commodities, further burdening the public.
Consumers and business communities have expressed deep concern over the sharp increase, urging the government to take measures to provide relief and stabilize the economy.
The new prices have come into effect immediately, affecting millions of citizens already grappling with rising economic challenges.
The decision was announced at a press conference addressed by Finance Minister Muhammad Aurangzeb and Petroleum Minister Ali Pervez Malik.