In another blow to the public struggling with inflation, the government has announced a hike in fuel prices. The price of petrol has risen by Rs. 3.72 per liter, setting the new rate at Rs. 252.10 per liter, as per an official notification. Similarly, the price of high-speed diesel (HSD) has gone up by Rs. 3.29 per liter, bringing it to Rs. 258.43 per liter.
Global Factors Behind the Increase
Officials attribute the price hike to soaring premiums on petroleum products in the global market, coupled with escalating import costs. These external pressures are said to leave the government with limited options but to pass on the burden to consumers.
On October 31, a similar announcement saw petrol prices increase by Rs. 1.35, reaching Rs. 248.38 per liter, while the price of HSD rose by Rs. 3.85, touching Rs. 255.14 per liter.
LPG Prices Also Climb
The Oil and Gas Regulatory Authority (OGRA) has further compounded the strain on consumers by raising the price of Liquefied Petroleum Gas (LPG). Starting December 1, the price of LPG has been set at Rs. 254.30 per kilogram, marking a notable increase from the previous rate.
For domestic users, this means the cost of a household LPG cylinder will now be Rs. 3,079.79, up from Rs. 2,999.47 in November. This adjustment is attributed to the rising value of the US dollar, which has impacted import costs and driven up energy prices.
These consistent hikes in fuel and LPG prices are expected to hit consumers hard, especially those already grappling with surging inflation and reduced purchasing power.
