Govt hikes petrol, high-speed diesel prices by Rs26

The government has announced a significant increase in petroleum prices, raising the cost of petrol and high-speed diesel by Rs26 per litre, in a move that is expected to add further pressure on inflation and household expenses.

According to official notifications, the revised prices came into effect immediately, with authorities citing fluctuations in global oil markets and currency exchange rates as key reasons behind the increase. The hike follows ongoing volatility in international energy prices linked to regional geopolitical tensions.

Officials stated that the adjustment is part of a regular fuel pricing mechanism aimed at aligning domestic prices with global trends. However, the sharp increase has sparked concern among consumers and businesses already grappling with rising costs.

Economists warn that the hike in fuel prices could have a ripple effect across multiple sectors, leading to higher transportation costs and further increases in the prices of essential goods and services. Public transport fares are also expected to rise in response to the new rates.

Analysts say the move reflects broader economic challenges, including external account pressures and dependence on imported energy, while urging the government to consider relief measures to cushion the impact on the public.