ISLAMABAD: The federal government has raised the price of petrol by Rs 7.45 per litre, effective from Sunday for the next fortnight.

According to an official notification from the Finance Division, the new petrol price is Rs265.61 per litre, up from the previous Rs258.16 per litre, adding to the financial burden on the inflation-affected public. Similarly, the price of high-speed diesel (HSD) has increased by Rs9.56 per litre, making it Rs277.45 per litre, up from Rs267.89 per litre.

It is noteworthy that petrol prices were expected to rise in Pakistan starting July 1 after four consecutive price reductions.

Sources indicated that petrol was projected to increase by Rs7 per litre and HSD by Rs8 per litre due to higher international market rates.

Over the past fortnight, international prices for petrol and HSD have increased by $4.4 and $5.5 per barrel, respectively.

This hike in petrol prices could lead to further domestic price increases, potentially exacerbated if the government decides to raise the Petroleum Development Levy (PDL) from the current Rs60 per litre.