Govt Hikes petrol, diesel prices for next fortnight

The government decided on Friday to raise the prices of petroleum products for the next fortnight, effective from February 1 (Saturday).

The increase affected both petrol and high-speed diesel. According to the official notification issued by the Ministry of Finance, the price of petrol surged by Rs1 per litre, setting the new rate at Rs257.13 per litre.

Meanwhile, the cost of high-speed diesel witnessed a substantial hike of Rs7 per litre, bringing its new price to Rs267.95 per litre.

The finance ministry formally announced the revised fuel prices through an official notification.

Petrol is mainly used in private transportation, small vehicles, rickshaws, and two-wheelers. Higher fuel prices significantly impact the budgets of the members of the middle and lower-middle classes, who primarily consume petrol for commuting. On the other hand, a significant portion of the transport sector relies on high-speed diesel.

Its price is considered inflationary since it is predominantly used in heavy goods transport vehicles, trucks, buses, trains, and agricultural machinery such as tractors, tube wells, and threshers.

The consumption of high-speed diesel particularly contributes to the increased prices of vegetables and other food items.