Fuel prices have changed significantly since the start of the new year, including petrol, high-speed diesel, light-speed diesel, kerosene oil, and compressed natural gas (CNG). The prices of these fuels have a profound impact on the economy and the daily lives of individuals because they are the lifeblood of transportation, machinery, and heating..
There has been an increase of 35 Rupees per litre in the price of petrol, which is widely used for transportation purposes, bringing its price from 214.80 to 249.80 Rupees. There are several factors contributing to this increase, including the upward trend in crude oil prices in the global market, government taxes, and the devaluation of the local currency. Transportation costs are expected to rise due to this price hike, which will in turn affect other sectors of the economy.
High Speed Diesel
It is also noteworthy that the price of high speed diesel, which is used in heavy machinery and trucks, has increased by 35 Rupees per litre, rising from 227.80 Rupees to 262.80 Rupees. In the same way that petrol prices have increased, the increase is caused by the same factors. As a result of the rise in diesel prices, industries that rely on heavy machinery for production will be affected by an increase in their operational costs.
Light Speed Diesel
The price of light speed diesel, which is commonly used in small generators and farm equipment, has increased by 18 Rupees per litre, from 169.00 Rupees to 187.00 Rupees. As a result of rising crude oil prices, government taxes, and the devaluation of the local currency, this increase has taken place. Farmers and small business owners who operate diesel-powered equipment on a daily basis will be affected by this price increase.
There has been an increase of 15.17 Rupees per litre in the price of kerosene oil, the fuel of choice for cooking and heating in many households. Fuel prices have increased due to the same factors that have affected other fuels. Low-income households that rely on kerosene as a source of daily fuel will be disproportionately affected by the increase in kerosene prices.
There has also been an increase in the price of compressed natural gas (CNG), with significant increases in both Region 1 and Region 2. A price increase of 145 Rupees per kilogram has been observed in Region 1, while a price increase of 184 Rupees per kilogram has been observed in Region 2. Natural gas prices have risen, taxes have increased, and the local currency has devalued. These are the primary drivers behind these increases. CNG-powered vehicles used by individuals and families will be affected by this price hike.
Accordingly, the recent increases in fuel prices are the result of a combination of factors, including rising crude oil prices, government taxes, and a devaluation of the local currency. In addition to having a significant impact on the economy, these price increases are expected to have a significant impact on individual lives as well. The importance of staying informed about these changes and making appropriate preparations cannot be overstated. Increasing fuel prices will affect future economic plans and decisions, not just in the current year.