Islamabad: Petrol has become costlier by Rs2.43 per litre, bringing the new price to Rs265.45 per litre for the next fortnight, effective from November 1.

According to a notification issued by the Finance Division, the price of high-speed diesel (HSD) has also been raised by Rs3.02, taking it to Rs278.44 per litre. Officials said the adjustments reflect global market fluctuations and recommendations from the concerned authorities.

Meanwhile, kerosene oil saw a jump of Rs3.34, now priced at Rs185.05 per litre, while light diesel oil (LDO) edged up by Rs1.22, reaching Rs163.98 per litre.

The increase follows the latest review and recommendations from the Oil and Gas Regulatory Authority (OGRA) and relevant ministries.

Earlier reports suggested petroleum prices could rise by up to Rs2.34 per litre for the new fortnight, driven by swings in global oil markets and the impact of recent US sanctions on major Russian oil producers.

Preliminary estimates for the first 12 days of the pricing cycle had indicated a smaller hike  Rs1.48 for petrol and Rs1.38 for HSD  with larger expected increases for kerosene and LDO.

The latest hike follows a reduction in fuel prices announced earlier this month, when the government cut petrol by Rs5.66 per litre to Rs263.02 and HSD by Rs1.39 to Rs275.41. Kerosene and light diesel oil were also reduced at that time to Rs181.71 and Rs162.76 per litre, respectively.

Petrol is primarily consumed by private vehicles, motorbikes, and rickshaws, meaning the latest increase is likely to weigh heavily on the budgets of middle- and lower-middle-income households.

High-speed diesel, used mainly in goods transport, buses, trains, and agricultural machinery, is considered particularly inflationary, as it affects the cost of transporting food and essential goods.

Analysts warn that the hike in diesel prices may push up vegetable and commodity prices in the coming days.