**Title: Fuel Prices Hiked in Pakistan as New Fiscal Year Begins**
The PML-N-led coalition government in Pakistan has kicked off the new fiscal year (2024-25) with a raise in petrol and high-speed diesel prices. Petrol prices have increased by Rs7.45 per litre, while high-speed diesel has gone up by Rs9.56 for the next fortnight.
The Ministry of Finance attributes this price hike to the rising trend in global petroleum markets. Despite the unchanged tax and duty rates on petroleum products, consumers will feel the pinch when filling up their tanks.
Petrol, commonly used in private vehicles and rickshaws, will now cost over Rs266 per litre in the retail market. On the other hand, high-speed diesel, widely used in heavy transport vehicles and agricultural engines, will now be priced at Rs277.45 per litre.
The government’s decision comes as international prices for petrol and diesel have increased, coupled with a depreciation in the value of the rupee against the dollar. While this move may lead to a higher inflation rate, officials aim to boost petroleum collection in the coming year.
As Pakistan continues to navigate fluctuating fuel prices, consumers and industries alike will need to adjust their budgets accordingly.\
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