2024

Exchange

Tax

Cars

What will be the new petrol prices from Feb 16?


petrol prices feb 16

The prices of petrol and high-speed diesel are expected to increase tomorrow (Feb 16) for the next fortnight by Rs 1.97 and Rs 9.20 per litre respectively.

The surge in fuel prices is attributed to an adjustment in the exchange rate and the escalating tensions in the Red Sea, where oil vessels are facing threats from Houthi attacks.

For consumers, this means facing the possibility of paying more at the pump, with petrol prices expected to rise by Rs1.97 per litre, bringing it to Rs274.86 per litre from its current rate of Rs272.89 per litre if there is no exchange rate adjustment.

 Likewise, the price of diesel without exchange adjustment is likely to increase by Rs9.20 per litre from Rs278.96 per litre to Rs288.16 per litre.

Such an increase could strain household budgets, especially for those already grappling with economic challenges.

The implications of higher petrol prices extend beyond the individual level, affecting various sectors of the economy.

Transportation costs are likely to escalate, leading to potentially higher prices for goods and services.

This ripple effect can burden businesses and ultimately impact consumers through increased prices for essential commodities.

Moreover, the surge in fuel prices could also have broader ramifications for inflation, as transportation costs play a significant role in the overall cost structure of goods. As consumers brace for the impact on their wallets, policymakers may face pressure to implement measures to mitigate the burden on the public.

As the nation grapples with economic uncertainties, the looming petrol price hike underscores the importance of addressing underlying factors contributing to price volatility and ensuring stability in essential commodities for the welfare of the populace.

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