From January 1, 2025, the prices of petrol and high-speed diesel (HSD) have been raised. Petrol will now cost Rs252.66 per litre, an increase of 56 paisa, while HSD will be priced at Rs258.34 per litre, with a rise of Rs2.96.
The new prices were announced after the Ministry of Finance conducted its regular fortnightly review of fuel rates. Earlier reports had predicted a higher increase in HSD prices (Rs3.62) and a smaller rise for petrol (11 paisa).
The adjustments in fuel prices are linked to fluctuations in global oil markets and changes in domestic tax policies. These factors directly impact the cost of transportation, which can lead to an increase in the prices of goods and services across the country.
The increase in HSD is particularly significant as it is widely used in heavy transportation, including trucks and buses, as well as in the agriculture sector for running machinery. The rise in costs is expected to affect various sectors of the economy, ultimately influencing household budgets.
Petrol, used mainly by private vehicles and motorbikes, also plays a critical role in daily commuting. Even a slight increase can put additional pressure on the average consumer.
As these new rates take effect, citizens and businesses alike are bracing for the potential financial strain, with many hoping for stabilization in the future to ease the economic burden.
American Dollar Exchange Rate