The government on Thursday raised petrol by Rs6.51 per litre and diesel prices by Rs19.39 per litre for the next week amid the current fuel crisis due to the blockade of the Strait of Hormuz.
Earlier, sources said the government had moved into action after a sharp increase in international petroleum prices, with a decision expected late in the day on revised fuel rates aimed at protecting consumers from a possible Rs40 per litre hike. They added that issuing the price notification a day earlier could help the public avoid a significant financial burden. However, they cautioned that any increase in the petroleum levy could place further pressure on fuel prices.
Sources further warned that if the situation regarding the Strait of Hormuz was not resolved immediately, a major increase in fuel prices could be seen on May 9.