A day after the historic increase, the price of petrol dropped.

Alongside a steep increase in fuel costs, the government has substantially raised the petroleum charge, placing further financial strain on the populace.

Reports state that the petrol duty has been raised by Rs55 per litre, from the previous Rs106 per litre to a record high of Rs160.61 per litre. Since the government has set a goal of collecting Rs1,468 billion in petroleum levies for the current fiscal year, the action is anticipated to increase non-tax revenue.

Additionally, under pressure from the International Monetary Fund (IMF), fuel and diesel subsidies have been eliminated. Subsidies of Rs. 95 per litre for petrol and Rs. 203 per litre for diesel were previously offered, but they have since been eliminated entirely, leaving consumers to bear the entire cost.

The government had already significantly increased gasoline prices a day earlier, with high-speed diesel rising by Rs184.49 per litre to Rs520.35 and petrol rising by Rs137.23 per litre to Rs458.41.

In the meantime, the cost of aircraft fuel has also sharply increased—this is the sixth increase in a month. The price has reached a record Rs517.17 per litre with the most recent increase of Rs40 per litre. Jet fuel prices have gone up from Rs188 to Rs329.17 per litre since March 1.

Experts caution that as jet fuel prices continue to rise, airline operating expenses will rise dramatically, which would probably result in increased domestic and international tickets. Passengers may have to pay considerably more for air travel in the upcoming days if the upward trend continues, according to aviation officials.