The government is set to deal another financial blow to already burdened consumers, with a sharp rise in petroleum product prices likely in the coming hours. Sources indicate that petrol prices could jump by as much as Rs11 per litre, while diesel may see an increase of up to Rs15 per litre.

The revised prices, which will apply for the next 15 days, are likely to be formally announced tonight. Should the proposed hike take effect, both petrol and diesel costs will climb past Rs270 per litre.

At present, petrol is retailing at Rs258.45 per litre and high-speed diesel at Rs262.59 per litre under the rates in force from June 16 to June 30.

News of the looming price increase has sparked concern among consumers who are already reeling under record inflation and mounting living expenses.

Economists caution that the move could trigger a fresh surge in inflationary pressures, further shrinking purchasing power and adding to the economic burden faced by households across the country.