Motorists and bus operators will feel the pinch in their pockets this month as there has been a significant increase in the price of fuel.

The new petrol price is $3.43 per litre, an increase of 23.3 sene from the previous price of $3.20 per litre. Diesel is up a whopping 39 sene from $3.29 per litre to $3.68 per litre.

Kerosene prices recorded the biggest hike as it went up by 41.2 sene per litre from $2.88 per litre to $3.29.per litre.

According to the Ministry of Finance, the October retail prices increase reflect the continuing increase in crude and refined products driven by Organisation of Petroleum Exporting Countries (OPEC) and crude supply restrictions.

The Ministry also said that diesel and kerosene price increases are further impacted by increasing demand for these products from the industrial and the aviation market segments.