Government increases Petrol prices: Ishaq Dar, the finance minister, said that the price of gasoline and diesel would rise by 35 rupees per liter as of Sunday at 11 a.m.
In a brief televised speech to the country today, the minister made the statement and insisted that the price of light fuel and kerosene had increased by Rs18 per litre.
Dar denied the allegations of a fuel shortfall and stated that the shortages were being artificially created.
There is enough petroleum available, and under normal circumstances, such limitations wouldn’t be necessary, he said.
He went on to say, “It had unintended consequences that it encouraged hoarders, as social media was spreading rumors that fuel prices would increase by Rs47-80.” As a result, we have heard tales of false shortages in the market.”
As of January 15, Dar had previously announced that fuel prices would stay the same for the second half of the month or until January 31.
Petroleum will now cost Rs249.80 per litre with today’s price increase, while diesel prices will now cost Rs262.80 per litre, kerosene oil will cost Rs189.83 per litre, and light diesel oil will cost Rs187 per litre.
“Pakistan Avoids Default with IMF Talks, but Currency Decline Results in Increased Costs for Citizens”
The International Monetary Fund (IMF) eventually decided to continue talks under the ninth Extended Fund Facility (EFF) review, which will allow Pakistan to narrowly avoid defaulting on its foreign payments despite the nation’s chronic inflation.
By unequivocally declaring his administration’s readiness to make the necessary decisions, Prime Minister Shehbaz Sharif acknowledged the breakthrough and announced the resurrection of the $6.5 billion IMF program.
The government satisfied the first of the four major precursor conditions to restart the lending program by allowing market forces to set the rupee-dollar exchange rate.
As a result, on Thursday in the interbank market, the local currency fell by Rs24.54 (or 9.61%) to an all-time low of Rs255.43 versus the US dollar.
As a result, on Thursday in the interbank market, the local currency fell by Rs24.54 (or 9.61%) to an all-time low of Rs255.43 versus the US dollar.
Additionally, due to the rupee’s nearly 10% decline against the dollar on Thursday, the cost of all imported items will increase by an extra 10%. Food (wheat, wheat flour, pulses, and cooking oil), cotton for textiles, steel scrap, and energy items will be among these products (oil, gas and coal).
However, the average person will be worst hurt by the rising cost of necessities, especially those from lower socioeconomic classes who were already having difficulty as a result of the continuous political and financial unrest.