Pakistan’s Petrol, Diesel Prices Are At A Record High. Here’s Why

1. Prices for gasoline and diesel in Pakistan rose by 35 rupees while prices of kerosene oil and light diesel fuel was increased by Rs 18, said Pakistani Finance Minister Ishak Dar. announced in telecast, 10 minutes before price increase announcement effect.

2. “Government announced new Prices of Oil products with effect from 11:00 29 Jan 2023 High Speed ​​Diesel Rs 262.80 per liter MS Gasoline Rs 249.80 per liter Kerosene Oil Rs 189.83 per liter Light Diesel Fuel Rs 187 per liter” – Ministry of Pakistan . of Finance tweeted.

3. Finance Minister Ishak Dar said that despite international prices and the devaluation of the rupee”,on directions of Prime Minister Shehbaz Sharif, we have decided to increase the minimum price of these four products,” Dawn reported.

4. Ishak Dar added which in in last four months, i.e. price of gasoline has not increased. “In fact the prices of diesel fuel and kerosene have decreased, ”Dawn quotes him.

5. Explanation reason behind increase, Mr. Dar said it was done on the basis of on recommendation of oil and gas regulatory power. “They said there were messages of artificial scarcity and accumulation of fuel in expectation of price rises from here price rise done immediately for combat this is.”

6. The value of the Pakistani rupee fell by 34 rupees against United States dollar biggest depreciation since thursday in both absolute and percentage terms since then new exchange rate system was presented in 1999.

7. Pakistani rupee also depreciated sharply after government removed informal cap on USD-PKR exchange rate to revive the stalled credit program of the International Monetary Fund (IMF).

8. cash- deprived nation should complete ninth review of $7 billion IMF program that not only lead to payoff of 1.2 billion dollars, but also unlock tributaries from friendly countries and other multilateral lenders.

9. This was stated by Prime Minister Shahbaz Sharif. coalition government determined complete rescue plan, even though he will have to pay political cost for in decision just months before national elections, according to Bloomberg.

10. Steps to meet IMF conditions include raising fuel and energy prices and increasing more taxes that together with currency fall of about 13 percent in in past two days could further spur inflation.

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