{"id":21537,"date":"2023-01-29T09:50:03","date_gmt":"2023-01-29T09:50:03","guid":{"rendered":"https:\/\/dailykashmirpost.com\/eng\/?p=21537"},"modified":"2023-01-29T09:50:03","modified_gmt":"2023-01-29T09:50:03","slug":"govt-jacks-up-petrol-price-by-rs35","status":"publish","type":"post","link":"https:\/\/dailykashmirpost.com\/eng\/2023\/01\/29\/govt-jacks-up-petrol-price-by-rs35\/","title":{"rendered":"Govt jacks up petrol price by Rs35"},"content":{"rendered":"<p>Finance Minister Ishaq Dar announced an increase in petrol and diesel prices by Rs35 per litre effective as of 11 am on Sunday.<\/p>\n<p>The minister made the announcement in a brief televised address to the nation today and maintained that Kerosene oil and light diesel oil prices were jacked up by Rs18 per litre.<\/p>\n<div data-oembed-url=\"https:\/\/twitter.com\/RadioPakistan\/status\/1619575102386970625\">\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-0\" class=\"\" title=\"Twitter Tweet\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?creatorScreenName=etribune&amp;dnt=true&amp;embedId=twitter-widget-0&amp;features=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&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1619575102386970625&amp;lang=en&amp;origin=https%3A%2F%2Ftribune.com.pk%2Fstory%2F2398259%2Fgovt-jacks-up-petrol-price-by-rs35&amp;sessionId=e7fc99d9530a1d8b33adea3251173d4d2a726b5c&amp;siteScreenName=etribune&amp;theme=light&amp;widgetsVersion=aaf4084522e3a%3A1674595607486&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"1619575102386970625\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<p>Rejecting reports of petroleum shortages, Dar alleged that \u201cartificial shortages\u201d were being created.<\/p>\n<p>\u201cAmple fuel is available and under normal circumstances, there would be no reason for such shortages to occur,\u201d he said.<\/p>\n<p>\u201cOn social media, it was reported that [fuel prices] were to be jacked up by Rs47-80 which unfortunately became an incentive for them [hoarders],\u201d he added, &#8220;because of this, we have received reports of artificial shortages in the market.\u201d<\/p>\n<p>It may be noted that on January 15, Dar had\u00a0<a href=\"https:\/\/tribune.com.pk\/story\/2396026\/no-change-in-petrol-prices-says-ishaq-dar\" rel=\"nofollow\">announced<\/a>\u00a0that fuel prices would remain as they were for the remaining half of the month, until January 31.<\/p>\n<p>Following today&#8217;s hike, petroleum is to be sold at a rate of Rs249.80 per litre, while diesel prices have been raised to Rs262.80 per litre, kerosene oil to Rs189.83 per litre and light diesel oil to Rs187 per litre.<\/p>\n<div data-oembed-url=\"https:\/\/twitter.com\/FinMinistryPak\/status\/1619579990089273344?s=20&amp;t=tyixAPYX8hIN98sL1-spfA\">\n<div class=\"twitter-tweet twitter-tweet-rendered\"><iframe id=\"twitter-widget-1\" class=\"\" title=\"Twitter Tweet\" src=\"https:\/\/platform.twitter.com\/embed\/Tweet.html?creatorScreenName=etribune&amp;dnt=true&amp;embedId=twitter-widget-1&amp;features=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&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1619579990089273344&amp;lang=en&amp;origin=https%3A%2F%2Ftribune.com.pk%2Fstory%2F2398259%2Fgovt-jacks-up-petrol-price-by-rs35&amp;sessionId=e7fc99d9530a1d8b33adea3251173d4d2a726b5c&amp;siteScreenName=etribune&amp;theme=light&amp;widgetsVersion=aaf4084522e3a%3A1674595607486&amp;width=550px\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\" data-tweet-id=\"1619579990089273344\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<p>As the country experiences crippling inflation, Pakistan is expected to\u00a0<a href=\"https:\/\/tribune.com.pk\/story\/2397873\/bitter-sweet-pill-imfs-ramifications\" rel=\"nofollow\">narrowly<\/a>\u00a0escape defaulting on its international payments after the International Monetary Fund (IMF) finally agreed to continue discussions under the ninth Extended Fund Facility (EFF) review.<\/p>\n<p>But the development was only followed after Prime Minister Shehbaz Sharif categorically said his government is ready to take all the necessary decisions required to revive the IMF programme worth $6.5 billion.<\/p>\n<p>Of the four major prerequisite conditions, needed to be met to revive the lending programme, the government has fulfilled the first one by letting the market forces determine the rupee-dollar exchange rate.<\/p>\n<p>Accordingly, the local currency\u00a0<a href=\"http:\/\/tribune.com.pk\/story\/2397823\/pkr-plummets-to-all-time-low-of-255-against-usd\" rel=\"nofollow\">plunged<\/a>\u00a0by Rs24.54 (or 9.61%) to an all-time low at Rs255.43 against the US dollar in the interbank market on Thursday.<\/p>\n<p>The latest fall came as the government ended its control over the rupee-dollar exchange rate as part of the four conditions put forth by the IMF.<\/p>\n<p>Speaking to<em>\u00a0The Express Tribune<\/em>, Ismail Iqbal Securities Head of Research Fahad Rauf said that \u201cthe steep decline in the exchange-rate may increase petroleum products (POL) prices by up to 50% in the weeks and months to come \u2013 if it remains at its current level. The petroleum development levy is set at Rs50\/litre on petrol and diesel each, and a sales tax is imposed at 17% on POL products as well, going forward.\u201d<\/p>\n<p>The price of petrol is projected to increase by 44% to Rs309\/litre, while the price of diesel may spike by 50% to Rs341\/litre.<\/p>\n<p>In addition to this, all imported goods will become more expensive by an additional 10%, due to the nearly 10% drop in the value of the rupee against the greenback on Thursday. These goods will include food (wheat and wheat-flour, pulse and cooking oil), cotton for textile, steel scrape and energy products (oil, gas and coal).<\/p>\n<p>The rising price of essential commodities, however, will hit the common man the most, particularly those from the lower-income segments of society who were already struggling due to the ongoing financial turmoil and political upheaval.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Finance Minister Ishaq Dar announced an increase in petrol and diesel prices by Rs35 per litre effective as of 11 am on Sunday. The minister made the announcement in a brief televised address to the nation today and maintained that Kerosene oil and light diesel oil prices were jacked up by Rs18 per litre. Rejecting [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":21538,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[40,39],"tags":[],"class_list":{"0":"post-21537","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-latest-news","8":"category-pakistan"},"_links":{"self":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/21537","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/comments?post=21537"}],"version-history":[{"count":1,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/21537\/revisions"}],"predecessor-version":[{"id":21539,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/posts\/21537\/revisions\/21539"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media\/21538"}],"wp:attachment":[{"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/media?parent=21537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/categories?post=21537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailykashmirpost.com\/eng\/wp-json\/wp\/v2\/tags?post=21537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}