Petrol price soars to record Rs305 following yet another massive hike

[ghazi52]

,..,,.

Petrol price soars to record Rs305 following yet another massive hike​

Petrol sees staggering increase of Rs14.91 while HSD’s rates were also increased by Rs18.44 per litre

News Desk
September 01, 2023

The people of Pakistan, already grappling with inflation, were dealt another blow late Thursday evening as the government announced a substantial increase in petrol prices, pushing it to an all-time high of Rs305 per litre, effective immediately.
The surge amounted to an astounding Rs14.91 per litre, leaving citizens reeling from the economic impact.

In tandem with the petrol price hike, the cost of high-speed diesel (HSD) experienced an even steeper rise, escalating by Rs18.44, as disclosed by an official statement from the finance ministry. The government attributed these adjustments to the escalating trajectory of global petroleum prices and the resultant fluctuations in exchange rates.

In a statement released, the finance ministry underscored, "Owing to the increasing trend of petroleum prices in the international market and exchange rate variations, the Government has decided to revise the existing consumer prices of petroleum products."

After the massive increase, the price of petrol has reached a record-high of Rs305.69 whereas the rates of HSD have reached 311.84 per litre.

The development comes as people across the country were already protesting the skyrocketing electricity bills amid a rising inflation in the country.

So far, the caretaker government has failed to come up with any solution. It is trying to avoid breaching the conditions of the IMF programme that require keeping the overall circular debt at Rs2.310 trillion and timely passing on the increase in electricity prices on account of annual, quarterly and monthly adjustments.

Caretaker Prime Minister Anwaarul Haq Kakar, earlier in the day while talking to journalists, had said that the matter of skyrocketing electricity bills is being discussed with the International Monetary Fund (IMF), adding that the government would fulfil its obligations to the global lender “at all costs”.

He said that the government has given proposals to the IMF, adding that inflation was not that a big issue to go on a strike.
“We will not make false promises nor would we deviate from our responsibilities. We will let everyone know the measures we cannot take and why,” he added.

POL price hike adds to people’s misery | The Express Tribune

Govt jacks up petrol price to a whopping Rs18.44; PSX tumbles, rupee continues downward slide

tribune.com.pk

 

[epebble]

,..,,.

Petrol price soars to record Rs305 following yet another massive hike​

Petrol sees staggering increase of Rs14.91 while HSD’s rates were also increased by Rs18.44 per litre

News Desk
September 01, 2023

The people of Pakistan, already grappling with inflation, were dealt another blow late Thursday evening as the government announced a substantial increase in petrol prices, pushing it to an all-time high of Rs305 per litre, effective immediately.
The surge amounted to an astounding Rs14.91 per litre, leaving citizens reeling from the economic impact.

In tandem with the petrol price hike, the cost of high-speed diesel (HSD) experienced an even steeper rise, escalating by Rs18.44, as disclosed by an official statement from the finance ministry. The government attributed these adjustments to the escalating trajectory of global petroleum prices and the resultant fluctuations in exchange rates.

In a statement released, the finance ministry underscored, "Owing to the increasing trend of petroleum prices in the international market and exchange rate variations, the Government has decided to revise the existing consumer prices of petroleum products."

After the massive increase, the price of petrol has reached a record-high of Rs305.69 whereas the rates of HSD have reached 311.84 per litre.

The development comes as people across the country were already protesting the skyrocketing electricity bills amid a rising inflation in the country.

So far, the caretaker government has failed to come up with any solution. It is trying to avoid breaching the conditions of the IMF programme that require keeping the overall circular debt at Rs2.310 trillion and timely passing on the increase in electricity prices on account of annual, quarterly and monthly adjustments.

Caretaker Prime Minister Anwaarul Haq Kakar, earlier in the day while talking to journalists, had said that the matter of skyrocketing electricity bills is being discussed with the International Monetary Fund (IMF), adding that the government would fulfil its obligations to the global lender “at all costs”.

He said that the government has given proposals to the IMF, adding that inflation was not that a big issue to go on a strike.
“We will not make false promises nor would we deviate from our responsibilities. We will let everyone know the measures we cannot take and why,” he added.

POL price hike adds to people’s misery | The Express Tribune

Govt jacks up petrol price to a whopping Rs18.44; PSX tumbles, rupee continues downward slide

tribune.com.pk

Seems to track dollar per liter with perfection. That is about what we pay. So, fully globalized market.

 

[IceCold]

Begairat qoum na aJ tankiyan bharwa lin jaisa yeh sari umer chalni hain or aga nahi dalwana para ga. Chutia qoumo ko aisa he littar parta hain.

 

[alphapak]

People like Fool and his other Noonie tunes used to jump up n down when it
used to go up by 1/2 rupees during IK government and now they have disappeared.

 

[SaadH]

Seems to track dollar per liter with perfection. That is about what we pay. So, fully globalized market.

Yeah with a per capita GDP in excess of 70K/year, the false equivalency with a country with per capita GDP of 1.5K/year, couldn't be more idiotic.

 

[Skull and Bones]

Seems to track dollar per liter with perfection. That is about what we pay. So, fully globalized market.

Pakistani economy is a basket case of population living under perpetual subsidy.

Yeah with a per capita GDP in excess of 70K/year, the false equivalency with a country with per capita GDP of 1.5K/year, couldn't be more idiotic.

Does Pakistan produces its own energy? If not, then then above logic does not hold ground. An oil producing country will not sell energy to Pakistan for cheap just because it has lower GDP/capita.

 

[epebble]

Yeah with a per capita GDP in excess of 70K/year, the false equivalency with a country with per capita GDP of 1.5K/year, couldn't be more idiotic.

While that is regrettable, international commodity prices show no mercy to lower income countries. OPEC does not discriminate in pricing.

 

[313ghazi]

Mubarak ho to PDM tattay and faujeets.

 

[Azadkashmir]

why cant these fat bas tards go to saudi n beg them to lower fuel for pakistan, i suppose they have used that line already. plz sir more porridge, mera pait is not full sir.

 

[waz]

Another economic milestone reached for the thief/general cabal.
At this rate so many milestones will be reached that Pakistan will be buried under a bed of rocks.

 

[protean]

Couple of great steps in the right direction (other being power bills), had they got this equivalency with global rates sooner, a lot of economic misfortune could have been avoided. Fiscal deficits could have been managed well, and in turn pakistani currency could have been saved. But anyways never too late. Although it is unfortunate for lower strata but necessary step in the right direction. Society will adjust to new rates and things will get back to normal. These steps could be too late but hope for the best.

 

[SaadH]

Pakistani economy is a basket case of population living under perpetual subsidy.



Does Pakistan produces its own energy? If not, then then above logic does not hold ground. An oil producing country will not sell energy to Pakistan for cheap just because it has lower GDP/capita.

Pakistan has always acquired energy at a discount in the past and could've continued to do so if it had played its cards right. Secondly, some essentials/sectors have to be subsidized for the growth of the economy and to keep prices and cost of downstream/value added sectors down.

 

[ghazi52]

.,,.