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Pakistan

Ishaq Dar announces 35-rupee hike in prices of petrol and diesel

  • Finance Minister says price-increase applicable from 11am today
  • Price of petrol reaches Rs249.80 per litre, high speed diesel now at Rs262.80
Published January 29, 2023
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Finance Minister Ishaq Dar announced on Sunday a Rs35 increase in the prices of petrol and diesel, which will be applicable from 11am today, Aaj News reported.

In a video address, the finance minister said: “Speculation was rife on social media regarding a Rs50 increase in the prices of petrol and diesel. Because of this, we received reports of artificial shortages in the market.”

Dar hoped the announcement would dispel speculation of a higher price hike or that petrol supplies would run dry.

After the hike, petrol will be priced at Rs249.80. High Speed Diesel will be priced at Rs262.80 per litre.

The prices of Kerosene oil and light diesel oil have been increased by Rs18, Dar said, adding that the new prices will come into effect at 11am today.

Kerosene Oil will now be priced at Rs189.83 per litre, while light diesel oil will cost Rs187 per litre.

He said the hike was recommended due to the higher cost of buying energy in the global market.

“We will have to take the rise in international oil prices and the rupee into account,” he said.

Earlier, the Oil and Gas Regulatory Authority (OGRA) strongly rebutted speculations on petrol/diesel shortages.

Pakistan was expected to announce an increase in petroleum prices in order to meet part of prior conditions set by the International Monetary Fund (IMF) to revive a desperately-needed bailout programme.

The price hike comes as Pakistan’s rupee underwent significant depreciation against the US dollar, plunging over 12% across just two sessions on Thursday and Friday.

The rupee closed at 262.6 in the inter-bank market on Friday.

PM Shehbaz hopeful of IMF programme revival

Prime Minister Shehbaz Sharif on Friday said he was hopeful that the crucial IMF programme would resume “this month”, a statement that comes after the lender confirmed its mission will arrive in Islamabad at the end of January.

The IMF has said its mission will visit Pakistan from January 31-February 9 to continue discussions for the 9th review under the Extended Fund Facility (EFF).

This was confirmed by IMF Resident Representative Esther Perez Ruiz to Business Recorder on Thursday, a day when the rupee also plunged nearly 10% against the US dollar in the inter-bank market. The next day, the rupee depreciated another 2.7%.

The IMF official stated that the mission will focus on policies to restore domestic and external sustainability, including strengthening the fiscal position with durable and high-quality measures while supporting the vulnerable and those affected by the floods; restore the viability of the power sector and reverse the continued accumulation of circular debt; and reestablish the proper functioning of the forex market, allowing the exchange rate to clear the FX shortage.

Pakistan is desperately looking to convince the lender to resume its bailout as foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped a massive $923 million to a mere $3.7 billion, data released on Thursday showed.

This is the lowest level of SBP-held reserves since February 2014.

FBR readies presentation for IMF

The Federal Board of Revenue (FBR) on Saturday also briefed the Ministry of Finance on estimates of tax projections for January-June (2022-23) and the revenue impact of the new taxation measures of nearly Rs300 billion.

According to sources, the FBR has drafted a presentation for the International Monetary Fund (IMF) on revenue position and new tax measures under the proposed Ordinance.

FBR Chairman Asim Ahmad and relevant FBR members attended the meeting at the FBR House and discussed proposed revenue measures under the mini-budget.

Business Recorder earlier reported that the FBR has drafted proposals of new taxation measures of nearly Rs300 billion to be enforced through the promulgation of the Tax Laws Amendments Ordinance, 2023.

Comments

Comments are closed.

KU Jan 29, 2023 11:39am
When the businesses don't pay taxes, when electricity and gas theft rules the norm, when the rent-seeking economic system breeds corruption, and when the elected representatives have no interest or understanding of how the economy runs, this increase was inevitable to collect the much-needed revenue to pay back the loans. All hail the Humpty Dumpty's of the country.
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Doctor fahad Jan 29, 2023 12:47pm
@KU, it's normal price , price should be 1.1-1.4 usd depends upon international crude price . Poor people have destroyed Pakistan. With there unstoppable birth rate
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Sadia Sajid Jan 29, 2023 02:44pm
@Doctor fahad, truly agreed . The economic crisis would continue but the population has to be controlled. We live in crisis and would otherwise.
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Yogesh (India) Jan 29, 2023 03:29pm
Problem of Pakistan is its currency. If she tries to reduce the value remittances and export decreases and if increases then inflation increases .
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Muhammad Kashif Jan 29, 2023 04:17pm
When we have decided to administer our economy through mini budgets and increasing fuels prices again and again, so why we bother to make yearly budget? Increasing fuels prices again and again is not a permanent solution. By increasing the cost of doing business we are destabilizing ourselves in every way.
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Doc Asad Jan 29, 2023 05:31pm
Dont forget to thank their "Sahukatkars" too while you are at it :P
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Aamir Latif Jan 29, 2023 09:11pm
Dar should stop announcing fuel prices, simple notification would do. He should worry more on his failed strategy on Rs and other economic measures that backfired.. Nothing seems to be working, hope he understands the mess that Pakistan is in now.. Courtesy Dar failed policies
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Shahbaz Ali Jan 29, 2023 09:47pm
Pakistan has very few natural resources and thus in current global environment we have to face currency devaluation and inflation like Egypt, Sri Lanka, Kenya and Ghana. Higher petrol price will fore people to reduce usage and thus decrease our forex depletion. Same will happen to all other imported items.
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Ali Jan 30, 2023 12:51am
No any administrative measures are being taken to control the situation other than economy, like smuggling control, law enforcing control, markets are full of smuggled goods, no control over corruption. Just excuses. We have not seen any tough decisions taken but only price hikes, tax increase.
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Khan Jan 30, 2023 04:16am
@Doctor fahad, birth rates decrease as education levels rise. The poor are not responsible for their lack of education - Pakistani ruling elite are to blame. They have no interest in serving the people or nation, but only care for themselves and creating political dynasties. So don’t shift the blame to the poor and away from policy makers.
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