Connect with us

pakistan

POL prices – fresh wave of inflation gives the masses sleepless nights

Published

on

POL prices - fresh wave of inflation gives the masses sleepless nights

The masses were rudely awakened to a spike in the prices of petroleum products amid back-breaking inflation on Sunday.

The government, like all previous dispensations, has added fuel to the fire of inflation consuming the masses. The increase in the POL prices was expected but the quantum and the clandestine way in which it has been announced reeks of apathy, citizens complain.

The government didn’t even wait for the fortnight to complete and increased the prices in the dead of the night. It also failed to ensure availability of fuel days before it took the “tough decision”.

After the announcement the prices are:

Advertisement

High Speed Diesel -Rs262.80 per litre

Petrol – Rs249.80 per litre

Kerosene Oil – Rs189.83 per litre

Light Diesel Oil – Rs187 per litre

What led to another crushing increase in the POL product’s prices?

Advertisement

Finance Minister Ishaq Dar on Sunday announced a whopping Rs35 a litre increase in the prices of petrol – a day after PML-N senior vice president Maryam Nawaz urged the nation to have faith in the financial czar’s capability to bring the country back from economic abyss.

Mr Dar said the incumbent government had been making utmost efforts to control the worsening financial conditions and also assured people of pulling the state out of these difficult times.

The reasons behind the increase may include:

Artificial shortages and hoarding of fuel

The finance minister explained that the increase in the prices was done on the recommendation of the Oil and Gas Regulatory Authority (Ogra) after it pointed out the reports of artificial shortages and hoarding of fuel in anticipation of increase in price.

Advertisement

Mr Dar said the price rise had been done immediately to tackle the said issue.

To complete the bailout plan

The decision to increase the prices of POL products coincides with arrival of an IMF team in the country to iron out the issues hindering approval of a bailout tranche.

Pakistan needs to complete the ninth review of a $7 billion IMF programme. The programme would lead to a disbursement of $1.2 billion and also open the gates to inflows from other countries.

The conditions imposed by the IMF include increasing prices of POL products and also raising more taxes.

Advertisement

Higher cost in global market

The Pakistani rupee’s value has drastically fallen against the US dollar since Thursday. This marks the largest depreciation in both absolute and percentage terms since the new exchange rate system was introduced in 1999.

Mr Dar mentioned 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.

Nation cries out for relief in prices

Advertisement

With the crushing increase in the POL prices, it has become thrice as difficult for people to survive the already challenging monetary circumstances.

Speaking to Dunya News, some people said the recent increase in the prices of petrol and diesel had left people high and dry.

“The poor are already suffering due to high inflation and unemployment; if it keeps on increasing like this, how can one survive,” said a local.

Many others shared how difficult it was to make both ends meet and feed their families.

Another person appeals to the government to think of the poor and have mercy on them by decreasing the prices.

Advertisement

pakistan

PTI founder, wife’s indictment in £190mn case deferred again

PTI founder, wife’s indictment in £190mn case deferred again

Published

on

By

PTI founder, wife's indictment in £190mn case deferred again

Accountability court of Islamabad on Tuesday once again deferred indictment of PTI founder and his wife Bushra Bibi in £190 million case.

Accountability court judge had to conduct hearing of the case at Adiala Jail. However, the newly-appointed judge Nasir Javed Rana has yet to take charge at his new place of posting.

Due to non-availability of judge, the indictment of both PTI founder and Bushra Bibi was deferred without any proceedings till Feb 23.

It may be recalled that on previous hearings Judge Muhammad Bashir was not available, so indictment was postponed. A new judge was appointed in place of judge Muhammad Bashir who has applied for long leave till his retirement.

Advertisement

Continue Reading

pakistan

Shahid Chaudhry becomes first Pakistani to be appointed as judge in Canada

Shahid Chaudhry becomes first Pakistani to be appointed as judge in Canada

Published

on

By

Shahid Chaudhry becomes first Pakistani to be appointed as judge in Canada

It was a proud moment for the country as a Pakistani Shahid Chaudhry has been appointed as a judge in the higher courts of Canada.

Chaudhry became the first Pakistani to be appointed in the Ontario Court of Justice.

His wife Maliha Shahid is also serving as the deputy mayor of Whitby, a town in Canada.

Shahid Chaudhry, who took the charge of Justice of Peace, moved to Canada some 25 years ago.

Advertisement

He originally belongs to Burewala, Punjab and completed his degree in electrical engineering from University of Engineering and Technology, Lahore.

Also Read: First Pakistani in space – Namira Salim, we are proud of you

Justice Shahid Chaudhry completed his post-graduation from Osgoode Hall Law School, Canada.

He has been a member of various committees of the College of Physicians and Surgeons of Ontario.

Justice Chaudhry has also served as a consultant of Canadian Immigration and Citizenship laws in 2011.

Advertisement

Continue Reading

pakistan

JI’s Senator Mushtaq demands resignation of chief election commissioner

JI’s Senator Mushtaq demands resignation of chief election commissioner

Published

on

By

JI's Senator Mushtaq demands resignation of chief election commissioner

The senators hailing from the opposition benches decried the alleged rigging in general elections held on Feb 8 across the country.

Senator Mushtaq Ahmed of Jamaat-i-Islami demanded resignation of chief election commissioner and said that action must be taken against him under the Article 6 (treason).

“It was a fake election. A judicial commission should be constituted to probe the election rigging,” JI’s senator said.

He urged the Election Commission of Pakistan to seek an apology from the nation as it failed to hold transparent election on Feb 8.

Advertisement

“The election was already sold out even before the polling. We saw each and every type of rigging in this election,” he said, while speaking during the Senate session on Tuesday.

Continue Reading

Trending

Copyright © GLOBAL TIMES PAKISTAN