pakistan

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

Published

8 months ago

January 30, 2023

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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:

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?

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.

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.

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

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.

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pakistan

Nawaz left Pakistan with govt permission, it wasn’t a jailbreak: Solangi

Published

12 hours ago

September 23, 2023

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Nawaz left Pakistan with govt permission, it wasn't a jailbreak: Solangi

Former prime minister Nawaz Sharif had flown abroad after getting permission from the court and the government, not due to jailbreak, said Murtaza Solangi – the caretaker information minister – who added that he would be treated according to law and constitution on his return to Pakistan.

The minister remarked some people were confused on the issue of elections and spreading confusion a business for some others. The caretaker government had no confusion on the issue of elections, he added

Solangi, who visited the Karachi Press Club, told media persons on Saturday that Nawaz was a three-time prime minister and he had no knowledge of which court the PML-n supremo would move after his return.

Replying to various questions on the subject, the caretaker information minister said he didn’t want to speculate as it was Nawaz who would have to answer such queries.

As the minister faced a flurry of questions about the elections, he again made it clear that the caretaker setup would give equal opportunities to all the registered political parties for taking part in the electoral process.

Solangi reiterated that the caretaker government would fulfil its constitutional responsibilities and provide all the available resources to the Election Commission for conducting the exercise.

When asked about the rupee appreciation and the fuel prices, Solangi said the incumbent setup had no role in pricing mechanism which was linked to the rates in global markets.

However, he added, that there were enough chances of reduction in petroleum products’ rates due to the gains made by the local currency. People would get some benefit of reduction in the value of the dollar, Solangi said.

The minister noted that power theft burdened other consumers and recovering the amount from them through their monthly system was unjustified – a mechanism which, he said, should be changed.

Solangi said the interim setup was aiming at stabilising the national economy while ensuring that Pakistan didn’t slide towards default and political temperature was cooled down. Legislation wasn’t their prerogative but would do everything reduce the current problems, he added.

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pakistan

CTD arrests terrorist of banned outfit in Jamshoro IBO

Published

13 hours ago

September 23, 2023

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CTD arrests terrorist of banned outfit in Jamshoro IBO

A team of Hyderabad Counter-Terrorism Department (CTD) on Friday arrested one alleged terrorist associated with a banned outfit during an operation in Jamshoro, Dunya News reported.

According to a CTD spokesperson, a CTD team conducted an Intelligence-based-operation (IBO) in Jamshoro and arrested a terrorist belonging to banned organisation.

He also informed that the arrested terrorist was involved in providing funds to terrorist organization.

The spokesperson further informed that a 30-bore pistol, funding receipts and other evidence have been recovered from the arrested terrorist. He said that further investigation is ongoing.

Post Views: 14

pakistan

Mother, son killed in road accident near Sheikhupura

Published

13 hours ago

September 23, 2023

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Mother, son killed in road accident near Sheikhupura

A woman and her son were killed and two other children were wounded when the motorcycle they were riding on was hit by a dumper near Sheikhupura on Friday night,

According to details, the accident occurred in Farooqabad area near Sheikhupura where a rashly driven dumper hit a motorcycle, killing a woman and her son on the spot and injuring two other children.

Police and rescue teams reached the spot and shifted the dead and injured to hospital.

Post Views: 12