Sat, 02 Dec 2023

Islamabad [Pakistan], September 30 (ANI): Dealing a further blow to the people already saddled with mounting inflation, Pakistan's Oil and Gas Regulatory Authority (OGRA) increased the prices of liquefied petroleum gas (LPG) by Rs 20.86 per kg, ARY News reported on Saturday.

Quoting the OGRA, ARY News reported that the the price of liquefied petroleum gas (LPG) was increased by PKR 20.86 per kg after which the LGP price is fixed at PKR 260.98 per kg.

Moreover, the domestic cylinder price was hiked by PKR 246.15 and setting its new rates to PKR 3,079.64.

The Pakistan based media outlet reported that Russia delivered 100,000 metric tonnes of liquefied petroleum gas (LPG) to Pakistan.

The LPG batch entered Pakistan through Iran's Sarakh's Special Economic Zone (SEZ), the report stated, adding that Pakistan and Russia are in talks for the second LPG shipment.

In August, Pakistan temporarily halted imports of Russian crude oil, as the refining process yielded more furnace oil than petrol, and made arrangements for a long-term agreement with Russia for the import of oil at'discounted rates'. The petrol and diesel prices in Pakistan have reached a record high after the interim government increased the prices by PKR 26.02 and PKR 17.34 per litre, respectively, Dawn News reported.

Previously, the gas prices were hiked in August month by PKR 32.41 and PKR 38.49 per litre respectively. Now, the combined increase works out to PKR 58.43 and PKR 55.83 per litre in a month.

The Pakistani news daily reported that the increase in petroleum prices was owing to the 27.4 per cent increase in the rate of inflation in August month.

The rise in the rate has broight the price of petrol to PKR 333.38 per litre and the rate of high-speed diesel to PKR 329.18 per litre. Pakistan's Ministry of Finance announced the increase in the price of petrol and high-speed diesel, the report said.

The cash-strapped government in Pakistan is now drilling massive holes in the pockets of its citizens by increasing the prices of petrol and diesel, the report noted.

Meanwhile, Pakistan's inflation remained over the target in August at 27.4 per cent as reforms outlined to secure an IMF loan made it more difficult to control price pressures, ARY News reported citing the official data released on September 1.

After the avoidance of a sovereign debt default in July due to a USD 3 billion loan programme of the International Monetary Fund (IMF), Pakistan is on a difficult road to economic recovery under a caretaker administration.

Reforms related to the bailout, such as loosening import limits and demanding the removal of subsidies, have already fuelled annual inflation, which increased to a record 38.0 per cent in May.

In addition, interest rates were increased, and the rupee dropped to record lows. The currency dropped 6.2 per cent last month, according to ARY News.

The inflation rate for food remained high at 38.5 per cent in August, according to figures from Pakistan's statistics department, despite a minor decline from July's 28.3 per cent rate. (ANI)

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