Interim govt hikes petrol, diesel prices by up to Rs20

[SaadH]

What's the meaning of this? Indian foreign reserves also same as Pakistan? Indian economy also going in negative like Pakistan? What exactly is your point....

Pajeets and Faujeets on the same page. In other words don't make too much noise since your sepoys are doing hindutva bidding of late, so be compliant citiznery and slaves of the sepoys.

 

[protean]

What's the meaning of this? Indian foreign reserves also same as Pakistan? Indian economy also going in negative like Pakistan? What exactly is your point....

How does it matter whether economy is doing better or not, oil is a commodity which both the countries have to buy from outside. Its market rate is not going to be fixed by respective governments unless they plan to subsidize it. If India with better economic resources is not subsidizing it how will Pakistan? Or rather why should it. If you can't afford it, ride by bicycle and transport by bullock carts.

 

[PradoTLC]

The caretaker government has announced a massive hike of almost Rs18 in the price of petrol and Rs20 in that of high speed diesel, taking them to Rs290.45 and Rs293.40 per litre, respectively.

The announcement came at midnight on Tuesday and a fortnight after the Shehbaz-Sharif-led previous government increased the prices of the two products by Rs20.

The new prices were notified by the Finance Division, which said petroleum prices in the international market had increased during the last fortnight.

As a result, the consumer prices in Pakistan were also being revised, it added.

This is the first price revision of petroleum products after Anwaarul Haq Kakar took the reins of the government as the caretaker prime minister a day ago.

According to the Finance Division notification, the new prices will become effective from August 16 (Wednesday).

Pakistan has committed to a petroleum levy of up to Rs50 a litre under an agreement with the International Monetary Fund (IMF) for a bailout package.

Last month, the global lender’s executive board had green-lit a $3 billion nine-month standby arrangement for Pakistan in order “to support the authorities’ economic stabilisation programme”.

The board had approved the bailout package for the country for an amount of $2.25bn Special Drawing Rights (SDRs) — reserve funds that the institution credits to the accounts of its member nations — the IMF had said in a statement, adding that this amounted to about $3bn, or 111pc of Pakistan’s quota.

Interim govt hikes petrol, diesel prices by up to Rs20

Petrol price raised to Rs290.45, high speed diesel's to Rs293.40.

www.dawn.com

DISCRETION - This article might contain too many words for the donkey eaters to understand.

$ Dar came to scare the USD … he clearly succeeded in that ..

 

[epebble]

Dr Waqar Masood's name is being considered for the position of caretaker finance minister.

16 names shortlisted for cabinet posts | The Express Tribune

Shahid Afridi, Zulfiqar Ahmad Cheema, Gohar Ejaz, Shoaib Suddle, Sarfaraz Bugti, Dr Waqar Masood among names floated

tribune.com.pk

Dr Masood seems to have been a finance secretary for a long time with expertise in interest free banking.

 

[CallSignMaverick]

What's the meaning of this? Indian foreign reserves also same as Pakistan? Indian economy also going in negative like Pakistan? What exactly is your point....

Petrol in pakistan is cheaper than India, despite being an imported commodity.

 

[RoadRunner401]

Petrol in pakistan is cheaper than India, despite being an imported commodity.

How many power plants in India use furnance oil to produce power
What's the daily wages of average Indian worker.
What's the GDP of India vs Pakistan?

 

[CallSignMaverick]

How many power plants in India use furnance oil to produce power

I don't think anyone with a sane mind would use furnace oil to generate electricity.

What's the daily wages of average Indian worker.
What's the GDP of India vs Pakistan?

What has that got to do with prices of fuel?

 

[SBD-3]

That's how things are. Pakistan's economy has been ravaged by the investments in informal and non-productive sectors like real estate with the import dominating groups like retailers and real estate enjoying tax free returns while the production and formal economy bearing the cost of plugging the inefficiencies of the government and the incentives paid to informal economic sectors by the way of over-taxation.

We have turned essentially into a dysfunctional "assembling economy" who can at best assemble things and is dependent upon imports for its very existence. For example, its much easier to open an agency of diapers in Pakistan and start selling them by importing them from abroad rather than manufacturing them at home.

Army is obsessed with DHAs, Imran is obsessed with Ravi City, PMLN was obsessed with Ashiyana like housing and general public (expats, judges, politicians and bureaucrats etc.) are obsessed with corner plots in exotic societies.

The problem with incentivizing this structure for too long is that we are now dependent upon dollars to buy everything from raw materials for industry to building houses and to even doing our daily groceries. But we don't have enough dollars to pay for all what we need and we earn only one third of what we need to pay for our needs. So, its like a salaried person with a credit card, if you spend more today, you need to earn more tomorrow to pay back the spending you've done today. You can borrow from your friends and family but this borrowing can't continue unlimited.

Likewise, we can continue to have cheaper fuel and electricity and eventually run out of dollars to pay for them, resulting in hyperinflation or we can embrace more inflation today via expensive fuel and electricity, forcing us to consume less and according to available dollars and avoid hyperinflation in the future.
In the end its all about choosing our poison. Because all that we are left with right now, is the poison of mismanagement and wrong priorities.