Govt hikes petrol price by Rs24 per litre

Finance Minister Miftah Ismail
Finance Minister Miftah Ismail on Thursday announced that the federal government has decided to raise the prices of petroleum products by Rs24 per litre.

The new prices will come into effect from midnight tonight, the minister said while addressing a press conference in Islamabad.

After the hike, petrol will be priced at Rs233.89 after a Rs24.03 hike, diesel at Rs263.31 after a Rs16.31 increase, kerosene oil at Rs211.47 after a Rs29.49 surge and light diesel at Rs 207.47 after an increase of Rs29.16.

Ismail said the government had no choice but to "pass on" the impact of international prices to consumers in Pakistan.

The government has raised the petrol price by more than Rs84 per litre in the last 20 days.

Explaining the reasons behind another hike in prices of petroleum products, the minister said that the international price of petrol was $120 per litre.

"Our country is still facing a loss of Rs24.03 in petrol, Rs59.16 in diesel, Rs29.49 in kerosene oil and Rs29.16 in light diesel oil," he told the presser.

He said the government was spending Rs120 billion on petrol subsidies. "I have been seeing the country's situation for 30 years, but I've never seen such a situation in terms of inflation."

He also blamed former prime minister Imran Khan for deteriorating the national economy.

Ismail said the government was tied by agreements made by the PTI government with the International Monetary Fund (IMF).

He acknowledged that the middle-class will also suffer from the petrol price hike, adding the government

"We have taken difficult decisions before and we will take in the future as well to protect the country from financial difficulties," the minister said.



from latest-news - SUCH TV https://ift.tt/ncp6gk1

Comments

Post a Comment

Popular posts from this blog

Dollar waits on CPI, yuan bounces back from policy knock

Image
 The dollar was largely unchanged in early European trade Friday ahead of the release of key U.S. inflation data, which could influence Federal Reserve monetary policy thinking into the new year. The euro , seen as vulnerable to a Federal Reserve hike especially if European rate rises lag, dropped 0.4% on Thursday and was steady in Asia at $1.1297. The dollar index , at 96.197, was drifting toward its seventh consecutive weekly rise ahead of the data, which is due at 1330 GMT. Annual price gains of 6.8% are expected and any upside surprise will likely be interpreted as a case for a faster Federal Reserve taper and sooner interest rate rises. Consumer confidence data is also due on Friday and if it holds up could portend even more price pressures ahead. Tom Porcelli said,"Inflation is going to accelerate." RBC Capital Markets' chief U.S. economist, who thinks the annual pace is going to pick up and keep rising to push near 7% early in the new year. He said, "As ...
Read more

President Ashraf Ghani launches Afghanistan's coronavirus vaccine campaign

Image
Amid ongoing attacks by militants, Afghanistan on Tuesday launched its coronavirus vaccination drive with the hopes of inoculating thousands of Afghans against the disease that has wrecked havoc in the world. Doctors, security personnel, and journalists were among the first volunteers to receive doses of AstraZeneca's COVID-19 vaccine, donated earlier this month by India. "Today, I congratulate the people of Afghanistan for the launch of the first stage of COVID-19 vaccine [drive] with 500,000 doses of vaccines. This is a big opportunity for the people of Afghanistan," said Afghan President Ashraf Ghani as the first jabs were administered. "We don't expect any miracles, but let's help this campaign to be implemented justly," the country's acting health minister Waheed Majroh added. Afghanistan is believed to have been hit hard by the COVID-19 pandemic in the last year, but limited testing and a ramshackle healthcare sector have hampered its abi...
Read more

Biden urges calm in first call with Palestinian President Mahmoud Abbas

Image
US President Joe Biden urged calm between Israel and Gaza on Saturday and affirmed his support for a two-state solution in his first phone call with Palestinian President Mahmoud Abbas since taking office, the official Palestinian news agency said. Biden dispatched an envoy to the region on Friday to work for calm. Biden told Abbas the United States “is making efforts with the concerned parties to reach the goal” of reducing violence in the region, a summary of the call published by WAFA said. Biden also said the United States opposes the eviction of Palestinians from East Jerusalem’s Sheikh Jarrah, the summary said. President Biden also spoke to Israeli Prime Minister Benjamin Netanyahu Saturday and raised concerns about civilian casualties in Gaza and the bombing of the building that housed AP and other media offices. In Gaza, at least 144 people have been killed since Monday, including 39 children and 22 women. Israel’s army destroyed in an airstrike Saturday the 13-floor bu...
Read more

Sindh govt seeks army's help in implementation of coronavirus SOPs

Image
The government of Sindh has sought help from the Pakistan Army in implementing coronavirus SOPs as cases of the virus surge across the country. The provincial government has written to the Ministry of Interior, seeking the army's help for the civil administration under Article 245 of the Constitution. Sindh government said it would inform the interior ministry about details regarding troop employment and equipment after holding consultations over the matter. On the other hand, Sindh information ministry Nasir Hussain Shah has warned that the provincial government will impose a lockdown if the situation turns alarming in Sindh. "The provincial government is ready; if [coronavirus] situation worsens, we will impose a lockdown," he had said on Saturday. A day earlier, army troops were deployed in Islamabad and Peshawar after PM Imran Khan announced their help would be needed in ensuring implementation of safety protocols. Officials of the Islamabad administration had...
Read more

Low payments by fed govt hampered development in Sindh, CM Murad tells Bilawal Bhutto

Image
Sindh Chief Minister Syed Murad Ali Shah and PPP Chairman Bilawal Bhutto Zardari had a meeting on Monday at the Bilawal House in Karachi. According to the Bilawal House spokesperson, the chief minister informed Bilawal Bhutto of the COVID-19 situation in the province along with measures taken by the Sindh Health Department to contain the virus. Speaking about the pace of development in the province, CM Murad Ali Shah told Bilawal Bhutto that progress has been largely hampered because of low payments made by the Federal government against Sindh's rightful share. Shedding light on areas where improvements were witnessed, the CM said that the Sindh government has surpassed its own tax collection targets this time. During the meeting, PPP Chairman said that he had instructed the Sindh government to start a recruitment drive for filling vacant positions, adding that all appointments must be made on the basis of merit so that the unemployed youth can benefit from the move. He also...
Read more

Biden and Xi discuss avoiding conflict in first phone call in 7 months

Image
US President Joe Biden and Chinese leader Xi Jinping spoke for 90 minutes in their first talks in seven months on Thursday, discussing the need to avoid letting competition between the world's two largest economies veer into conflict. The US side said the "proof will be in the pudding" as to whether the stalemate can be broken with relations between the superpowers languishing at their lowest point in decades. A White House statement said Biden and Xi had "a broad, strategic discussion," including areas where interests and values converge and diverge. The conversation focused on economic issues, climate change and Covid-19, a senior US official told reporters. "President Biden underscored the United States' enduring interest in peace, stability, and prosperity in the Indo-Pacific and the world and the two leaders discussed the responsibility of both nations to ensure competition does not veer into conflict," the statement said. Occasional hig...
Read more

Biden freezes giant UAE jet package, Saudi arms for review

Image
US President Joe Biden's administration has temporarily frozen for review a massive package of F-35 jets to the United Arab Emirates and arms to Saudi Arabia, officials said on Wednesday. The nearly week-old administration has already signalled it plans to end support for the Saudi-led, UAE-backed offensive in Yemen, which is facing a humanitarian catastrophe. A State Department spokesperson said the administration is “temporarily pausing the implementation” of a number of defence sales “to allow incoming leadership an opportunity to review”. “This is a routine administrative action typical to most any transition, and demonstrates the administration's commitment to transparency and good governance,” the spokesperson said. The move is also aimed at “ensuring US arms sales meet our strategic objectives of building stronger, interoperable and more capable security partners”. The most high-profile sale is a $23 billion package of top-of-the-line F-35 jets to the UAE. Former...
Read more

Biden sends Ramazan greetings, says his govt will protect rights and safety of all people

Image
As Muslims in America prepared to hold their first fast of the holy month on Tuesday, US President Joe Biden and First Lady Jill Biden sent their greetings to those observing Ramazan in a statement that touched upon the Muslim community's contribution to the country as well difficulties faced by its members. "Jill and I send our warmest greetings and best wishes to Muslim communities in the United States and around the world. Ramadan Kareem," said the US president in a statement. "As many of our fellow Americans begin fasting tomorrow, we are reminded of how difficult this year has been. In this pandemic, friends and loved ones cannot yet gather together in celebration and congregation, and far too many families will sit down for iftar with loved ones missing. "Yet, our Muslim communities begin the month of revelation with renewed hope." Joe Biden spoke about how Muslim Americans have enriched the United States since its founding. "They are as di...
Read more

Taliban declare war in Afghanistan over, call for peaceful relations with world

Image
The spokesperson for the Afghan Taliban on Monday declared that the war in the country is over, saying that the group desires peaceful relations with the world. The statement comes a day after the Afghan Taliban entered Kabul as President Ashraf Ghani left the country, saying he wanted avoid bloodshed and conflict. The group respected women's and minorities' rights and freedom of expression within Sharia law, Spokesperson Mohammad Naeem added. Naeem said the Taliban wanted to have peaceful relations and was keen to develop several channels of communication it had already opened with foreign countries. "We ask all countries and entities to sit with us to settle any issues", he said in an interview with Al Jazeera TV. Two decades ago, the George Bush administration overthrew the Taliban from power in Afghanistan. Naeem said that no diplomatic body or headquarters was targeted in the Taliban's approach and the group would provide safety for citizens and diplo...
Read more

North Korea imported Chinese masks before declaring Covid victory

Image
North Korea imported more than 1 million facial masks and 15,000 pairs of rubber gloves from China in July, shortly before declaring victory over Covid-19, Chinese trade showed on Saturday. Pyongyang last week declared victory over the coronavirus, ending a little-detailed fight against “fever” cases that had risen to 4.77 million. It has registered no new such cases since July 29. Still, China exported 1.23 million facial masks to North Korea in July, worth $44,307, surging from 17,000 the previous month, according to data released by Chinese customs. From January to July, the last month for which data is available, the North bought more than 11.93 million masks from China, data showed. North Korea did not import any Covid-19 prevention and control products from China in May, the data showed. China’s overall exports to North Korea surged to $59.74 million in July from $19.05 million in June. Top exports were semi- or wholly milled rice, cigarettes, disodium carbonate and smoke...
Read more