Dar announces 35-rupee hike in petrol price

[VCheng]

Salves of donald lu , Karan arjun would suffers most for the price hikes
Inki man bhen aik hoti rahy gi
And we exactly want the same

So how does that affect petrol prices in Pakistan?

 

[Riz]

So how does that affect petrol prices in Pakistan?

We will get free country from these morher sellers dollar khor corrupt land mafia haramis like bangladesh

 

[VCheng]

We will get free country from these morher sellers dollar khor corrupt land mafia haramis like bangladesh

InshaAllah. Of course.

 

[SeaMermaid]

‘Hike in fuel price to jolt businesses, households’ | The Express Tribune

Gas to increase by 75%, electricity by 25% in addition to taxes on businesses

tribune.com.pk

‘Hike in fuel price to jolt businesses, households’
Gas to increase by 75%, electricity by 25% in addition to taxes on businesses

KARACHI:
The government’s decision to drop yet another petrol bomb on the directives of the IMF is going to create rippling effects far from petrol stations while sending shockwaves across the country’s crippling economy.

It is feared that the massive fuel hike will end up being passed on to not only everyday Pakistanis – whose wallets are feeling the strain already – but will also shut down more factories, increase unemployment and badly hit households.

Experts have projected the inflation reading would spike to a multi-decade high of around 30% in the months to come compared to a 49-year high hit at 27.3% in August 2022. It recorded 24.5% in December 2022 and is expected to be around 27% in January 2023.

Pakistan is projected to record economic growth of negative 1% in the current fiscal year 2023 compared to 6% expansionary growth taken in the previous fiscal year 2022.

To recall, almost half of the businesses have already shut down partially or completely and rendered 5 million to 7 million people jobless in the wake of the ongoing economic crisis for the past year in the country.

The government has to take care of the poor segment of society by giving them direct subsidies. Avoidance would multiply poverty and hit back the entire ecosystem in Pakistan.

Pakistan Business Council (PBC) CEO Ehsan Malik said the hike in petrol prices would initially jolt businesses and households. Later on, however, the decision would gradually turn around negative developments into positive ones over a period of time.

He said the increase in petroleum product prices would increase the cost of transportation for everyone. "This will negatively impact supply chain management of goods and people, leave multiplier impact on the economy…inflation will go up significantly."

Read Bitter-sweet pill: IMF’s ramifications

He said the hike in petroleum product prices was inevitable under the International Monetary Fund (IMF) loan programme of $7 billion, as the lending institution demand the government to pass on the increase in international prices to end-consumers in the country.

The government had to increase petroleum product prices, as it had no other option at present. "The impact would have not been this severe (rise in petrol prices) if the government had maintained a market-based rupee-dollar exchange rate," he said.

Finance Minister Ishaq Dar controlled the exchange rate artificially after coming backing back into Pakistan in September 2022. Before that, the government was managing a market-based exchange rate since 2019.

Malik said the impact of the rise in petrol prices has always remained negative on businesses and households. "People's consumption of goods cut down, as the cost of goods goes up but their disposable income remains unchanged. People cannot compromise on food consumption, but they avoid other expenses like travelling and etc."

He said the petrol price hike would cut imports, reduce the current account deficit and help improve the country's foreign exchange reserves, going forward.

Improvement in reserves would allow the nation to gradually open up imports which are lying closed at present. Accordingly, this will slowly improve business activities and enhance employment as well.

Alpha Beta Core (ABC) CEO Khurram Shehzad said "inflation is going to skyrocket starting with petroleum prices increased by Rs35 per litre."

Gas is going to be increased by 75% and electricity by 25%, taxes on existing businesses rather than untaxed real estate, retail, and low-taxed agri, tobacco as well as sugary drinks are going to squeeze documented businesses further, from both increased taxes and high-interest rate sides, leading to more layoffs and unemployment expected in next few months.

Read more IMF hopes spark rally, take PSX to 40,000

"Since we have delayed some crucial economic decisions, costing the country about $6 billion with investors/lender credibility loss, inflation is the cost we are going to pay, which again unfortunately will be extracted from poor masses the most."

"We need to protect the most vulnerable segment only through direct subsidy (motorcyclists through BISP etc)," he said.

 

[Olympus81]

Lets just go back to basics.

Your food staples, pulses, vegetables, onions, tomatoes, flour, rice.

You are supposed to grow this at home and try to be self sufficient or atleast close to becoming self sufficient.

What the fish were you guys doing for the last 3-4 decades? I am sure this problem did not pop up a month or 2 ago.

Anyways, I won’t go into trolling or ranting mode here. Solutions are simple, but may be hard to implement for obvious reasons.

- Population control. Stop producing like rabbits and avoid cousin marriages ffs

- Invest in agriculture r&d and incentivize farmers to grow crops that are high in demand. If your neighbor can produce onions, tomatoes, pulses, why can’t you?

- Decrease cost of inputs of farmers but avoid subsidy at the same time. Eg. Loans for farmers for tractors and power inputs

 

[MilSpec]

You haven't answered on the work harder thing? How are we supposed to work harder when there is no work to being with?

Not it hasn't happened many times but only once during the war of 71 and I mean the level of melt down we are witnessing today.

What happened to cpec?

 

[Skull and Bones]

- Population control. Stop producing like rabbits and avoid cousin marriages ffs

Now that most people are out of jobs, and no electricity at home to watch TV. I just hope there is no new population explosion in Pakistan now.

 

[MilSpec]

We will get free country from these morher sellers dollar khor corrupt land mafia haramis like bangladesh

For that you would need a "Freedom Platform"

 

[IceCold]

What happened to cpec?

That's a rhetorical question.

 

[VCheng]

What happened to cpec?

It is a game changer for sure, but apparently the tournament itself is long over.

 

[notorious_eagle]

What happened to cpec?

War Gaya

 

[HAIDER]

 

[AZ1]

Keeping at 150 by Imran which was around 50 INR was bleeding Pakistan economically. Why sell cheapest oil in world when you are financially poor. People can easily cut down use of petrol and help the country. There is lot of unnecessary travel everyone does.

Sure start with govt level, public are not sheeps while they take 25 people to trip for 1 single meeting with no use. or orange train type project with zero revenue generation to burde. economy infact pmln never had any project to support country by generating revenue. If you know any do let me know, all they do is take loan and more loan and loan and do crappy projects with nothing back as revenue to payback those loans leaving macro economics indicators down.



Imran khan managing all alround by increasing remittances and exports.

all this pdm did in last 10 months is remove their cases from shahbaz to hamza to dar and a others.

Dar took all 3.5 years salary and also got back his properties worth 50 crore in all.

Why would public should support?

 

[HAIDER]

What happened to cpec?

lots of outstanding debt of private Chinese banks was due last year and this year.

 

[Goenitz]

Yeah.. things will settle down. Army has seen this 'awakening' many times. Nothing to worry.

https://twitter.com/x/status/1620013817534255104