ISLAMABAD: Pakistan increased the prices of petrol, high-speed diesel, kerosene and light diesel oil on Tuesday, saying the new rates would be applicable from Wednesday, February 16.
The government has faced criticism for increasing fuel prices during the last few months amid rising inflation, though its top officials argue Pakistan still offers petroleum products at the cheapest rates in the region.
The country fixes these prices on a fortnightly basis to pass on the impact of fluctuating international prices to consumers.
“The prices of Petroleum Products are showing drastic increase in the international market and presently are at the highest since 2014,” a statement from the Finance Division said on Tuesday, adding that despite the unabated increase since the beginning of the year, Prime Minister Imran Khan had deferred the last review of petroleum prices on January 31, 2022.
“In order to provide utmost relief to the consumers, government levied zero percent Sales Tax and reduced the Petroleum Levy rate against the budget targets,” the statement said.
With an increase of Rs12.03, petrol will now be available for Rs159.86 and high-speed diesel’s at Rs154.15, a rise of Rs9.53. Kerosene will be sold for Rs126.56 per liter after an increase of Rs10.08 while light diesel oil will be available for Rs123.97 after a Rs9.43 increase in its previous rate.
The Finance Division said the government was bearing a revenue loss of around Rs35 billion (fortnightly) “on account of budgeted to existing PL [Petroleum Levy] and ST [Sales Tax] have been kept to the minimum.”
Petrol price hits historic high in Pakistan after Rs12.03 hike
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Petrol price hits historic high in Pakistan after Rs12.03 hike
- Pakistan increases prices of petrol, high-speed diesel, kerosene and light diesel oil
- High-speed diesel’s new price per liter is Rs154.15, a rise of Rs9.53
Pakistan eyes collaboration with Saudi Arabia, Indonesia, China for local vaccine production
- Pakistan last week held talks with a visiting Saudi delegation on partnering to manufacture vaccines locally
- Government working on “war footing” to ensure local production of vaccines by 2030, says health minister
ISLAMABAD: Pakistan is eyeing collaboration with Saudi Arabia, Indonesia and China to produce vaccines locally, Health Minister Syed Mustafa Kamal said on Thursday, adding that Islamabad was exploring both government-to-government and business-to-business opportunities in this regard.
Kamal told Arab News last week that Islamabad was “very close” to an agreement with Saudi Arabia that would enable Pakistan to manufacture vaccines locally. The development took place as a Saudi delegation, led by the Kingdom’s senior adviser to the minister of industry Nizar Al-Hariri, arrived in Pakistan last week and held talks with health officials on a partnership with Pakistan which would enable it to manufacture vaccines locally.
The efforts take place amid Pakistan’s push to strengthen its health security and industrial capacity. The country of more than 240 million currently imports all vaccines used in its national immunization campaigns, relying heavily on international partners to help cover the costs.
“Mustafa Kamal said Pakistan is exploring collaboration with Saudi Arabia, Indonesia and China for local production of these vaccines,” state broadcaster Radio Pakistan reported.
Kamal said the government is working on a “war footing” to ensure the local production of vaccines before 2030.
The health minister reiterated that Pakistan has the potential to locally produce raw materials of the 13 vaccines that it provides free of cost. He added that the government will also export vaccines once it starts producing them at home.
“Mustafa Kamal said the government is exploring both government-to-government and business-to-business collaboration to achieve our objectives in vaccine production,” Radio Pakistan said.
Pakistan’s health ministry has said it imports all 13 vaccines that it provides masses for free at an annual cost of about $400 million.
International partners currently cover 49 percent of these costs, with the remainder borne by the Pakistani government. This external support, Kamal has warned, is expected to end after 2030.
