Pakistan cuts petrol price by more than Rs12 per liter 

Employees at a fuel station attend to their customers in Islamabad, Pakistan, on February 16, 2022. (AFP/File)
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Updated 01 October 2022
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Pakistan cuts petrol price by more than Rs12 per liter 

  • The reduction in fuel prices comes days after Ishaq Dar takes over as Pakistan’s new finance minister 
  • Many have since pinned their hopes on the 72-year-old financial wizard for a respite in economic woes 

ISLAMABAD: The Pakistani government on Friday announced a massive cut in the prices of petroleum products, with petrol going down my more than Rs12 per liter. 

With the reduction of Rs12.63, a liter of petrol now costs Rs224.80, according to a notification issued by the country’s finance division. 

The price of high-speed diesel has been reduced by Rs12.13 to Rs235.30. Kerosene oil and light diesel oil have gone down by more than Rs10 to Rs191.83 and Rs186.50 per liter, respectively. 

“In the wake of reduction of petroleum products prices in the international market and with a view to provide relief to the consumers, the government has decided to decrease the prices of petroleum products,” the finance division said in the notification. 

Pakistan revises petroleum prices every fortnight. The new prices have already taken place across the South Asian country, which is witnessing a 47-year high inflation at 27.3 percent since August. 

The reduction in petroleum prices comes days after Ishaq Dar took over as the country’s new finance minister, with many pinning hopes on him for a respite in the country’s economic woes. 

Besides inflation, Pakistan is grappling with a balance-of-payment crisis, a widening current account deficit and a weakened national currency. 

Dar, a member of Prime Minister Shehbaz Sharif’s ruling Pakistan Muslim League-Nawaz (PML-N) party, on Wednesday vowed to rein in inflation and bring stability to the currency market, where the rupee had been trading close to an all-time low until a few days ago. 

He also warned speculators and hoarders to dollars. 

Pakistan’s currency market has shown some signs of stability after the change of command at the finance ministry, with the Pakistani rupee gaining 0.52 percent of its value against the US dollar on Friday. The greenback closed at Rs228.45 at the end of week. 


Pakistan vows to empower expatriates by developing their skills on World Migrants Day

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Pakistan vows to empower expatriates by developing their skills on World Migrants Day

  • Over 12 million Pakistani expatriates reside in several countries around the world, notes PM Shehbaz Sharif 
  • Over 12 million Pakistani expatriates reside in several countries around the world, notes PM Shehbaz Sharif 

ISLAMABAD: Prime Minister Shehbaz Sharif on Thursday vowed to empower overseas Pakistanis by helping develop their skills so that they can secure better employment opportunities abroad, the Prime Minister’s Office (PMO) said in a statement. 

Every year, the world marks International Migrants Day on Dec. 18 to spotlight the contributions of millions of migrants worldwide. It also recognizes migrants’ critical role in labor market worldwide where they fill gaps, drive innovation and entrepreneurship. 

In his statement, Sharif described over 12 million overseas Pakistanis as the country’s “valuable national asset,” noting that their annual remittances of $38 billion are crucial for the cash-strapped country. 

“The Government of Pakistan considers it essential to equip outgoing workers with skills, as success in today’s global economy requires not only technical expertise but also social skills and proficiency in languages,” the PMO quoted Sharif as saying. 

Sharif mentioned that his government was aligning technical and vocational training systems with international standards. 

He said Islamabad is also promoting social training, diverse skills development and foreign language education so that the Pakistani workforce can meet the demands of the modern era.

“Through the European Union Talent Partnership and various Memoranda of Understanding signed with different countries, Pakistan is establishing an organized system to ensure international recognition of overseas Pakistanis’ skills and the protection of their rights,” he said. 

Every year Pakistan exports thousands of skilled and unskilled labor to various countries around the world, particularly the Gulf countries. 

These workers remit billions of dollars collectively for their family members in Pakistan, which ultimately proves crucial for a nation struggling to evade a macroeconomic crisis.