Pakistan keeps prices of petroleum products unchanged until November 30

An employee of a petrol station updates the latest fuel prices on a board in Karachi on June 16, 2022. (AFP/ File)
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Updated 15 November 2022
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Pakistan keeps prices of petroleum products unchanged until November 30

  • The country determines the prices of these products on a fortnightly basis while considering fluctuating rates in international market
  • The IMF has continued to encourage Pakistan to implement strict economic reforms by progressively increasing petroleum, power rates

ISLAMABAD: Pakistan’s finance minister Ishaq Dar announced Tuesday the government had decided to keep the prices of petroleum products unchanged for the rest of the month after consulting the prime minister of the country. 

Pakistan determines the prices of petroleum products on a fortnightly basis while considering their fluctuating rates in the international market. 

The government steadily increased the prices of these products after taking over the political power in April since it was seeking the resumption of a bailout package offered by the International Monetary Fund (IMF). 

However, it brought down the petrol prices more recently in October to bring relief to people amid soaring inflation in the country.

“The government has decided after seeking permission from Prime Minister Shehbaz Sharif that it will not increase the price of any petroleum item,” the finance minister announced in a brief video message circulated on social media. “The [current] prices of all the items – petrol, diesel, light diesel oil and kerosene oil – will remain unchanged. The prices that are being implemented today will also be retained between November 16 and November 30.” 

The IMF has continued to encourage Pakistan to implement strict economic reforms by progressively increasing petroleum prices and power rates. 

However, such measures taken by the government in the recent months have led to spiraling inflation which now stands at about 27 percent. 

As of now, the cost of petrol continues to remain at Rs224.80 per liter. High-speed diesel will be sold in the country Rs235.30 while the prices of light-diesel and kerosene oil will remain Rs186.50 and Rs191.83, respectively. 


Islamabad offers skilled manpower to help Iraq in reconstruction, development efforts

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Islamabad offers skilled manpower to help Iraq in reconstruction, development efforts

  • The development comes during Pakistan President Asif Ali Zardari’s four-day visit to Iraq to strengthen bilateral cooperation
  • Zardari says current levels of bilateral trade do not reflect true potential of Pakistan-Iraq ties, highlights opportunities

ISLAMABAD: Pakistan has offered to provide skilled manpower to support Iraq’s reconstruction and development efforts, the Pakistani government said on Sunday, signaling Islamabad’s willingness to deepen cooperation with Baghdad in sectors including infrastructure, technical services and human resource development.

The development comes during Pakistan President Asif Ali Zardari’s four-day visit to Iraq to strengthen cooperation in trade, investment, religious tourism, energy and other sectors.

Zardari held a one-on-one meeting with his Iraqi counterpart, Dr. Abdul Latif Jamal Rashid, at Baghdad Palace, which was followed by delegation-level talks to review the state of bilateral relations.

“President Zardari reiterated Pakistan’s willingness to support Iraq’s reconstruction and development efforts through the provision of skilled and semi-skilled manpower under the existing Memorandum of Understanding on manpower transmission,” Pakistan’s Press Information Department (PID) said in a statement.

“He also highlighted Pakistan’s capacity in medical services, financial expertise and digital governance, and expressed readiness to share technical experience, including in secure data management, to support institutional capacity-building in Iraq.”

Iraq has been working to rebuild its economy and infrastructure after decades of conflict, including the 2003 US-led invasion and years of instability caused by sectarian violence and the fight against Daesh group. Although security conditions have improved in recent years, large parts of the country still face damaged roads, power plants, hospitals and housing, requiring large-scale reconstruction and public service delivery.

During Sunday’s meeting, Zardari noted that the current levels of bilateral trade do not reflect the true potential of Pakistan-Iraq economic, cultural and security relations, highlighting opportunities in agriculture, defense production, information technology, construction, pharmaceuticals and other sectors. He underscored the importance of business-to-business engagement and the establishment of direct banking channels to facilitate trade and commercial activity, according to the PID.

Zardari also requested improved facilitation for Pakistani pilgrims visiting Iraq and expressed hope for early finalization and implementation of a proposed Memorandum of Understanding on Zaireen (pilgrims) Management, aimed at ensuring orderly travel. He expressed his firm resolve to work with the Iraqi government to stop illegal entry and overstay of those Pakistanis who violate Iraqi law.

“Both Presidents expressed their resolve to fight extremism, terrorism and narco trade and enhance bilateral cooperation,” the PID said. “The two leaders reaffirmed their commitment to further deepening bilateral cooperation across political, economic and social domains.”

Pakistan and Iraq established diplomatic relations in 1947 and have traditionally maintained cordial ties, though commercial links remain modest. The volume of trade between both countries stood at $268 million in 2023.

Pakistan’s major exports to Iraq include machinery and mechanical appliances, pharmaceutical products, fish, cereals, essential oils and resinoids. Islamabad’s imports from Iraq include mineral fuels, mineral, organic chemicals, edible fruit and nuts.