ISLAMABAD: The Pakistani government has increased the prices of petroleum products by as much as Rs35 per liter, Finance Minister Ishaq Dar announced on Sunday, as the South Asian country struggles to meet International Monetary Fund’s demands to resume its $7 billion loan program.
The cash-strapped South Asian nation has been desperately looking for external financing as its foreign exchange reserves have depleted to a staggering $3.7 billion — barely enough to provide three-week import cover.
The 9th review of Pakistan’s $7 billion IMF loan program has been pending since September last year, primarily because of the tough preconditions set by the global money lender. One of the prerequisites is to achieve a petroleum development levy (PDL) to the tune of Rs855 billion ($3.4 billion) by June 2023.
Dar said the government had to increase the prices of petroleum products, considering the recent devaluation of Pakistani currency and up to 11 percent in global fuel prices.
“A decision has been made that petrol and diesel prices will be increased by Rs35 each, and kerosene oil and light diesel oil will be increased by Rs18 each,” he said in his televised comments.
Pakistan revises petroleum prices every fortnight, but the hike two days in advance of the scheduled revision shows the government’s despair for the resumption of the IMF program to keep the frail economy on track.
Following Sunday’s revision of prices, petrol will now be available at Rs249.8 per liter, high-speed diesel at Rs262.8, kerosene oil at Rs189.83 and light diesel oil at Rs187 per liter, Dar announced.
“These prices will be applicable from 11am on Sunday, 29th January,” he added.
The hike follows more than 12 percent depreciation in the value of the local currency this week and is expected to further increase inflation in Pakistan, which was already hovering above 24 percent in December.
Pakistan jacks up prices of petroleum products by as much as Rs35
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Pakistan jacks up prices of petroleum products by as much as Rs35
- Finance chief says government had to raise prices after currency devaluation, global hikes
- The Pakistani currency this week lost more than 12 percent of its value against the greenback
Pakistan Airports Authority reports ‘historic’ twin-engine aircraft landing in Lahore
- Twin-engine aircraft are usually larger, heavier and require better airport infrastructure, navigation systems to land
- Pakistan Airports Authority says landing reflects its commitment to enhance aviation sector, strengthen infrastructure
ISLAMABAD: The Pakistan Airports Authority (PAA) announced on Saturday that the New General Aviation Aerodrome achieved a significant milestone when it handled the landing of a twin-engine aircraft.
A twin-engine aircraft has two engines that provide it redundancy and increased performance compared to single-engine counterparts. These aircraft range from small twin-engine propeller planes to large commercial jetliners. The presence of multiple engines enhances safety by allowing the aircraft to continue flying in the event of an engine failure.
However, twin-engine aircraft are usually larger, heavier and more complex than single-engine planes. They require advanced airport infrastructure such as better runways, navigation systems and air traffic coordination.
“The New General Aviation Aerodrome, Lahore achieved another significant operational milestone today with the successful landing of a twin-engine aircraft, following the recent arrival of a single-engine aircraft,” the PAA said in a statement.
It said the flight was also boarded by Air Vice Marshal Zeeshan Saeed, the director general of the PAA. The move reflected “strong institutional confidence” in the aerodrome’s safety standards, operational capability, and overall readiness, it added.
“The landing was conducted with exceptional precision and professionalism, demonstrating the aerodrome’s robust operational framework, technical preparedness, and effective airside coordination in accordance with contemporary aviation requirements,” the PAA said.
It said the landing represented a “major advancement” in Pakistan’s general aviation sector and underscores the PAA’s commitment to enhancing regional aviation capacity, strengthening infrastructure and promoting excellence in aviation development.
