Pakistan’s outgoing administration massively increases petrol, diesel prices amid IMF program

An employee of a petrol station fills the tank of a customer in Karachi on February 16, 2023, after a hike in prices of petroleum products by the government. (AFP/File)
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Updated 01 August 2023
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Pakistan’s outgoing administration massively increases petrol, diesel prices amid IMF program

  • Ishaq Dar says the government wanted to provide relief to people but took the decision to safeguard ‘national interest’
  • The new prices of high-speed diesel and petrol now stand at Rs273.40 and Rs272.95, respectively, after the announcement

ISLAMABAD: Pakistan’s outgoing government announced a massive increase in the prices of petrol and diesel on Tuesday, saying the decision was taken to safeguard the “national interest” since the country was in a stringent International Monetary Fund (IMF) program and had to abide by its commitments.

Pakistan determines the prices of petroleum products on a fortnightly basis, taking into consideration the volatility in the international oil market and the value of the US dollar.

In a brief televised statement, the country’s finance minister Ishaq Dar announced an increase of Rs19.95 and Rs19.90 per liter in the rates of petrol and diesel, respectively.

He was expected to share the revised rates with the people a day earlier but decided to delay the announcement.

“There was a significant increase in the prices of petroleum products in the international markets in the last 15 days,” he said before announcing the new prices. “The rate of high-speed diesel increased from $96.26 on July 16 to $111.46 on the closing of July 31. Similarly, the price of petrol surged from $89.14 on July 16 to $97.49.”

“The government checked OGRA’s [Oil and Gas Regulatory Authority’s] working [of the revised rates of petroleum products] last night until about 3 am,” he continued. “This also caused the delay in the announcement since we were trying to determine if there was a way we could reduce the [proposed] prices. Then we also discussed this with the prime minister in the morning who obviously said that we should try to do whatever was best for the people.”

Dar said Pakistan was part of the IMF program, and everyone was aware of the commitments it had made with the international lender regarding the petroleum levy.

He added the previous administration led by prime minister Imran Khan had also deviated from the IMF program, which led to a great deal of financial challenges to the country.

“It is necessary to implement the minimum petroleum price increase that has been calculated in the country’s national interest,” he said.

After the government’s announcement, the new prices of high-speed diesel and petrol now stand at Rs273.40 and Rs272.95, respectively.

Dar said these rates would be implemented with immediate effect.


Pakistan PM leaves for Riyadh today to attend World Economic Forum meeting

Updated 27 April 2024
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Pakistan PM leaves for Riyadh today to attend World Economic Forum meeting

  • PM Sharif is expected to discuss inclusive growth, regional collaboration and energy issues at the gathering
  • He will also attend the Islamic Summit Conference in Gambia on May 4 to discuss Islamophobia and Palestine

ISLAMABAD: Prime Minister Shehbaz Sharif will be leaving for Riyadh today, Saturday, to attend a two-day special meeting of the World Economic Forum (WEF), Sharif’s office said.

The WEF special meeting on global collaboration, growth and energy will be held in the Saudi capital of Riyadh on April 28-29, according to PM Sharif’s office.

The prime minister was extended an invitation to attend the meeting by Crown Prince Mohammed bin Salman and Professor Klaus Schwab, the WEF executive chairman.

“Prime Minister will be accompanied by a high-level delegation including Foreign Minister Mohammad Ishaq Dar and Finance Minister Muhammad Aurangzeb,” Sharif’s office said in a statement.

“The Prime Minister and the Ministers will participate in WEF discussions on issues related to trade and investment measures, new investment frameworks, restructuring of supply chains, sustainable growth, and the energy landscape.”

Sharif’s participation in the forum will afford Pakistan an opportunity to highlight its priorities in global health architecture, inclusive growth, revitalizing regional collaboration, and the need for striking a balance between promoting growth and energy consumption.

“On the margins of the main event, the Prime Minister and his delegation will hold bilateral meetings with world leaders, including the Saudi leadership, heads of international organizations, and other prominent figures participating in the event,” the statement added.

The prime minister will also attend the 15th session of the Islamic Summit Conference organized by the Organization of Islamic Cooperation (OIC) on May 4-5 in the Gambian capital of Banjul to discuss a variety of regional and global issues, including Palestine, Islamophobia, climate change and the status of minorities, the Pakistani state-run APP news agency reported.

The session will be held under the slogan “Enhancing Unity and Solidarity through Dialogue for Sustainable Development,” according to a press release issued by the OIC General Secretariat.

The Islamic Summit is a principal organ of the OIC focused on the formulation, development, and implementation of decisions made by 57 member states. It is attended by concerned heads of state such as prime ministers, presidents, emirs and other equivalent heads.


Pakistan to set up special force for security of foreign nationals in Islamabad

Updated 27 April 2024
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Pakistan to set up special force for security of foreign nationals in Islamabad

  • The development came days after a suicide attack targeted a van carrying Japanese nationals in Karachi
  • It followed similar attacks on Chinese nationals in Pakistan’s northwestern and southwestern regions

ISLAMABAD: Pakistan has decided to establish a special force for the security of foreigners, Pakistani state media reported on Saturday, days after militant attacks targeted foreign nationals in the South Asian country.

The decision was made at a meeting presided over by Interior Minister Mohsin Naqvi to review the law-and-order situation in the federal capital territory.

The development came days after a suicide attack targeted a van carrying Japanese nationals, who were on their way to work in the southern Pakistani city of Karachi.

During the meeting, the interior minister directed authorities to ensure foolproof security of foreign nationals in Islamabad, the state-run Radio Pakistan broadcaster reported.

“Special attention should be given to the security of all important offices and places including the red zone in Islamabad,” the report read.

During the meeting, Islamabad police chief, Ali Nasir Rizvi, also gave a detailed briefing on the law-and-order situation in the capital.

Pakistan has witnessed militant attacks on foreign nationals in recent months, particularly the Chinese working in Pakistan on projects relating to the China-Pakistan Economic Corridor (CPEC), a major segment of Beijing’s Belt and Road infrastructure initiative.

Late last month, five Chinese nationals and their Pakistani driver were killed in northwest Pakistan, when a suicide bomber rammed his explosive-laden car into the bus carrying them to Dasu Dam, the biggest hydropower project in Pakistan, where they worked.

The attack came less than a week after Pakistani security forces killed eight Balochistan Liberation Army separatists who opened fire on a convoy carrying Chinese citizens outside the Chinese-funded Gwadar port in the volatile southwestern Balochistan province.


Pakistan face New Zealand in 5th T20, aim to end series on positive note

Updated 27 April 2024
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Pakistan face New Zealand in 5th T20, aim to end series on positive note

  • Two earlier defeats came as a jolt to full-strength Pakistan in their preparations for T20 World Cup
  • New Zealand, missing a host of players, are likely to draw confidence from the wins against Pakistan

ISLAMABAD: Pakistan will be facing New Zealand in Lahore today, Saturday, in the final Twenty20 of their five-match series, Pakistani state media reported.

Pakistan have already lost the chance of clinching the series as the Babar Azam-led side trail the series 1-2, with the first game washed away by rain.

The ‘Green Shirts’ are looking to level the series with a win today.

“The match will start at 7:30 in evening,” the state-run Radio Pakistan broadcaster reported.

The defeats came as a jolt to a full-strength Pakistan side in their preparations for the Twenty20 World Cup to be held in the United States and West Indies in June.

New Zealand, missing a host of players due to the Indian Premier League, injuries and unavailability, are likely to draw confidence from their strength in depth going into the World Cup.


Egypt takes key role in renewed diplomatic push for truce in Gaza

Updated 27 April 2024
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Egypt takes key role in renewed diplomatic push for truce in Gaza

  • Officials in Israel described latest moves as ‘an attempt by Egypt to restart the talks’ after Qatar mediation efforts broke down
  • Egyptian intelligence chief Abbas Kamel to make clear ‘will not tolerate’ Israel’s deployments of troops along Gaza-Egypt border

CAIRO: A high-level Egyptian delegation was in Israel for talks on Friday amid a new diplomatic push for a truce in the Gaza war and the release of Israeli hostages held by Hamas.

The visit followed a trip to Cairo on Thursday by Israeli army chief Lt. Gen. Herzi Halevi and Shin Bet domestic intelligence service head Ronen Bar.

Officials in Israel described the latest moves as “an attempt by Egypt to restart the talks” after previous mediation efforts led by Qatar broke down. They told the Egyptian delegation that Israel was ready to give hostage negotiations “one last chance” to reach a deal before moving forward with an invasion of the southern city of Rafah.

“Israel told Egypt that it is serious about preparations for the operation in Rafah and that it will not let Hamas drag its feet,” one official said.

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Palestinians have been killed in the Gaza Strip during more than six months of war between Israel and Hamas.

Egypt is concerned about a potential influx of Palestinian refugees from Gaza if the war continues with the long-threatened Israeli offensive into Rafah, and has taken an increasingly active role in the negotiations.

“The Egyptians are really picking up the mantle on this. Egypt wants to see progress, not least because it’s worried about a prospective Rafah operation,” the official said.

Israel was increasingly looking past Qatar as a main broker, according to the official, after it failed to respond to Israeli demands to expel Hamas leaders from its territory or curb their finances.

“Qatar is still involved but in a lesser capacity,” the official said. “It’s clear to everyone they failed to deliver, even when it came to expelling Hamas or even shutting down their bank accounts.”

Hamas officials said they still considered Qatar a key mediator, alongside Egypt.

White House national security adviser Jake Sullivan said he saw fresh momentum in the talks.

“I believe that there is a renewed effort … to try to find a way forward,” he said “Do I think that there is … new life in these hostage talks? I believe there is.” 

No new proposals

An official, who spoke on condition of anonymity, said Israel had no new proposals to make, although it was willing to consider a limited truce in which 33 hostages would be released by Hamas, instead of the 40 previously under discussion.

“There are no current hostage talks between Israel and Hamas, nor is there a new Israeli offer in that regard,” the official said. “What there is, is an attempt by Egypt to restart the talks with an Egyptian proposal that would entail the release of 33 hostages — women, elderly and infirm.”

According to Israeli media reports, Israeli intelligence officials believe there are 33 female, elderly and sick hostages left alive in Gaza, out of a total of 133 still being held by Hamas and other Palestinian militant groups.

There was no decision on how long any truce would last but if such an exchange were agreed, the pause in fighting would be “definitely less than six weeks,” the official said.

The visit by the Egyptian delegation came a day after the United States and 17 other countries appealed to Hamas to release all of its hostages as a pathway to end the crisis in Gaza. Hamas vowed not to relent to international pressure.

Hamas said it was “open to any ideas or proposals that take into account the needs and rights of our people.” However it stuck to central demands Israel has rejected, and said it criticized the statement for not calling for a permanent ceasefire and the withdrawal of Israeli forces from Gaza.

 


Pakistan gears up for PM Sharif’s visit to China in May

Updated 27 April 2024
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Pakistan gears up for PM Sharif’s visit to China in May

  • Planning minister says China has invested $25 billion in infrastructure projects in Pakistan since 2013
  • However, the undertaking has been affected by Pakistan’s financial woes, attacks on Chinese in recent years

ISLAMABAD: Pakistan is preparing for a possible visit by Prime Minister Shehbaz Sharif to China next month and the 13th meeting of a joint cooperation committee (JCC) on the China-Pakistan Economic Corridor (CPEC), the Pakistani planning ministry said on Friday.

The statement came after Planning Minister Ahsan Iqbal presided over a meeting with regard to the prime minister’s visit and preparations for the 13th JCC meeting.

Sharif is expected to visit China in May to restore Beijing’s confidence in Islamabad with regard to various Chinese-funded projects, Pakistani state media reported this month, citing a senior official.

“The federal minister said that the prime minister’s visit to China will be of great importance and China wishes that the 13th JCC [meeting] is held before this visit,” the Pakistani planning ministry said in a statement.

“So that projects, including five new economic corridors, can be accelerated and the desired results can be obtained from the visit.”

Beijing is investing over $65 billion in energy and infrastructure projects in Pakistan as part of CPEC, a major segment of Beijing’s Belt and Road infrastructure initiative, which will connect China to the Arabian Sea and help Islamabad expand and modernize its economy through a network of roads, railways, pipelines and ports in Pakistan.

Since its initiation in 2013, CPEC has seen tens of billions of dollars funnelled into massive transport, energy and infrastructure projects. But the undertaking has also been hit by Pakistan struggling to keep up its financial obligations as well as militant attacks on Chinese nationals in Pakistan.

From 2013 to 2018, Iqbal said, China invested $25 billion in Pakistan under CPEC that improved economic condition of the country.

He said his government was currently taking steps to implement CPEC projects and was determined to soon complete them.