In bad news for Pakistanis ahead of Eid, petrol price hiked by Rs9.66 per liter

A worker pumps petrol in a car at a fuel station in Rawalpindi on July 16, 2023. (AFP/File)
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Updated 01 April 2024
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In bad news for Pakistanis ahead of Eid, petrol price hiked by Rs9.66 per liter

  • Pakistan’s Finance Division says decision taken due to increasing prices of petrol in the international market
  • Pakistan slashes price of high speed diesel by Rs3.32 per liter due to marginal decline of product’s price in global market

ISLAMABAD: Pakistan has increased the price of petrol by up to Rs9.66 per liter for the next 15 days effective from Monday, a notification by the Finance Division said, adding the move was taken due to the surging price of petrol in the global market.

The price of high speed diesel (HSD), however, has been slashed by Rs3.32 per liter. After the revisions, the new price of petrol is Rs289.41 per liter while the price of HSD is Rs282.24 per liter.

“The price of petrol (Motor Gasoline) has increased in the international market during the last fortnight, while the price of HSD has marginally declined,” the notification read. 

“The government has accordingly decided to revise the existing consumer prices of petroleum products.”

The notification said the price adjustments are in line with the government’s policy of passing on price variations in the international market to the domestic one. 

“The consumer price of HSD has accordingly been decreased once again, after a downward revision in the middle of March 2024,” it said. 

The development comes as Prime Minister Shehbaz Sharif’s government seeks a fresh long-term financial bailout from the International Monetary Fund (IMF). 

Pakistan desperately needs the bailout as it looks to secure external financing to shore up its foreign reserves and stave off a macroeconomic crisis that has seen its reserves plummet and currency weaken significantly against the US dollar in the last two years. 

The South Asian country has hiked petrol and gas prices in the past in line with IMF’s fiscal objectives, triggering a surge in inflation and nationwide protests. 

A new IMF program will mean committing to steps needed to stay on a narrow path to recovery, but which will limit policy options to provide relief to a deeply frustrated population and cater to industries that are looking for government support to spur growth.

Inflation touched a high of 38 percent with record depreciation of the rupee currency under Sharif’s last government from April 2022 to August 2023, mainly due to structural reforms necessitated by the IMF program. Pakistan continues to be enmeshed in economic crisis with inflation remaining high, hovering around 30 percent, and economic growth slowing to around 2 percent.


Pakistan opposition rallies in Khyber Pakhtunkhwa to demand release of Imran Khan

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Pakistan opposition rallies in Khyber Pakhtunkhwa to demand release of Imran Khan

  • PTI-led gathering calls the former PM a national hero and demands the release of all political prisoners
  • Government says the opposition failed to draw a large crowd and accuses PTI of damaging its own politics

ISLAMABAD: Pakistan’s opposition led by the Pakistan Tehreek-e-Insaf (PTI) party demanded the release of jailed former prime minister Imran Khan at a rally in the northwestern Khyber Pakhtunkhwa province on Sunday, describing him as a national hero who continues to command public support.

The gathering came days after a rare and strongly worded briefing by the military’s media chief, Lt. Gen. Ahmed Sharif Chaudhry, who dismissed Khan as “narcissistic” and “mentally ill” on Friday while responding to the former premier’s allegations that Pakistan’s chief of defense forces was responsible for undermining the constitution and rule of law.

He said that Khan was promoting an anti-state narrative which had become a national security threat.

The participants of the rally called for “civilian supremacy” and said elected representatives should be treated with respect.

“We, the people of Pakistan, regard Imran Khan as a national hero and the country’s genuinely elected prime minister, chosen by the public in the February 8, 2024 vote,” said a resolution presented at the rally in Peshawar. “We categorically reject and strongly condemn the notion that he or his colleagues pose any kind of threat to national security.”

“We demand immediate justice for Imran Khan, Bushra Bibi and all political prisoners, and call for their prompt release,” it added, referring to Khan’s wife who is also in prison. “No restrictions should be placed on Imran Khan’s meetings with his family, lawyers or political associates.”

Addressing the gathering, Sohail Afridi, the chief minister of Khyber Pakhtunkhwa, denied his administration was not serious about security issues amid increased militant activity. However, he maintained the people of his province had endured the worst of Pakistan’s conflict with militancy and urged a rethinking of long-running security policies.

The resolution asked the federal government to restore bilateral trade and diplomatic channels with Afghanistan, saying improved cross-border ties were essential for the economic stability of the region.

The trade between the two neighbors has suffered as Pakistan accuses the Taliban administration in Kabul of sheltering and facilitating armed groups that it says launch cross-border attacks to target its civilians and security forces. Afghan officials deny the claim.

The two countries have also had deadly border clashes in recent months that have killed dozens of people on both sides.

Some participants of the rally emphasized the restoration of democratic freedoms, judicial independence and space for political reconciliation, calling them necessary to stabilize the country after years of political confrontation.

Reacting to the opposition rally, Information Minister Attaullah Tarrar said the PTI and its allies could not gather enough people.

“In trying to build an anti-army narrative, they have ruined their own politics,” he said, adding that the rally’s reaction to the military’s media chief’s statement reflected “how deeply it had stung.”

“There was neither any argument nor any real response,” he added, referring to what was said by the participants of the rally.