Pakistan raises fuel prices by up to Rs9.56 per liter amid global energy market fluctuations

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 July 2024
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Pakistan raises fuel prices by up to Rs9.56 per liter amid global energy market fluctuations

  • With the new surge, the per liter cost of petrol and high-speed diesel will be Rs265.61 and Rs277.45, respectively
  • Any upward revision to fuel prices is generally met with public discontent amid fears of high inflation in Pakistan

ISLAMABAD: The government on Sunday increased the per liter cost of petrol and high-speed diesel by Rs7.45 and Rs9.56, respectively, after taking credit for reducing petroleum prices by up to Rs35 since taking over following the last review.
Fuel prices are fixed on a fortnightly basis by the Oil and Gas Regulatory Authority (OGRA) in Pakistan, which adjusts them by considering fluctuations in the international energy market and rupee-dollar parity.
This allows the government to pass on the net effect to consumers to finance the country’s fuel imports.
“The prices of petroleum products have seen an increasing trend in the international market during the last fortnight,” said the statement circulated by the finance division, adding that OGRA had worked out the consumer prices accordingly.
“There will be no change in the applicable taxes & duties, which will remain at the existing level,” it added.

With the new surge, the per liter cost of petrol will be Rs265.61, and for high-speed diesel, it will be Rs277.45.
The new prices will be applicable for the next fortnight, starting July 1.
Any upward revision to fuel prices in the country is generally met with public discontent as it contributes to inflationary pressure, raising the overall cost of living.
Pakistan witnessed a 38 percent inflation rate in May 2023, which eased more recently to 11.8 percent last month.

 


China’s mediation eases fighting between Pakistan, Afghanistan — sources

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China’s mediation eases fighting between Pakistan, Afghanistan — sources

  • China’s envoy shuttles between Pakistan and Afghanistan to mediate in conflict
  • Gulf countries that mediated in the past embroiled in Middle East conflict

ISLAMABAD/BEIJING: Chinese mediation efforts, including a message from ​President Xi Jinping, have helped ease the worst fighting between Pakistan and Afghanistan since the Taliban returned to power in 2021, three Pakistani government officials said.

The officials said a meeting between the Chinese ambassador to Pakistan, Jiang Zaidong, and Prime Minister Shehbaz Sharif late last month included a message from Xi to cease hostilities.

Neither side has reported any Pakistani air strikes on Afghanistan in recent days and ground fighting along the 2,600-km (1,600-mile) border has tapered off, although daily clashes continue to be reported.

China has said it is ‌in contact ‌with both countries about ending hostilities but Mosharraf Zaidi, a ​spokesman ‌for ⁠Sharif who ​has previously ⁠said there would not be any talks with the Taliban, did not respond to questions about Beijing’s efforts.

Pakistani security officials have said the military campaign will continue until desired goals were achieved, which was to prevent militant attacks in Pakistan launched from Afghan soil.

Pakistan’s foreign ministry and military did not respond to Reuters requests for comment.

Islamabad launched air strikes on Afghanistan on February 26, saying the Taliban were providing a safe haven to ⁠militants carrying out attacks in Pakistan. Kabul denies the charge ‌and says militancy in Pakistan is an internal problem.

The ‌Chinese efforts came as Qatar, Saudi Arabia and ​Turkiye, who hosted talks between Pakistan and ‌Afghanistan during previous clashes in October, have been embroiled in the war in the Middle ‌East following the US and Israeli strikes on Iran.

“China’s Special Envoy for Afghanistan Affairs is currently shuttling between the two countries to mediate, while Chinese embassies in both nations maintain close communication with the respective parties,” the Chinese foreign ministry told Reuters in an email.

“The most urgent task ‌is to prevent the fighting from expanding and for the two countries to return to the negotiating table as soon as possible.”

The ⁠foreign ministry added ⁠that Foreign Minister Wang Yi held telephone talks with Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar on Tuesday to discuss the conflict.

China’s ambassador to Kabul, Zhao Xing, and the special envoy Yue Xiaoyong met Afghanistan’s acting Foreign Minister Amir Khan Muttaqi this week, the Afghan foreign ministry said in a statement.

Afghanistan and Pakistan have said they inflicted heavy damage on the other in the conflict and killed hundreds of opposition troops, without providing evidence. Reuters has not been able to verify the reports.

Beijing, a longtime Pakistani ally, has invested heavily in mines and minerals in both nations.

The investments include over $65 billion in road, rail and other development projects in Pakistan, part ​of Beijing’s Belt and Road Initiative to ​expand land and sea trade routes to Europe and Africa.