Tag: decrease

Pakistanis buying 47% fewer cars due to rising prices

Despite an increase from month to month in October, the total number of cars sold fell by 47 per cent to 39,700 units in 4MFY23 from 74,952 units as a result of increased prices, restrictions on auto financing and part imports, and high interest rates.

However, the number of cars sold in October increased to 11,129 from 9,213 in September, a significant decrease from the 17,413 sold in October 2021.

Assemblers have been allowed to hand over automobiles after the release of auto parts from the port as a result of the State Bank’s decision to increase the import quota, which led to a recovery in car sales as well as production in October.

Honda Civic/City sales decreased to 6,416 units in 4MFY23 from 10,444 units during the same period in FY22, while Toyota Corolla and Yaris sales significantly decreased to 8,253 units from 19,214 units. Sales of the Suzuki Cultus and WagonR decreased from 11,454 to 6,779 units to 2,952 and 2,181 respectively. Sales of the Suzuki Bolan and Alto were unchanged at 1,469 and 13,464 units, compared to 4,012 and 20,773 units in 4MFY22.

Jeep and pickup sales decreased by 45 percent, from 14,969 units in the same period last fiscal year to 8,234 units in July-October FY23.

Additionally, the total number of tractors sold decreased by 47 per cent, from 17,386 units to 9,258 units, indicating a decline in agricultural activity.

Compared to 2,011 and 184 units sold in 4MFY22, trucks and buses showed sales of 1,109 and 210 units, respectively.

Sales of two and three-wheelers in the country fell dramatically, from 629,212 units in the same period last year to 412,111 units in the first four months of the current fiscal year.

November 12, 2022
Pakistan’s current account deficit shrinks to $1.2 billion, reflecting decline in imports

According to figures provided by the State Bank of Pakistan (SBP) on Wednesday, Pakistan’s current account deficit (CAD) decreased to $1.2 billion in July from $2.2 billion in June, reflecting a 45.45 per cent month-over-month decrease.

The SBP ascribed the dip to a significant reduction in energy imports and ongoing moderation in other imports.

“The narrower deficit is the result of wide-ranging measures taken in recent months to moderate growth and contain imports, including tight monetary policy, fiscal consolidation & some temporary administrative measures,” it said in a tweet.

1/2 The current account deficit shrank to $1.2bn in Jul from $2.2bn in Jun, largely reflecting a sharp decline in energy imports & a continued moderation in other imports. Visit #EasyData https://t.co/kiWKKJLduD pic.twitter.com/Kt3Ev5BjMt

— SBP (@StateBank_Pak) August 23, 2022

But the current account deficit widened by 42 per cent year over year. In July 2021, a deficit of $851 million was reported as opposed to a deficit of $1.1 billion this year, according to the online financial statistics and analytics portal Mettis Global.

The trade deficit in services, which is still negative, decreased by 62 per cent month over month as a result of a 40 per cent decline in imports and a 17 per cent decline in exports. According to the figures, the trade balance in services was $260 million in July as opposed to $682 million in June.

The Mettis Global study showed a 9 per cent reduction in the trade deficit year over year.

It also pointed out that worker remittances, which it referred to as the foundation of the economy, fell by 9 per cent from one month to the next, coming in at $2.52 billion in July as opposed to $2.76 billion in June.

August 24, 2022
Petrol price reduced by Rs18.50 per liter, Diesel by Rs40.54 per liter

In an attempt to provide relief to the masses and share the advantages of falling crude prices on the global market, the price of petrol has been slashed by Rs18.50 per liter.

The price reductions for petroleum products were announced by the Prime Minister, Shehbaz Sharif, in an address to the nation.

Diesel will now cost Rs236 per liter, while gasoline will now be sold at Rs230.24 per liter. The new prices for petroleum products, according to the Prime Minister, will take effect from midnight.

He went on to explain why, after taking office, his government had to raise the price of gasoline. He continued, “We had raised fuel prices to meet the demands made by the International Monetary Fund (IMF), which were approved by the previous administration.

“The government has decided to pass on the relief to the people and has therefore reduced the price of petrol and diesel by Rs18.50 and Rs40.54 per liter, respectively,” he continued.

July 15, 2022
Petrol, Diesel prices to remain unchanged till April 15

The government has decided to maintain the existing prices for petroleum products for the fortnight. Petroleum prices will remain unchanged from April 1 to April 15, as per a statement released by the finance division.

Petrol is currently priced at Rs149.86 per liter, while diesel, kerosene oil, and light diesel are priced at Rs144.15, Rs125.56, and Rs118.31 per liter, respectively.

Following an increase in global market prices at the time, the government approved a record-breaking Rs12.03 per liter hike for petrol on February 15. Surprisingly, on February 28, the government decreased POL prices by Rs10 per liter, to lessen the impact of existing inflation on the public.

The Oil and Gas Regulatory Authority (OGRA), on the other hand, has raised the price of liquefied petroleum gas (LPG) by Rs13 per liter.

Read More: Nisab amount of zakat deduction set at Rs88,927 for 2022

After an increase of Rs157 per domestic cylinder and Rs606 per commercial cylinder, the prices of domestic and commercial LPG cylinders have been fixed at Rs2,916 and Rs11,220, respectively, for April 2022.

Conversely, in the aftermath of the Russia-Ukraine conflict, the international market saw massive volatility as crude oil prices reached new highs.

April 1, 2022