Tag: price hike

  • ‘Three sugar mills in Sindh were shut down, leading to an increase in the price of sugar to Rs140 per kg’: PM Khan

    ‘Three sugar mills in Sindh were shut down, leading to an increase in the price of sugar to Rs140 per kg’: PM Khan

    Prime Minister (PM) Imran Khan during an address at a ceremony in Attock on Friday said that Sindh shut down three operational sugar mills, which contributed to an increase in the price of sugar.

    “The price of sugar in Pakistan has hit Rs140 per kg. I inquired why this was so. I learned that three sugar mills in Sindh, which were operational, were shut down,” the prime minister said.

    The prime minister went on to say that he subsequently learnt that due to the reduced supply, the sugar mills in Punjab began to hoard the commodity.

    “I told the chief secretary that our law forbids hoarding and so if the sugar mills are doing so, we must retrieve the stock and bring it out to the market so the price drops.”

    “We found out that since July, the sugar mills have obtained a stay order against the rule. And so our government was unable to do anything,” PM Imran Khan said.

    “This is a gross injustice that the sugar mafia earns billions after having broken the backs of our people. And when the government moves to do something, they obtain stay orders,” he remarked.

    PM Khan claimed that there was uproar in India as well over high petrol prices and Pakistan still had the cheapest petrol prices in the region.

    “In India today, there is uproar as well [over petrol prices] and the petrol price per litre is Rs150 while it is Rs200 in Bangladesh. [On the other hand] it is the lowest in Pakistan at Rs146,” the premier said.

    “The biggest [impact] of what happened was that the oil price first decreased and now in the last three months it has doubled […] when oil becomes expensive, then everything becomes expensive.”

    “When there was inflation in the whole world then obviously Pakistan is in this same world and not in the heavens so we also had to be affected. As a result, we fully tried and are still trying to protect our people from this inflation.”

    The prime minister’s comments come the same day as the government increased petroleum prices by up to Rs8.14 per litre with immediate effect to ensure the revival of the International Monetary Fund (IMF) programme.

  • Petroleum prices increased by up to Rs8.14 per litre

    Petroleum prices increased by up to Rs8.14 per litre

    The government increased the petroleum prices again by up to Rs 8.14 per litre early in the morning on Friday.

    For the first time in the country’s history, the prices of all the petroleum products are above Rs110 per litre, reported Dawn.

    The announcement was made by the Ministry of Finance on Friday with immediate effect to ensure the revival of the International Monetary Fund (IMF) programme.

    The government increased the price of petrol and high speed diesel by Rs 8.03 and Rs 8.14 per litre, respectively. Similarly, the prices of kerosene and light diesel oil were increased by Rs 6.27 and Rs 5.72 per litre, respectively.

    Under the notification, the new price of petrol is Rs145.82 per litre The price of High Speed Diesel (HSD) is now Rs142.62 per litre.

    The price of kerosene is set at Rs116.53 per litre. Likewise, the rate of light diesel oil (LDO) has increased to Rs114.07.

    The news came forward after Prime Minister (PM) Imran Khan’s announcement of the “biggest” relief package worth Rs120 billion. However, he cautioned that there will be an increase in fuel prices in the coming days.

  • Pakistan breaks 70-year inflation record in three years: report

    Pakistan breaks 70-year inflation record in three years: report

    Inflation in Pakistan has broken a 70-year record in the last three years, with food prices doubling, while the prices of ghee, oil, sugar, flour, and poultry have reached historic levels, reports The News.

    According to the Federal Bureau of Statistics (FBS) report, electricity rates have increased by 57 per cent from Rs 4.06 per unit to at least Rs 6.38 per unit, from October 2018 to October 2021.

    “By the first quarter of October, the price of an 11.67 kg cylinder of LPG had gone up by 51 per cent from Rs1,536 to Rs 2,322. Similarly, the price of petrol had gone up by 49 per cent in three years from Rs 93.80 per litre to Rs138.73 per litre,” says the report.

    “The price of edible ghee increased by 108 per cent to Rs 356 per kg.”

    “Sugar has increased by 83 per cent in three years and the price of sugar sold at Rs 54 per kg exceeded Rs100,” according to the report.

    “The price of a 20 kg bag of flour has gone up by 52 per cent to Rs1,196 in three years.”

    “The price of chicken remained at Rs 252 per kg from October 2018 to October 2021, however, chicken meat is being sold at Rs 400 per kg in the markets.”

    “The cost of chicken eggs has also increased by 47 per cent to Rs170 per dozen.”

  • Suzuki increases bike prices for the fourth time in 2020

    Suzuki increases bike prices for the fourth time in 2020

    Pak Suzuki Motor Company Limited (PSMC) has increased the prices of its bike for the 4th time this year.

    The first price increased in January and the second came in July. The third one happened a few months ago and the recent one happened to be the fourth.

    The automakers said that depreciating local currency and the COVID-19 has impacted the sales of bikes. The cause of the recent price increase is to meet the operational expenses of the company.

    Though business has started getting normal in recent months after the ease of lockdown, and the rupee has also shown strength against the dollar, prices continue to increase.

    It is pertinent to mention here that PSMC has recorded a quarterly loss in the 3rd quarter of 2020, marking it to be their 8th consecutive quarterly loss.

    It bears mentioning that PSMC has recorded a quarterly loss in the 3rd quarter of 2020, marking it to be their 8th consecutive quarterly loss.

    In the bike segment, Atlas Honda remains the undisputed king in terms of sales figures, whereas Yamaha is also faring well, although official sales figures are not yet known. PSMC, with its limited product lineup and sky-high prices, continues to struggle to establish itself as a strong competitor for Honda and Yamaha.

  • Sakoon sirf qabar mein?

    Sakoon sirf qabar mein?

    Dying has now become more expensive in Faisalabad.

    According to a report in Samaa News, digging a grave used to cost anything between Rs 4,000-5,000 but now costs at least Rs 10,000 and in some cases, prices have gone up to Rs 12,000.

    A resident of Faisalabad told the media outlet that while Prime Minister Imran Khan says peace is in the grave, “we can’t even get that because dying too costs so much now”.

    The price of getting a permanent grave (pakki qabar) made now costs something between Rs 25,000 and Rs 30,000.

    Recent rise in prices of essential items has already cost the public a lot; now you can’t even die in peace due to the rising costs of digging graves and getting a permanent grave.

  • ‘Don’t panic, exciting times ahead’, PM Imran promises relief, again

    ‘Don’t panic, exciting times ahead’, PM Imran promises relief, again

    Prime Minister (PM) Imran Khan has again asked the nation not to panic, as exciting times promising end to poverty and price hike were just around the corner, The News International reported.

    According to the details, PM while launching ‘Digital Pakistan’ — a government initiative aimed at introducing the latest technology for public welfare — said that the country will experience a quantum leap ahead, adding that his government will not rest until the elimination of price hike.

    “E-governance is necessary to curb corruption, which is rampant across the country at all levels. This initiative will ease the lives of citizens. Our government will put all out efforts to promote Digital Pakistan. The future of Pakistan is very exciting,” PM Imran said.

    The primier said that the campaign will “unleash the youth’s potential” in the country, adding that developments in the digital arena were taking place at a fast pace, and in future everything would be done through a mobile phone.

    Imran Khan said, “The vision sets Pakistan’s digital ambition and has been designed both for the public and private sector to work towards a digitally progressive and inclusive Pakistan”. He added, with the introduction of ‘Digital Pakistan Vision’, the full potential of contribution of the youth and the women to the economy will be unleashed.

    The premier while regretting that he had not launched this project at the very beginning when his government was formed, said “I should have given attention to a Digital Pakistanearlier. This is the most important thing for Pakistan right now, especially its youth. The whole world is moving forward digitally and we have been left behind”.