Tag: Price

  • PM Shehbaz to announce relief package for the poor

    PM Shehbaz to announce relief package for the poor

    Prime Minister (PM) Shehbaz Sharif will announce a relief package soon for those who are unable to afford fuel after a massive hike imposed by the government.

    This is undoubtedly an excellent news for the lower-income strata, as the recent petrol hike has weighed heavily on the inflation-stricken masses.

    Finance Minister Miftah Ismail announced last night a gigantic increase in the price of oil products in an attempt to reestablish the International Monetary Fund (IMF) plans to assist the country’s fragile economy.

    The decision was made in light of IMF guidelines, which required the removal of oil subsidies in order to restart Pakistan’s much-needed programme. On a talk show, Miftah Ismail slammed former Prime Minister Imran Khan for his contract with the IMF.

    “Imran Khan promised the IMF a Rs30 levy and a 17.5% sales tax on petroleum products,” he explained.

    The government is losing Rs120 billion per month as a result of Imran Khan’s unilateral decision to provide petrol subsidies, according to the finance minister.

    “Prime Minister Shehbaz Sharif had to make a difficult choice. However, he will announce a relief package for those who cannot afford high fuel prices in his address to the nation today,” Ismail added.

    According to Miftah, the government has already stated that the IMF programme will not begin unless petroleum subsidies are eliminated.

    Miftah Ismail voiced concerns about losing political capital as a result of the current decision to raise fuel prices, saying, “honestly telling you, we have admitted that by deciding on hiking fuel prices, we will suffer politically, but this is our country, and we will sacrifice to fix its issues”.

    Ismail acknowledged that the current increase in gasoline prices will shift the burden to the masses and increase inflation.

    Miftah dismissed the possibility of a default, saying, “I’m guaranteeing two things: the IMF programme will be restored, and Pakistan will not go bankrupt”.

  • Toyota Camry after a hike of Rs2 million, priced at Rs23.3 million

    Toyota Camry after a hike of Rs2 million, priced at Rs23.3 million

    Toyota Indus Motor Company (IMC) has announced a massive price hike for all completely built-up (CBU) units offered by the Japanese automaker in Pakistan. The price of Toyota Camry is upped by Rs2 million and will now cost Rs23.3 million

    The only variant of the popular hybrid model, Toyota Prius received a hike of Rs1.26 million and will be sold for Rs14.65 million. Toyota’s crossover SUV, Corolla Cross (top trim) is now priced at Rs13.4 million after a hefty increase of Rs1.17 million in its earlier price.

    Finally, the automatic version of Toyota Rush will now be offered at Rs8.33 million following an increase of Rs710,000.

    Read more: Hyundai Sonata 2.5 will now cost Rs7.85 million

    Toyota IMC’s CBU models, in particular, have become nearly unobtainable following the recent price jump. The government’s main purpose in the auto sector, however, is to discourage CBU imports and increase sales of locally produced vehicles. This means that all other CBUs are on the verge of suffering the same fate as Toyota.

  • Toyota Land Cruiser is now priced at Rs8 crore after a hefty price hike

    Toyota Land Cruiser is now priced at Rs8 crore after a hefty price hike

    The new Land Cruiser was unveiled in Pakistan by Toyota Indus Motor Company (IMC) at a staggering price of Rs72.50 million. The SUV is a one-of-a-kind vehicle in Pakistan, with pricing comparable to some of the most expensive German SUVs.

    Due to the depreciating Pakistani rupee, overall inflation and rising transportation costs, the Land Cruiser, like other locally built vehicles in Pakistan, has undergone a price hike of Rs7.5 million. The luxury SUV from Toyota is now available for Rs79,999,000.

    The Japanese automaker offers only one version of LC300 in Pakistan. It has a 3.5-liter twin-turbocharged V6 petrol engine with 409 horsepower (hp) and 650 Newton-meters (Nm) of torque that is sent to all four wheels via a 10-speed automatic transmission.

    Read more: Pakistani rupee reaches a new all-time low of Rs190 against the US dollar

    Considering its outrageous cost, the Land Cruiser 300 is clearly out of reach for the vast majority of Pakistanis. It is, however, a wonderful addition for aristocrats who have a garage with six to ten cars.

  • Redmi unveils new Note 11T models with 144Hz Display, 120W charging

    Redmi unveils new Note 11T models with 144Hz Display, 120W charging

    Redmi’s President and General Manager Lu Weibing recently teased yet another future Redmi Note 11 variant. Presently, the Note 11 series offers a number of variants, still the tech giant is not done with it yet.

    The teaser graphic does not provide any features or design details, although the firm has previously hinted that the 11T phones will have a top-notch, turbo level performance. It is expected to include a number of performance-enhancing features.

    Redmi Note 11T Pro will include a 144Hz refresh rate LCD display, based on previous rumours. In China, it will be powered by MediaTek’s high-end Dimensity 8000 SoC, however, it is unclear what chipset would be used in the international or Pakistani variant. Also, the global variant will most likely have a different name.

    The Note 11T will have a 4,980 mAh battery with 67W fast charging support, while the Note 11 Pro will have a slightly smaller 4,300 mAh battery with 120W super fast charging.

    Read more: Apple may replace iPhone 14 mini with a Max model

    Redmi 11T phones will arrive in China before the worldwide market as the teasers are from China. A few months later, the Pakistani market and other countries will most certainly see an official release from the company.

  • Toyota to launch its first electric car with 559 km range next month

    Toyota to launch its first electric car with 559 km range next month

    Toyota announced that it will introduce its revolutionary bZ4X battery-powered SUV in its home market on May 12, as part of a larger push to minimise its carbon footprint.

    The bZ4X is Toyota’s first vehicle built on a specific electric vehicle (EV) platform created in collaboration with Subaru. It’s made at the Motomachi factory, which now employs CO2-free utility power sourced from renewable sources.

    It was also disclosed that the Japanese dealerships would start taking orders for the first batch of 3,000 vehicles in May 2022, with the second batch of about 2,000 vehicles anticipated early in the autumn. This year, the manufacturer plans to create and sell 5,000 units.

    The Japanese manufacturer claims that its new battery electric vehicle (BEV) SUV has a power-efficiency rating of 128Wh/km and a touring range of 559 kilometers (347 miles). It is compatible with rapid DC chargers available all around the world, while its battery can be topped to 80 per cent in just 40 minutes.

    All bZ4X models delivered in Japan will be leased, as per the manufacturer, to alleviate customer concerns about electric cars and allow it to apply its 3Rs (Rebuild, Reuse, Recycle) battery management system. The batteries incorporated in the SUVs will be guaranteed for ten years and 200,000 kilometers (120,000 miles) at 70 per cent capacity retention.

    Read more: Here’s a look at the new Honda Vezel 2023

    The Kinto service will be able to lease the bZ4X models to private clients, while the Rent-a-Lease and Toyota Mobility Services networks will be able to lease the EV to corporate customers.

  • Fruit and Vegetable prices getting out of control in Quetta

    Fruit and Vegetable prices getting out of control in Quetta

    During the holy month of Ramzan, the price of vegetables and fruits in Quetta rocketed instead of decreasing. Tomatoes, which were previously selling for Rs120 per kilogramme in the vegetable market are now being sold at Rs160.

    Some other reports even suggest that a few shopkeepers were selling tomatoes for up to Rs190, minting money directly in front of the district administration’s eyes.

    Ladyfinger which was sold at Rs240, is now available for Rs280, potatoes, and onions after getting a hike of Rs10 are being sold at Rs50 and Rs60, respectively. Ginger, lemon, and garlic are now priced between Rs300 to Rs320.

    The government of Balochistan has not set up any Ramzan or ‘Sasta bazaar’ this year to facilitate citizens during the holy month of fasting. Formerly, district governments held Ramazan bazaars on the orders of provincial governments to assist the people.

    Previously, the Quetta administration had issued shops with a detailed list of commodities and their pricing. The shop owners, on the other hand, are not obeying the administration’s directives and selling items at their desired rate. These artificial rates have multiplied the problems of the common man.

  • Suzuki Pakistan increases bike prices by up to Rs15,000

    Suzuki Pakistan has announced a massive price increase for its entire motorcycle lineup, following Yamaha and Honda. The new prices are effective from Friday, April 1, 2022.

    The biggest price increase has been announced for the 150cc GR-150 variant, which is now priced at Rs330,000 after getting a massive hike of Rs15,000 in its previous cost of Rs315,000. Considering the size of its engine, this is unquestionably a significant and unjustified increase.

    Suzuki GS-150, one of the most prominent bike in Suzuki’s lineup witnessed a hike of Rs10,000 for both variants (GS-150 and GS-150SE). The base GS-150 costs Rs225,000 after the hike and the upper variant GS-150SE is now priced at Rs242,000, as compared to their earlier prices of Rs215,000 and Rs232,000.

    Moreover, the 110cc variant, Suzuki GD-110s which was previously sold at Rs199,000 will now be offered at Rs207,000, after getting a hike of Rs8,000.

    The motorcycle manufacturer raised the prices of its motorcycles four times in 2021, and this is the first price rise of 2022. Suzuki motorcycle prices were increased by up to Rs28,000 between January and December 2021.

    Read more: Honda Atlas to increase prices for all motorcycles from April 1

    Bike manufacturers’ pricing hikes have pushed two-wheelers out of reach for most of the country’s population. Despite the fact that the matter has been raised numerous times in the media, the government has yet to take a step in this regard and maintain pricing consistency.

  • 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.

  • Govt drops petrol bomb, average car’s 35 litres now costs Rs 5,600 per litre

    Govt drops petrol bomb, average car’s 35 litres now costs Rs 5,600 per litre

    The government has increased the price of petrol by Rs12.03/litre, diesel Rs9.53/litre, kerosene Rs10.08/litre and light diesel oil (LDO) by 9.43/litre. The new rates will be effective from today (February 16) and will be revised at the end of the month.

    As per the press release issued by the Government of Pakistan’s Finance Division, the prime minister has considered the recommendation to increase the prices of petroleum products in line with changes in the international oil prices.

    The previous price of petrol was Rs147.83 per litre.

    According to Reuters, oil prices jumped to a seven-year high on Monday when the United States (US) warned that Russia could soon invade Ukraine.

    Russia is one of the world’s largest oil and gas producers, and fears that Russia could invade Ukraine have driven the rally in oil closer to $100 per barrel, a level not seen since 2014.

    Last month, PM Imran Khan rejected the summary of increasing prices of petroleum products in the public interest.

  • ‘Increase the price or it’s going somewhere else’ threatens vaccine importer

    ‘Increase the price or it’s going somewhere else’ threatens vaccine importer

    Rs 8,449 not enough for the vaccine, says the importer of the Russian Sputnik V vaccine and is threatening to “re-export” the 50,000 doses it brought to Pakistan. Officials say that the importer is saying that they can send the vaccine to ‘another country’ if the importer’s desired price is not set by the government.

    “The drug pricing committee of DRAP (Drug Regulatory Authority of Pakistan had recommended Rs8,449 for two doses of the vaccine, which is not acceptable to the importer,” an anonymous official of the federal government told news network, Geo News .

    RELATED: Fake COVID-19 reports, vaccines being sold on darkweb

    “The government is already under harsh criticism for the price recommended by DRAP’s pricing committee at Rs8,449. It was calculated on the basis of a landing cost of $30 but people are comparing it with the cost of the Russian vaccine in India and criticising the government for fixing higher price as compared to the neighbouring country,” the official stated.

    A representative of AGP Limited, the importer of the vaccine, said that they had the “option of re-exporting” the vaccine shipment or selling it to another country where they can get a much higher price.

    RELATED: ‘Govt does not plan to buy vaccines anytime soon’

    “The government’s price of Rs8,449 is not affordable for us because in addition to landing cost, there is distributor margin, storage and transportation costs, and hospitals and institutions will also take their service charges,” an official of the company clarified, also adding that if the didn’t send the vaccine back, there were ‘other options’ available too.

    “We are going to wait for a couple of days to resolve this issue but it is already over a week now and the shipment is [stored needlessly] at the cold storage. It could have been used by now to vaccinate at least 25,000 people who could afford to get it, as for millions, government’s vaccine is not available,” the official said to Geo News.

    Government officials had earlier said that AGP wants a retail price between Rs. 12,500-13,000 for two doses of their vaccine based on their expenses for procuring and delivering the vaccine but DRAP is unwilling to review its decision, since they say the recommended price of Rs. 8449 is fair.