19.7 C
New York
Friday, October 7, 2022

At 21.3 percent, Pakistan’s inflation is the highest in 13 years

WorldAt 21.3 percent, Pakistan's inflation is the highest in 13 years

The inflation rate in Pakistan reached its highest level since December 2008, when it was 23.3 percent, when it reached 21.3 percent in the month of June.

According to the data provided by the Consumer Price Index for the nation in May, it was 13.7 percent. The Pakistan Bureau of Statistics reports that the rate of inflation in urban areas has risen by 19.8 percent, while the rate of inflation in rural regions has risen by 23.5 percent.

With immediate effect starting on Friday, the government of Pakistan, which is led by Shehbaz Sharif, has increased the price of all petroleum products by approximately Rs 14-19 per litre. This was done to fulfil commitments to the International Monetary Fund (IMF) for the revival of a $6 billion bailout package.

According to the announcement issued by the Ministry of Finance, the government has imposed a petroleum tax of Rs 10 (Pakistani rupees) per litre on petrol and Rs 5 (Pakistani rupees) per litre each on high-speed diesel (HSD), kerosene, and light diesel oil (LDO). At this time, one litre of petrol costs Rs 248,7, one litre of HSD costs Rs 276.5, one litre of kerosene costs Rs 230.2, and one litre of LDO costs Rs 226.1. In accordance with the agreement with the IMF, the government began raising the price of petroleum on May 15. Since the 26th of May, the prices of gasoline, high-speed diesel, kerosene, and low-density oil (LDO) have risen by 66 percent (or 99 rupees), 92 percent (132.39 rupees), 95 percent (Rs 111.95), and 80 percent, respectively (Rs 100.59). Additionally, the government has assured the International Monetary Fund (IMF) that it will gradually increase the petroleum levy on all products by Rs 5 per litre every month up to a maximum of Rs 50 per litre, and that the price of liquefied petroleum gas (LPG) will gradually increase to Rs 30,000 per tonne from the current rate of Rs 4,670 per tonne.

The National Information Technology Board has reported another another setback by stating that “Telecom providers have cautioned of shutting down mobile and internet services owing to lengthy hours of power outages.” On Friday, Sharif said that it was a “very tough task” for the government to handle load-shedding, and he criticised the administration that had been headed by Imran Khan in the past for not being able to get affordable gas.

Check out our other content

Check out other tags:

Most Popular Articles