https://arab.news/233m3
- Finance minister says decision taken keeping nation's winter energy needs in view
- Pakistan imports its energy needs and any price hike serves as main driver of inflation
ISLAMABAD: Pakistan's Finance Minister Ishaq Dar on Saturday announced there would no increase in the prices of petroleum products for the next 15 days, amid double-digit inflation in the South Asian country.
Pakistan regulates petroleum prices every fortnight, but Dar said the government decided not to increase them, owing to the prevailing cold weather in the country and the demand for kerosene oil and light diesel oil, particularly among low-income sections of the society.
"From January 1 to January 15, the current prices of diesel at Rs227.80, petrol at Rs214.80, kerosene oil at Rs171.83 and light diesel oil at Rs169 will be maintained and there will be no increase in them," the minister announced at a news conference televised Saturday evening.
"Obviously, this was [decided] on the directives of the prime minister as this month of January and the weather is very cold... keeping all these things in view it was decided that there will be no increase in prices."
Dar noted the government decided to keep the prices unchanged despite an increase in the international market.
Pakistan imports its energy needs and the prices, whenever increased, serve as the main driver of inflation in the country.
The country's consumer price inflation increased to 23.8 percent on a year-on-year basis in November, compared to an increase of 26.6 percent in the previous month and 11.5 percent in November 2021.
On a month-on-month basis, it increased to 0.8 percent in November as compared to an increase of 4.7 percent in the previous month and an increase of 3 percent in November last year.
The South Asian nation is already facing the specter of a default on international financial obligations, with its foreign exchange reserves depleting fast due to a drop in foreign inflows.