Pakistan: Petrol and diesel prices increased by another Rs 30

Pakistan: Petrol and diesel prices increased by another Rs 30

The Federal Government of Pakistan has announced further increase in prices of petroleum products which According to the report, the prices of petrol and diesel have been increased by Rs. 30, 30.

Muftah Ismail has said in a press conference. Later, the new price has gone up to Rs 204.15 per liter.

It should be noted that the federal government has increased the prices of petroleum products by Rs 60 per liter in a week.

Earlier last week on May 26, Federal Minister for Finance Muftah Ismail had announced an increase of Rs 30 per liter in petrol and diesel prices.

During a press conference in Islamabad, the Finance Minister said that the prices of petroleum products have gone up Despite the increase, huge losses were being incurred. It is inevitable to increase the prices of petroleum products as the decisions reached by the former finance minister Shaukat Tareen with the IMF are making difficult decisions. On the other hand, the National Electric Power Regulatory Authority (NEPRA) on Thursday also approved an increase in electricity prices by Rs 7.91 per unit.

NEPRA fixes tariffs for each distribution company and approves different levels of T&D losses.

'چین 2.3 billion refinancing agreement with China'

Earlier, Finance Minister Muftah Ismail had said that Pakistan has reached an agreement with Chinese banks on terms and conditions for refinancing about ً 2.3 billion.

Pakistan is currently facing a huge current account deficit and due to rising import bill and declining foreign exchange reserves, Islamabad is in dire need of external financing.

Good News: The terms and condi tions for refinancing of RMB 15 billion deposit by Chinese banks (about US $ 2.3 billion) have been agreed. Inflow is expected shortly after some routine approvals from both sides. This will help shore up our foreign exchange reserves.

– Miftah Ismail (iftMiftahIsmail) June 2, 2022

of Pakistan In the past, friendly countries such as China, Saudi Arabia and the United Arab Emirates have provided financial assistance which have deposited billions of dollars in the Central Bank of Pakistan to keep its foreign exchange reserves stable.

The government recently paid about ً 2.3 billion to China, although it later demanded its rollover as the country's economic crisis dragged on.

The finance minister said in a tweet that the terms and conditions for refinancing of about ً 2.3 billion by Chinese banks have been agreed. The money is expected to be transferred to a Pakistani bank soon after some formal approvals from both sides, which will help increase our foreign exchange reserves. ”