Experts debunk PTI minister’s cheap fuel claims
Govt official compares fuel prices of eight countries to show Pakistan has cheapest price
The breakdown of the petrol price suggests that the ex-refinery price of petrol stood at Rs75.83 on May 1, 2021. PHOTO: FILE
KARACHI:
A Pakistan Tehreek-e-Insaf (PTI) minister recently drew a comparison of Pakistan with eight selected regional and international countries to establish a claim that petrol is available at the cheapest price of $0.708 per litre in retail to its masses.
Experts, however, rejected the government’s claim. Governments across the world set petrol price keeping in view a number of factors in their respective economies including people’s purchasing power and per capita income.
Rupee surges to new 23-month high
Gold price soars to one-month peak at Rs105,500 per tola
KARACHI:
Pakistani rupee hit a new 23-month high of Rs152.27 against the US dollar in the inter-bank market on Friday despite the fact that the country’s foreign currency reserves dropped significantly after the government paid off commercial loans worth $1 billion.
On the contrary, gold price surged Rs1,100, or 1%, to a one-month high of Rs105,500 per tola (11.66 grams) in line with the uptrend in the global market. The precious metal surpassed a three-month high price and was trading above $1,800 per ounce (31.10 grams) in the international market.
Rupee shoots to 23-month high
Closes at Rs152.6 against dollar as remittances rise in Ramazan
KARACHI:
Pakistani rupee maintained its uptrend for the seventh successive working day and hit a 23-month high of Rs152.6 against the US dollar in the inter-bank market on Thursday following an increase in supply of foreign currencies compared to demand in the domestic market.
With fresh appreciation of Rs0.44, the rupee has cumulatively gained Rs1.9 (or 1.23%) in the past seven working days and closed at Rs152.6 against the US dollar. Such a closing level was last seen in June 2019, according to the State Bank of Pakistan’s (SBP) data.
Pakistan’s REER index hits equilibrium
Further gain in rupee, inflation may make exports uncompetitive
KARACHI:
Pakistan’s real effective exchange rate (REER) hits equilibrium. However, a further appreciation in rupee against a basket of major trading partners’ currencies and increase in domestic inflation reading would make the country’s exports uncompetitive.
The REER index increased 3.37% to 100.50 in March 2021 compared to 97.22 in February, Pakistan’s central bank reported on Thursday.
REER returned to over 100 reading on the index after over two years. A further increase in the rate would make Pakistan’s exports uncompetitive and would make imports cheaper. REER increased after the rupee-dollar exchange rate hit 22-month high at Rs152.75 to the US dollar on March 31 and inflation surged 9.1% in March.
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