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Articles for tag: 7week, CPI, Gas, high, increase in the price of natural gas, Inflation, Latest, prices, rises, rising, SBP, SPI

March 2, 2024

News Desk

SPI rises to 7-week high amid rising gas prices

KARACHI: Pakistan’s inflation rose to a seven-week high of 1.27% in the week ended February 29, mainly due to the government’s recent significant hike in natural gas prices, which weighed heavily on short-term inflation figures. Weekly SPI (Sensitive Price Indicator) inflation had slowed to 0.04% in the previous week ending February 22, 2024. According to Pakistan Bureau of Statistics (PBS) data, inflation increased by 32.73% in the week under review compared to the same week last year, indicating that short-term inflation remained high. The SPI rose 1.27% weekly on the back of a 15.52% rise in natural gas prices to

February 17, 2024

News Desk

Textile exports increase to $1.46 billion

LAHORE: Textile sector exports in January 2024 jumped to $1.46 billion, up 3.97% month-on-month from December 2023’s figure of $1.399 billion. This positive trend for the second month in a row, however, falls short of the sector’s expectations given its important role in Pakistan’s economy. According to data from the Pakistan Bureau of Statistics, textile exports also registered a year-on-year growth of 10.10%, with January 2023 figures reaching $1.32 billion. However, the first seven months of the financial year 2023-24 showed a negative growth of 2.99%, falling from $10.04 billion to $9.72 billion compared to the same period of the

February 16, 2024

News Desk

Traders are calling on the government to withdraw the gas price hike

KARACHI: Hyderabad Chamber of Small Traders and Small Industries (HCSTSI) President Muhammad Farooq Shaikhani has hit out at the Economic Coordination Commission (ECC) for its decision to make a massive 65% hike in gas tariffs. He appealed to all political leaders and rulers of the country to immediately withdraw the increase in the price of natural gas to restore the confidence of the business community and encourage collective efforts to stabilize the national economy. He urged them to reconsider the decision, pointing out that in developed countries utilities are not exploited for financial gain. He argued that the government’s focus

February 14, 2024

News Desk

ECC shared the gas price increase by 69%.

Islamabad: Federal cabinet members remained divided on Tuesday over a proposed hike of up to 69 percent in gas prices, amid warnings that any delay beyond Thursday could cost Pakistan $1.2 billion, the latest loan tranche from the International Monetary Fund. The Cabinet’s Economic Coordination Committee (ECC) had to delay approval after alleged cabinet members of the pro-IMF program also spoke out against the new price hike, according to meeting participants. Industries Minister Dr Gohar Ejaz, representing the textile industry, opposed the hike in gas prices for industrialists’ domestic power plants that are powered by cheaper gas. Two other members

November 9, 2023

News Desk

Gas price increase updated

Islamabad: Pakistan’s gas and electricity regulators on Wednesday hiked the prices of the two major necessities, making life even more difficult for the country’s inflation-hit population. The Oil and Gas Regulatory Authority (Ogra) has announced a significant hike in natural gas prices from November 1 this year, “in line with the federal government’s policy guidelines” — yet another condition set by the International Monetary Fund (IMF ) to release the second tranche of $710 million. While the tariff for protected consumers, who make up 57% of residential users, remains unchanged, there has been a significant adjustment in the fixed monthly

November 1, 2023

News Desk

Govt hikes gas prices amid Rs2tr loss

Islamabad: In the face of a staggering loss of Rs 2.1 trillion in the gas sector, Energy Minister Muhammad Ali has justified the recent hike in gas prices as being in the interest of Pakistan. He explained during a press conference together with Information and Broadcasting Minister Murtaza that the government plans to provide a subsidy of about 384 billion rupees to natural gas consumers. Ali disclosed that there had been a loss of Rs 879 billion in the gas sector and this loss had now swelled to a whopping Rs 2,100 billion across the entire gas supply chain. The

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