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Futures market data for August 26th: 1. Heavy rainfall is expected in parts of the Indochina Peninsula, the Korean Peninsula, and other regions. Over the next three days, under the influence of Typhoon Swordfish, northern Vietnam, northern Laos, northern Thailand, and Myanmar will experience heavy to torrential rain, with some areas experiencing torrential downpours, accompanied by brief bursts of heavy rainfall, thunderstorms, and strong winds. Cumulative precipitation is expected to reach 60-100 mm in most of these regions, with some areas experiencing 120-160 mm, and some areas exceeding 200 mm. Additionally, parts of central, eastern, and northwestern India, northern Pakistan, Nepal, Bhutan, and Bangladesh will experience moderate to heavy rain, with localized torrential or torrential downpours. Under the combined influence of a low-pressure trough and warm, moist air from the northern subtropical high pressure, parts of most of North Korea, northern South Korea, central and northern Japan, and the southern Russian Far East will experience moderate to heavy rain, with localized torrential downpours. Under the influence of a low vortex, West Africa, northern Central Africa, and northern East Africa will experience moderate to heavy rain, with localized torrential downpours, accompanied by brief bursts of heavy rainfall, thunderstorms, and strong winds. 2. High temperatures will continue in West Asia, Central Asia, North Africa, the southwestern United States and other places for the next three days. Under the continued influence of the subtropical high pressure, most of the Arabian Peninsula, southwestern Iran, southwestern Afghanistan, southwestern Pakistan, eastern Turkmenistan, most of North Africa and other places will have high temperatures above 40°C, and locally up to 45°C; parts of southern Spain, the southwestern United States, northern Mexico, central Brazil and other places will have high temperatures above 35°C, and locally up to 40°C.SpaceX: The 10th test flight launch of the Starship was canceled due to weather reasons.Japans corporate services price index rose by 2.9% year-on-year in July, compared with 3.20% in the previous month.Japans corporate services price index rose by 0.3% month-on-month in July, compared with -0.1% in the previous month.New York gold futures fell to $3,400 an ounce, down 0.59% on the day.

Pakistan Raises Gasoline And Diesel Prices 35 Rupees Per Liter

Skylar Williams

Jan 30, 2023 11:36

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The Pakistani Ministry of Finance said on Sunday that gasoline and diesel prices will increase by 35 rupees ($0.1400) per liter as a result of the country's currency value plummeting this week following the removal of price restrictions.


The decision was made days before a mission from the International Monetary Fund would visit Pakistan at the end of the month to discuss the ninth review of the country's current funding program, which has been frozen.


The Pakistani rupee lost close to 12 percent of its value last week after the elimination of government-imposed price controls opposed by the IMF.


Finance Minister Ishaq Dar stated at a press conference on Sunday that he hoped the announcement would eliminate social media rumors of a larger price increase or a shortage of gasoline. According to him, the increase was proposed by oil and gas officials due to the increased cost of purchasing energy on the international market.


"We would have to take into account the increase in international oil costs and the devaluation of the rupee," he said.


According to the oil and gas regulatory authorities, there have been complaints of artificial shortages and fuel stockpiling in anticipation of price increases; therefore, this price increase is being implemented immediately to address this.


The day before, witnesses told Reuters that some gas stations had lengthy lineups as residents filled their tanks in anticipation of a price increase.


Pakistan is experiencing a balance of payments problem, and the falling value of the Pakistani rupee would increase the cost of imported commodities. Energy accounts for a significant portion of Pakistan's import costs.


A successful IMF visit is crucial for Pakistan, which is facing an increasingly severe balance of payments problem and is keen to get external finance, since its foreign exchange reserves cover fewer than three weeks of imports.