EUR/USD 1.16358
0.095%
Gold 4218.65
0.307%
Oil 58.497
0.099%
USD/JPY 155.730
-0.086%
GBP/USD 1.32270
0.113%
GBP/JPY 205.988
0.043%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Fitch: The surge in AI spending will support the prospects of South Korean memory chip manufacturers.Philippine central bank governor: Economic growth prospects are slowing, and the probability of an interest rate cut in December has increased further.On December 3, Iranian Parliament Speaker Mohammad Ghalibaf stated at a press conference in Tehran on December 2 that Iran supports diplomatic contact and negotiations on an equal footing. However, in previous negotiations, the United States did not address the issues but instead imposed its own demands on Iran, forcing it to surrender. Ghalibaf pointed out that the United States demanded that Iran reduce its missile range, but Irans self-defense was "non-negotiable" and it was impossible for Iran to accept this demand. He said that Europe, under direct orders from the United States, activated the "snapback" sanctions mechanism, failing to demonstrate its independent will. Due to its obedience to the United States, Europe no longer plays any role in the Iranian nuclear issue. Irans suspension of cooperation with the International Atomic Energy Agency was the "most important and accurate" decision.December 3 - Crude oil prices fell in early Asian trading after a volatile day, with ANZ research analysts stating in a commentary that geopolitical tensions disrupted the market. The analysts pointed out that, on the one hand, US envoy Witkov arrived in Moscow to meet with Russian President Putin to begin discussions on a potential peace agreement. On the other hand, tensions escalated again after Putin threatened retaliatory measures against ships aiding Ukraine.According to futures news on December 3rd, as of the week ending November 29th, Japans commercial crude oil inventories increased by 1,019,992 kiloliters from the previous week to 11,021,410 kiloliters. Japans gasoline inventories decreased by 79,425 kiloliters from the previous week to 1,674,675 kiloliters. Japans kerosene inventories decreased by 48,655 kiloliters from the previous week to 2,349,553 kiloliters. The average operating rate of Japanese refineries was 84.6%, compared to 86.5% the previous week.

Pakistan Raises Gasoline And Diesel Prices 35 Rupees Per Liter

Skylar Williams

Jan 30, 2023 11:36

15.png


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.

Suggestion