Karachi, Pakistan – In a surprise move, the price of Liquefied Petroleum Gas (LPG) in Karachi has seen a 40 rupee per kilogram drop in just two days. The move is attributed to an improvement in LPG supply, as per Ali Hyder, the leader of the LPG Association. According to Hyder, the prices are expected to decrease further as the government plans to introduce new LPG formula.
The news comes as a relief to the citizens of Karachi, who have been facing a steep hike in fuel prices in recent months. The country has witnessed a significant increase in the prices of petrol and diesel, with petrol prices rising by 48.61% and diesel prices rising by 101.18% in the last one year alone.
Meanwhile, the global market remains volatile, with Asian stock markets experiencing a negative trend despite the ceasefire between the US, Iran, and Israel. The SBP’s announcement of a 16.5% monthly decrease and 5.5% yearly decrease in remittances has also added to the market’s uncertainty.
Despite the market fluctuations, the price of gold has seen a significant increase in the country, with the All Pakistan Saraf Association reporting a 15,700 rupee per tola increase in the price of gold, taking it to 504,162 rupees per tola. However, with the global market uncertainty, the price of gold has seen a slight decrease in the country.
In a bid to mitigate the impact of the rising fuel prices, the government has announced plans to increase the textile imports. According to government sources, the country is expected to receive over $5 billion in aid from two friendly countries.
In a separate development, Prime Minister Shehbaz Sharif and Qatar’s Emir Sheikh Tamim bin Hamad Al Thani held a telephonic conversation, while Saudi Arabia’s Crown Prince Mohammed bin Salman has announced plans to limit the number of vehicles in his official convoy.
Isreal’s Finance Minister Bezalel Smotrich has announced plans to expand Israel’s borders further, with the construction of new settlements in the occupied West Bank. In a separate development, Pakistani cricketer Muhammad Rizwan has become the first Pakistani to score 12,000 runs in 338 innings, breaking Chris Gayle’s record.
The development comes as Lebanon’s President Michel Aoun announced the start of direct negotiations with Israel, with the aim of disarming Hezbollah and promoting peaceful relations between Israel and Lebanon.
As the global market continues to fluctuate, the people of Pakistan remain uncertain about the future of fuel prices and the overall economy.
