The inflation-affected nation is expected to encounter another increase in petrol prices, with recommendations indicating a rise of Rs. 2.58 per litre for petrol and Rs. 5.91 per litre for high-speed diesel.

Sources indicate that, if sanctioned, petrol prices will ascend to Rs. 250.96 per litre, whereas high-speed diesel will be priced at Rs. 261.05 per litre.

Sources indicated that the suggested increase is due to the elevated premium on petroleum products in the worldwide market and rising import expenses.

The premium on imported petroleum products has increased, leading the government to contemplate pricing modifications effective November 16, sources indicated.

On October 31, the federal government published the prices of petroleum products for the upcoming fortnight, increasing the prices of petrol and high-speed diesel.

A notification announced an increase in petrol price by Rs 1.35, raising it to Rs 248.38 a litre. The price of high-speed diesel was fixed at Rs 255.14 per litre after an increase of Rs 3.85.

Also read: Pakistan’s weekly inflation jumps to 15.02pc

Simultaneously, the costs of light diesel and kerosene oil were reduced. The statement states that kerosene oil is priced at Rs 148.5 per litre following a reduction of Rs 4.92.

The cost of light fuel was reduced by Rs 2.61 to Rs 147.51 per litre.

The rampant hike in the prices came at the time when the weekly inflation, measured by the Sensitive Price Indicator (SPI), witnessed an increase of 0.28 percent for the combined consumption groups during the week ended on October 17, the Pakistan Bureau of Statistics (PBS) reported.

According to the PBS data, the SPI for the week under review in the above-mentioned group was recorded at 319.79 points as compared to 318.91 points during the past week.

In comparison to the same week last year, the SPI for the combined consumption group during the reviewed week experienced a 15.02 percent increase.

The weekly SPI with the base year 2015-16 =100 covers 17 urban centres and 51 essential items for all expenditure groups.

Likewise, SPI for the lowest consumption group of up to Rs 17,732 witnessed increase of 0.27 percent and went up to 313.74 points from last week’s 312.91 points.

The privatization of Pakistan International Airlines has been referred to a cabinet committee by the Privatization Commission Board.

Aleem Khan, the Federal Minister for Privatization and Communications, presided over the board meeting, which examined and accepted proposals on a number of topics, including the privatization of Pia.

The government would move forward with privatization in line with the law and in Pakistan’s best interests, Federal Minister Aleem Khan reaffirmed.

He added that the entire privatization process for the PITA and other state agencies would be expedited and simplified.

Following prequalification, the Privatization Commission is unable to remove any department or institution from Privatization, as was decided during the meeting.

Additionally, the Federal Minister directed that the pre-qualifying conditions and privatization be made more profitable.

Members of the Privatization Commission will be included in the Privatization Process through a three-member committee.

Senator Muhammad Aurangzeb, Pakistan’s Minister of Finance, has promised the APM Terminals Group his full support in creating an environment that is both business-friendly and conducive to investment.

In Islamabad, he met with a group of APM terminals who had come to hear him speak. Keith Svendsen, CEO of APM Terminals, was in charge of the group.

Muhammad Aurangzeb, a senator from Pakistan, expressed his approval of APM Terminals’ investment plans.

Following last month’s signing of a memorandum of agreement to strengthen bilateral cooperation, the meeting’s emphasis was on the actions taken to date.