The LPG Association Chairman Irfan Khokar confirmed that the price of liquified petroleum gas (LPG) in Pakistan has seen an increase of Rs10 per kilogram. This hike brings the per kg price of LPG to a staggering Rs 220.
Khokar attributed this surge to the upward trend in the international market where the price of LPG has risen by $92, reaching $556 per metric ton. This global increase has inevitably impacted local prices, leading to a significant rise in the cost of LPG in Pakistan.
The repercussions of this price hike are not limited to the per kg cost. The price of domestic and commercial cylinders has also seen a substantial increase. Domestic cylinders now cost Rs 2,615, marking an increase of Rs 120, while commercial cylinders have seen a more drastic rise of Rs 450, bringing their new price to Rs 10,030.
However, it’s worth noting that the price of LPG varies across different regions of the country. In the northern areas, for instance, LPG is being sold at Rs 255 per kg, which is significantly higher than the national average.
This price hike comes at a time when the Pakistani economy is already grappling with uncertainty. The Pakistani rupee has suffered a devaluation of Rs3.62 against the dollar in interbank trading, adding to the economic woes of the country. Furthermore, the government is expected to announce an increase in the prices of petroleum products soon, which could further strain the economic situation.
In addition to the LPG price hike, the value of the rupee has been on a downward trajectory in recent weeks. Last week, the rupee settled at 288.49 against the greenback, marking a decrease of 0.52pc. The political crisis in the country has only added to the uncertainty, causing the dollar to cross the 300-mark in the open market as the benefits of the IMF Stand-By Agreement fade away.
Amid these economic challenges, the price of gold remains high. The price of a single tola of 24-karat gold stands at Rs 222,750, while 10 grams of 24k gold is priced at Rs190,980. The rates for 22k gold are slightly lower, with 10 grams being traded for Rs174,395 and a single tola selling for Rs 203,407.
These developments underscore the volatile economic situation in Pakistan, with fluctuating gold rates and increasing LPG prices adding to the financial burden of the citizens. As the country navigates through these challenging times, the focus will be on how the government responds to these economic pressures.