Business

Inflation declining, claims Asad Umar after electricity, fuel price hikes

Islamabad: Federal Minister for Planning and Development Asad Umar has claimed that inflation is on the decline, after government increased electricity, gas and fuel charges.

Published 5 years ago on Feb 1st 2021, 5:24 am

By Web Desk

Taking to twitter, Asad Umar wrote that the rate of inflation is lower today as compared to when Pakistan Tehreek-e-Insaaf (PTI) government was formed.

“Inflation continues to decline. Jan inflation (CPI) is down to 5.7%. Core inflation is at 5.4%. Last month (jul 2018) prior to PTI govt formation, CPI was 5.8% & core was 7.6%. The rate of inflation is LOWER today then when the PTI govt was formed. #PMIKECONPOLICYSUCCESS,” he wrote on twitter.

Inflation continues to decline. Jan inflation (CPI) is down to 5.7%. Core inflation is at 5.4%. Last month (jul 2018) prior to PTI govt formation, CPI was 5.8% & core was 7.6%. The rate of inflation is LOWER today then when the PTI govt was formed. #PMIKECONPOLICYSUCCESS
— Asad Umar (@Asad_Umar) January 31, 2021

On January 28, the National Power Regulatory Authority (NEPRA) hinted at increasing the price of electricity by Rs 3.5 per unit in the next few days. Earlier on January 11, NEPRA notified about Rs1.6 per unit increase in electricity tariff to generate about Rs8.40 billion additional revenue from consumers.

On January 28, the Oil and Gas Regulatory Authority (OGRA) suggested Rs. 12 per litre increase in the price of petrol and Rs10 per litre rise for diesel in its latest summary sent to the petroleum division. Earlier on January 15, government raised petrol price by 3.22 rupees per litre, kerosene by 3 rupees per litre, light diesel oil by 4.42 rupees per litre and high speed diesel by 2.95 rupee per litre.

On January 29, the Oil and Gas Regulatory Authority (Ogra) gave go-ahead for increasing gas tariffs for the consumers of Punjab and Khyber Pakhtunkhawa. The authority approved Rs. 315.60 per MMBTU surge, which will put an additional burden of Rs233 billion on consumers.

The development came a after the Ogra approved an increase of Rs. 39.89 per mmbtu in gas price for Sindh and Balochistan on the request of the Sui Sothern Gas Limited (SSGL).

On January 30, Pakistan Bureau of Statistics (PBS) reported that Pakistan’s weekly sensitive price index (SPI) went up 0.52 percent for the week ended January 28, mainly due to increase in prices of sugar, cooking oil, chicken meat, vegetable ghee, rice and bread.