CNG price up by Rs3 per liter after rupee depreciation
CNG has been increased by Rs3 per liter and reached Rs82.79 per liter today (May 18) from Rs79.90 per liter.
LAHORE (Dunya News) - The price of CNG hiked by Rs3 per liter after the value of the US dollar against the rupee touched an all-time high of Rs151 on May 17.
Compressed natural gas (CNG) reached Rs82.79 per liter today (May 18) from Rs79.90 per liter.
According to All Pakistan CNG Association (APCNGA) President Captain (r) Shuja Anwar, CNG prices are linked to dollar rates so depreciation in Pakistani currency has resulted in the hike of CNG price. “CNG price is directly connected to dollar’s price hence an increase is inevitable,” he explained.
On Friday, According to details, dollar was traded at Rs151 in the open market after gaining Rs4 against the rupee in the open market, whereas in the interbank market it increased to around Rs149.
With the spike in the rate of US dollar, Pakistan’s foreign debt has increased by Rs800 billion with further rise in inflation being anticipated by analysts.
On Thursday, Pakistan’s rupee weakened to a record in an apparent devaluation, four days after the South Asian nation secured a bailout from the International Monetary Fund (IMF) that investors speculate includes tough conditions to reform the economy.
A few days ago, Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh announced to have finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion.
The fall in the rupee’s value comes a day after Prime Minister (PM) Imran Khan set up a committee to control devaluation of the local currency and capital flight from Pakistan.
