Rs280 | Pakistan

The Government of Balochistan has officially set the price of Iranian petrol at Rs280 per litre across the province, warning of strict legal action against overcharging.

QUETTA: The Balochistan government on Saturday fixed the price of Iranian smuggled petrol at Rs280 per litre and announced that strict action would be taken against those charging more than this rate. Officials said that a meeting presided over by Chief Minister Mir Sarfraz Bugti decided that Iranian petrol would be sold in Balochistan at a fixed price announced by the provincial government. “The Iranian petrol will be sold only in Balochistan, and it will not be allowed to be sent out of the province,” said Kalat Deputy Commissioner Munir Ahmed Durrani, adding that nobody would be allowed to charge more than the fixed rate. He said there was no justification for selling Iranian petrol at the rate announced by the federal government for imported petroleum products. “The authorities will start strict checks and will take legal action against those found selling Iranian petrol at higher prices.” People involved in the Iranian petrol business had increased prices soon after the federal government announced highe...

KARACHI: Though the rupee has been appreciating against the dollar in what dealers describe as a managed way, the market expects the local currency to break the Rs280 barrier by the end of this month. At the same time, market players believe it will be difficult for the State Bank to engineer a weaker rupee to boost exports, arguing that past experiences of devaluation failed to deliver a sustained increase in export volumes. Some currency experts said the scope for further devaluation to support exports was limited, particularly as the US dollar itself has come under pressure against major global currencies. “There is no mathematical calculation behind this expectation that the dollar may slip below Rs280 by the end of this month. It is the market sentiment and it happens at the end of the year,” said Atif Ahmed, a currency dealer in the interbank market. He believes the dollar will slip below Rs280 only for a brief period. Experts warn against devaluation, say past episodes failed to increase exports Other ...