ISLAMABAD: The Jamaat-e-Islami (JI) religious party on Thursday criticized the Pakistani government for increasing the prices of petroleum products, despite a decline in rates in the international market.
On Tuesday, US crude oil prices fell by 1 percent to below $67 per barrel, adding to Monday’s losses of more than 4 percent. This price level was the lowest since the beginning of October as market participants reassessed the risks of escalating Israeli attacks in the Middle East and potential disruptions in the oil sector.
Oil prices were likely to remain “too cheap” in the near term compared with fundamentals, Goldman Sachs analyst Daan Struyven told CNBC, citing demand from refilling the US Strategic Petroleum Reserve as well as from the airline industry.
But Pakistani authorities on Thursday respectively increased the prices of petrol and high-speed diesel by Rs1.35 and Rs3.85 per liter for the next fortnight, according to the country’s oil and gas regulator.
“The government is not ready to give relief to the people and the industry, then how will the country move forward,” JI chief Hafiz Naeem-ur-Rehman asked in his post on X late Thursday.
“Prices are decreasing in the international market and increasing in Pakistan.”
Rehman said the government increased the prices instead of announcing a major cut, demanding it to provide relief to the masses.
Pakistan revises petroleum prices every fortnight.
Petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers in Pakistan, while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.
This is not the first that the JI has called on the government to provide relief to inflation-stricken people.
In August this year, Rehman had led thousands of his JI party supporters to the garrison city of Rawalpindi, where they had staged a weeks-long anti-inflation protest. Demonstrations were also occasionally held in other Pakistani cities during the month.
Pakistan party protests increase in petroleum prices despite slump in international market
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Pakistan party protests increase in petroleum prices despite slump in international market
- Global oil prices are likely to remain ‘too cheap’ in the near term, analysts say
- Jamaat-e-Islami demands the government provide relief to inflation-hit Pakistanis
Pakistan October CPI up 7.2% y/y, statistics bureau says
- The reading reinforced a month of easing inflation which hit a historic high of 38% last year
- The central bank is expected to cut its key interest rate further at its meeting on Monday
KARACHI: Pakistan’s annual consumer price index inflation rate was 7.2% in October, the Pakistan Bureau of Statistics said on Friday, up from 6.9% the preceding month.
The reading reinforced a month of easing inflation — which hit a historic high of 38% last year, and was at 26.8% October 2023 — ahead of a meeting of the country’s central bank next week to review the policy rate, which stands at 17.5%.
A Reuters poll showed the central bank is expected to cut its key interest rate further at the meeting on Monday, with policymakers continuing their efforts to revive a fragile economy as inflation eases.
The October reading was up 1.2% month on month, the statistics bureau said, adding that the fiscal year’s average inflation, from July to October, stands at 8.7%, which is below the 9.5% projected by the International Monetary Fund.
Pakistan central bank set to deliver fourth consecutive rate cut to revive economy
- All 15 investors and analysts surveyed by Reuters expect the central bank to cut rates next week
- Policymakers continue efforts to revive a fragile economy as inflation eases off recent record highs
KARACHI: Pakistan’s central bank is expected to cut its key interest rate further at its policy meeting on Monday, with policymakers continuing their efforts to revive a fragile economy as inflation eases off recent record highs.
The central bank, the State Bank of Pakistan, has slashed the benchmark policy rate to 17.5% from an all time-high of 22% in three consecutive policy meetings since June, having last reduced it by 200 basis points in September.
All 15 investors and analysts surveyed by Reuters expect the central bank to cut rates next week. Two expect a 150 bps cut, twelve predict a 200 bps reduction, and one forecasts a 250 bps cut.
Economic activity has stabilized since last summer when the country came close to a default before an eleventh hour bailout by the International Monetary Fund (IMF).
The IMF, which in September gave a boost to Pakistan’s struggling economy by approving a long-awaited $7 billion facility, said that the South Asian nation had taken key steps to restore economic stability with consistent policy implementation under the 2023-24 standby arrangement.
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While the economy has started to gradually recover, and inflation has moved sharply down from a multi-decade high of nearly 40% in May 2023, analysts say further rate cuts are needed to bolster growth.
Mustafa Pasha, Chief Investment Officer at Lakson Investments, said rates must drop under 15% and hold below that for six months to have a material impact.
The IMF in its latest October report forecast Pakistan’s gross domestic product growth at 3.2% for the fiscal year ending June 2025, up from 2.4% in fiscal 2024.
The government expects annual inflation to have come in at 6-7% last month and slow further to 5.5-6.5% in November.
However, inflation could pick up again in 2025, driven by electricity and gas tariff hikes under the new $7 billion IMF bailout, and the potential impact of taxes on the retail and wholesale sector proposed in the June budget.
Ahmad Mobeen, senior economist at S&P Global Market Intelligence, said that while lower rates will offer some relief to the manufacturing sector, the benefits may be limited due to “elevated input costs, driven by high electricity and gas tariffs, combined with global supply and shipping constraints.”
The survey responses on Monday’s policy rate decision are listed below:
Pakistani PM pitches energy, infrastructure, technology investments in meeting with Qatari businessmen
- Shehbaz Sharif’s visit to Qatar seeks to bolster economic cooperation as Pakistan eyes foreign investment
- The prime minister highlighted numerous opportunities that make Pakistan an attractive investment destination
ISLAMABAD: Prime Minister Shehbaz Sharif met a delegation of the Qatar Businessmen Association (QBA) and invited them to invest in Pakistan’s energy, infrastructure and technology sectors, Sharif’s office said on Friday, during his visit to the Gulf nation.
Sharif’s visit to Qatar, which began Wednesday, seeks to bolster economic cooperation as Pakistan eyes foreign investment to stabilize its frail $350 billion economy.
The QBA delegation, led by Sheikh Faisal Bin Qassim Al-Thani, comprised leading Qatari business figures, each representing influential sectors within Qatar’s economy.
PM Sharif highlighted numerous opportunities in sectors such as energy, infrastructure and finance that made Pakistan an attractive investment destination, according to his office.
“Delegates expressed interest in Pakistan’s economic landscape and, in particular, in upcoming projects in energy, technology, and infrastructure development,” it said in a statement.
“During the meeting, both sides explored potential collaborations that could drive job creation, innovation, and sustainable development in both countries.”
The meeting brought together key representatives from Pakistan and influential members of Qatar’s business community, emphasizing shared goals for strengthening trade, investment and economic partnerships, according to Sharif’s office.
The QBA members responded positively to the prime minister’s invitation and indicated their interest in expanding their investments into Pakistan.
On Thursday, Sharif separately met with Qatar’s Emir Sheikh Tamim bin Hamad Al-Thani and his counterpart from the oil-rich Arab state, with both sides discussing the importance of strengthening bilateral collaboration in trade, investment, energy and other sectors.
Sharif led delegation-level talks with the Qatari emir before holding a separate meeting with him to discuss a wide array of issues.
“The leaders reviewed the entire spectrum of Pakistan-Qatar relations, exploring potential avenues for enhanced cooperation in trade, potential areas of investment, energy, and culture,” Sharif’s office said.
Sharif’s meetings in Doha are primarily focused on trade and investment and regional discussions, according to the Pakistani foreign office.
Before arriving in Doha, Sharif attended the Future Investment Initiative in Riyadh, Saudi Arabia, where he discussed trade and investment with Saudi Crown Prince Mohammed bin Salman.
The talks built on recent agreements worth $2.8 billion, including investments in agriculture, semiconductor manufacturing, and energy, aimed at strengthening Pakistan’s economy and deepening ties between the two nations.
Children, policeman among seven killed in roadside blast in Pakistan’s Balochistan
- The blast, which appeared to target a police van, injured 22 other persons in the Mastung district
- Balochistan, home to a long-running insurgency, has witnessed a spike in militancy in recent months
QUETTA: At least seven people, including children and a police constable, were killed and nearly two dozen others injured in a roadside blast in Pakistan’s southwestern Balochistan province on Friday morning, officials said, in the latest incident of violence to hit the restive region.
The blast appeared to target a police mobile van passing by a girls school in the Mastung district of the province, according to police and local administration officials.
The blast resulted from an improvised explosive device (IED) fitted inside a motorbike that was parked outside a mechanic’s shop, according to Mastung Deputy Commissioner Baz Muhammad Marri. The IED exploded when the police mobile and a school van were passing by early on Friday.
“Seven people, including a policeman and five minor children, were killed and 22 others injured in the blast,” Marri told Arab News. “We are ascertaining that who was actually targeted in the blast because a police mobile and a school van were both passing by the area.”
No group immediately claimed responsibility for the blast.
Sarfaraz Bugti, chief minister of Balochistan, condemned the attack and expressed sorrow over the loss of lives in its wake.
“The terrorists have targeted innocent children, we will hold accountable the perpetrators of the blast,” he said in a statement.
Waseem Baig, a spokesman for the Balochistan health department, said 11 injured, including two children, had been shifted to Quetta Trauma Center.
“Three injured are in critical condition and being treated as provincial health minister already declared an emergency in Civil Hospital Quetta,” he told Arab News.
Balochistan, which borders Iran and Afghanistan and is home to major China-led projects such as a strategic port and a gold and copper mine, has been the site of a decades-long separatist insurgency by ethnic Baloch militants. The province has lately seen an increase in attacks by separatist militants.
On Tuesday, five people were killed in an attack by armed men on the construction site of a small dam in Balochistan’s Panjgur district. The outlawed Baloch Liberation Army (BLA), the most prominent of several separatist groups, claimed responsibility for the attack along with killing of two other persons in Kech and Quetta districts.
This month, 21 miners working at privately run coal mines were killed in an attack by unidentified gunmen.
The separatists accuse the central government of exploiting Balochistan’s mineral and gas resources. The Pakistani state denies the allegation and says it is working to uplift the region through development initiatives.
Besides Baloch separatists, the restive region also has a presence of religiously motivated militant groups, who frequently target police and security forces.
Islamabad says militants mainly associated with the Pakistani Taliban frequently launch attacks from Afghanistan and has even blamed Kabul’s Afghan Taliban rulers for facilitating anti-Pakistan groups. Kabul denies the allegation.
TikTok bandits terrorize, transfix Pakistan riverlands
- The outlaws parade hostages in clips for ransom or exhibit arsenals of heavy weapons in musical TikToks
- Sweeping police operations and even an army incursion in 2016 failed to impose law and order in the area
RAHIM YAR KHAN: With a showman’s flair and an outlaw’s moustache, the Pakistani gangster dials the hotline on his own most wanted notice — taunting the authorities who put a bounty on his head.
Staring down the lens in a social media clip, Shahid Lund Baloch challenges the official on the phone and his thousands of viewers: “Do you know my circumstances or my reasons for taking up arms?“
The 28-year-old is hiding out in riverine terrain in central Punjab which has long offered refuge to bandits — using the Internet to enthral citizens even as he preys on them, police say.
On TikTok, Facebook, YouTube and Instagram he fascinates tens of thousands with messages delivered gun-in-hand, romanticizing his rural lifestyle and cultivating a reputation as a champion of the people.
But he is wanted for 28 cases including murder, abduction and attacks on police — with a 10 million rupee ($36,000) price on his head.
“People who are sitting on the outside think he is a hero, but the people here know he is no hero,” said Javed Dhillon, a former lawmaker for Rahim Yar Khan district close to the hideouts of Baloch, and other bandits like him.
“They have been at the receiving end of his cruelty and violence.”
Baloch is said to dwell on a sandy island in the “Katcha lands” — roughly translating as “backwaters” — on the Indus River which skewers Pakistan from top to bottom.
High-standing crops provide cover for ambushes and the region is riven by shifting seasonal waterways that complicate pursuit over crimes ranging from kidnapping to highway robbery and smuggling.
At the intersection of three of Pakistan’s four provinces, gangs with hundreds of members have for decades capitalized on poor coordination between police forces by flitting across jurisdictions.
“The natural features of these lands support the criminals,” said senior police officer Naveed Wahla. “They’ll hide out in a water turbine, move in boats, or through sugarcane crops.”
Sweeping police operations and even an army incursion in 2016 failed to impose law and order. This August, a rocket attack on a police convoy killed 12 officers.
“In the current state of affairs here there is only fear and terror,” said Haq Nawaz, whose adult son was abducted late September for a five million rupee ransom he cannot afford.
“There is no one to look after our wellbeing,” he complains.
But the gangs are increasingly online.
Some use the web to lay “honey-traps” luring kidnap victims by impersonating romantic suitors, business partners and advertising cheap sales of tractors or cars.
Some parade hostages in clips for ransom or exhibit arsenals of heavy weapons in musical TikToks.
Baloch has by far the largest online profile — irking police with a combined 200,000 followers.
Rizwan Gondal, the head police officer of Rahim Yar Khan district, says that his detectives have a dossier proving his “heinous criminal activities.”
“Police have made multiple efforts to capture him however he escapes,” he added.
“He’s a very media savvy guy. Let him say, ‘I am going to surrender before the state to prove that I am innocent’ and let the media cover it.”
In his clips Baloch protests his innocence whilst casting himself as a vigilante in a lawless land, claiming he chose to fight only after family members were slain in tribal clashes.
“We couldn’t get justice from the courts so I decided to pick up arms and started fighting with my enemies,” Baloch told AFP. “They killed our people, we killed theirs.”
But he also plays off the cycle of state neglect which breeds banditry and in turn relegates the destitute farming communities further to society’s fringes.
“The villagers here are not viewed as human but as animals,” Baloch told AFP. “If they gave us schools, electricity, government hospitals and justice, why would anyone even think of taking up arms?“
In comments sections his viewers call him “beloved brother bandit” and a “real hero.” “You have won my heart,” claims another.
“He is popular in the mainstream because he is giving the police authorities a tough time,” said former lawmaker Dhillon.
“People like that he says the things they can’t say out loud against people they can’t speak out against.”
Police have proposed countering bandits by downgrading mobile phone towers to 2G in the Katcha lands, preventing social media apps from loading.
That has not yet happened and would risk cutting communities off further still.
But more low tech solutions have had some success.
An anti-honey trap police cell cautions citizens against the gangs with the help of billboards and loudspeakers at checkpoints entering the area, preventing 531 people from falling prey since last August, according to their data.
Baloch scoffs at police. But one problem plaguing his bid for online stardom has his attention.
Copycat social media accounts pretend to be him and share duplicates of his videos — earning thousands more followers and views than his legitimate accounts.
He feels robbed. “I don’t know what they are trying to achieve,” he complains.
But for police, his Internet hero status is at odds with the toll of his crimes.
“People will idealize Shahid Lund Baloch but when they ultimately get kidnapped by him, then they will realize who Shahid Lund Baloch really is,” said senior officer Wahla.
