Gold per tola prices witness massive decline,
SBP puts speculations to rest by sticking to 22pc interest rate,
ISLAMABAD – The Oil and Gas Regulatory Authority (Ogra) on Monday increased the price of Liquefied Petroleum Gas (LPG) by Rs23 per kilogram for the month of August 2023.
LGP users will have to bear tremendous pressure after the increase in the price. The rate of 11.8kg of LPG cylinder now stands at Rs2,373.64 after an increase of Rs281.51.
Similarly, the price of LPG now stands at Rs201.15 per kg. In July, the 11.8kg domestic cylinder of LPG was available at Rs2,092.13.
The per tola price of 24-karat gold has been decreased by Rs2500 and available at Rs222200 on Monday against its sale at Rs 224,700 on last working day.
As per the Sindh Sarafa Jewellers Association, the price of 10 grams of 24 karat gold also decreased by Rs2143 to Rs 190,501 whereas the price of 10 grams 22 karat remained at Rs 174,626. The price of gold in the international market decreased by $16 per ounce to $1959.
The State Bank of Pakistan (SBP) maintained on Monday the status quo and decided to keep the key policy rate at 22 per cent.
This announcement was made by State Bank Governor Jameel Ahmed after a meeting of the Bank’s Monetary Policy Committee (MPC).
The State Bank had increased its key policy rate by 12.25 percentage points since April 2022, mainly to curb ballooning inflation. The State Bank kept rates steady in June and said inflation had reached 38 per cent in the previous month.
But before the end of the month, it hiked rates by 100 basis points in an emergency meeting, citing a “slightly distorted outlook for inflation”.
In a press conference today, the SBP governor said: “The decision to maintain the policy rate has been taken after reviewing inflation.”
He asserted that there was a significant decrease in inflation in June.