Gold prices in Pakistan kept climbing this week. On October 16, the price of 24-karat gold per tola rose by Rs2,800 to reach Rs440,636, according to the All Pakistan Sarafa Gems and Jewellers Association.
The metal is holding near record levels. Ten grams of 24K gold now costs Rs377,774, while the international price opened at $4,181 per ounce. Silver also edged up, rising Rs8 to Rs6,256 per tola.
Fuel relief scheme in limbo
At the same time, the future of the government’s fuel support scheme is unclear. On October 8, Pakistan reached a staff-level deal with the IMF for a $1.21 billion loan tranche. Under the deal, Pakistan agreed to end the Rs75 billion fuel support scheme at once. IMF mission chief Iva Petrova called the scheme costly and poorly targeted.
But just two days later, on October 10, PM Shehbaz Sharif said the scheme would continue. He noted it serves over 10 million people, with Rs75 billion allocated and about 19.4 million fuel tokens already redeemed out of 27 million issued.
The scheme gives a Rs100 per litre discount: 20 litres a month for motorcycles and rickshaws, and 30 litres for cars up to 800cc.
Pump prices revised
Separately, OGRA revised fuel prices this week. Petrol was cut by Rs3.63 to Rs390.23 per litre, while diesel rose by 31 paisa to Rs396.96 per litre. The new prices took effect on October 16. Both fuels still carry a petroleum levy of Rs80 per litre plus a Rs5 climate support levy.
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