KARACHI: Amid anticipated stability in the rupee-dollar parity after a staff-level agreement with the IMF, the country’s auto assemblers and a leading tetra milk producer on Wednesday shocked consumers with massive price hikes.

Lucky Motor Corporation Ltd (LMCL) on Wednesday raised the price of Picanto Automatic Transmission by Rs200,000 to Rs3.825 million from Rs3.625m while keeping Picanto (manual) unchanged at Rs3.350m.

Similarly, the Stonic EX price held unchanged at Rs5.350m while the Stonic EX plus model price had been raised to Rs 6.050m from Rs5.930m.

The price of Sportage Alpha, FWD, AWD and Black Edition had been ja­­c­ked up to Rs7.300m, Rs8.190m, Rs8.820m and Rs9.300m from Rs7.050m, Rs7.940m, Rs8.570m and Rs9.050m.

Consumers to pay more for packaged milk

Sorento 2.4L FWD and 2.4L AWD prices had been enhanced to Rs10.800m and Rs11.790m from Rs10.400m and Rs11.300m. The company did not make any change in the price of Carnival at Rs16.750m.

Just a few days ahead of Eidul Azha, dealers of Kia vehicles had informed customers regarding ready delivery with price lock on full payment in all the vehicles. LMCL did not mention any reason for the price hike in its circular issued to its authorized dealers.

On Tuesday, the rupee gained 3.83pc against the US dollar to settle at Rs275.44 in the interbank market compared to Rs285.99 on June 27.

However, on Wednesday, the dollar partially reversed the trend and appreciated by Rs1.97 to Rs277.41.

Yamaha Motor Pakistan Ltd (YMPL) also increased the price of various motorbike models by Rs24,000-29,000 on Wednesday, citing no reason in its letter to the authorised dealers.

Yamaha YB125Z (red/black), YB125Z DX (red, black and grey), YBR125 (red, blue and black), YBR125G (black)) and YBR125G (matt dark grey and matt orange) now cost Rs380,500, Rs408,000, Rs419,000, Rs436,000 and Rs439,000 as compared Rs356,000, Rs381,500, Rs391,500, Rs407,000 and Rs410,000.

Packaged milk

After a hike of Rs20 per litre in loose milk rate to Rs230 per litre, consumers now brave another test of paying a higher price for tetra milk.

Nestle Pakistan Ltd (NPL) has raised the price of a one-litre tetra pack to Rs280 from Rs270.

Without attributing any reason for the price hike, the new price would become effective from July 15.

In January, the one-litre tetra milk pack was available at Rs230.

Published in Dawn, July 6th, 2023