Get ready! Cars prices might go up again

Pakistani rupee is getting devalued against the US dollar. In the recent development, the dollar has reached to PKR 119.5 in the open market. And now it seems that due to fluctuation in dollar price, the rate of cars once again will increase. Not only the rates of vehicles but also the prices of petroleum products might surge amid rupee devaluation. This is for the second time this week that the price of the dollar has surged.

The local car makers Honda Pakistan, Pak Suzuki, Indus Motors Company and Al-Haj, has already increased the prices of their vehicle’s lineup twice this year and it seems that the prices would soar again. One of the main reasons which the automakers give when increasing the rates is the devaluation of rupee against the US dollar. And that is happening again. Even at the Competition Commission of Pakistan CEO Indus Motors Mr. Jamali asserted that rupee depreciation was one of the main reasons they were forced to increase the prices. So, it is highly possible that car prices will rise in the coming days. And if the local manufacturers do; increase the price, it would be interesting to see the reaction of the public.

Read Also: IMC might increase the prices of its cars second time this year

Two days back Dollar surged to PKR 118.5, and it was looking that it will not go further; however, the rising dollar created a buzz and made panic in the market.

The adviser to Prime Minister on Finance, Miftah Ismail was reportedly saying that government would not devalue the rupee further, but in reality, it’s getting devalued. And the impact of this devaluation will fall on the general public; they are the ones who will suffer more.

It is reported by many local media outlets that the government will devalue the rupee for the third time this year. Furthermore, one important thing to mention here is that the State Bank of Pakistan has devalued rupee by 9.5% in this year alone.

Drop your thoughts in the comments section below.

My name is M. Ali Laghari and I love to read and write about Cars.

Notable Replies

  1. Haha looks like you'll buy your car for 1 crore by the time it delivers :smile:

  2. aa78 says:

    Full transparent financial audit of actual costs must be conducted of these Japanese mafia companies to determine actual effect of currency devaluation.

  3. Yaha BC peene ka saaf paani nahe de pa rahe tou in companies ki accountability fairy tales ki kahani lagte hai

  4. I don't understand the point of this article? This is nothing but speculation.

    By writing such articles, PW is effectively just making grounds for the greedy manufacturers to easily increase prices as public's reaction, if this indeed happens, would not be as crazy as the shock they would get if Honda/Toyota suddenly announce its 3rd price increase in 4 months!

    Last time around, in March, Toyota did this strategy when their CEO first hinted that car prices will have to be increased as costs are getting up. When the manufacturers saw that there was no major reaction to this statement, both Toyota and Honda quickly raised prices by 1 lac.

  5. Bank rate is still 115, open market today is 118.7 as I bought some dollars.

    Dollar rate is high in open market due to dealers and common people are buying in frenzy which is escalating it.

    Will normalize again.

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