Khawaja Asif, Federal Minister of Defense said that the government is planning to phase out petrol powered bikes from Pakistan. Khawaja Asif revealed this news during the National Energy Conversation Policy Conference.
During the conference, he added that the government is incentivizing the purchase, sales and local manufacturing of electric bikes.
Furthermore, he also said that the decision will surely help the state economy, the citizens as well as the country’s environment. However, the government is planning to expedite the introduction of e-bikes to save nearly Rs 86 billion per year.
Moreover, he also discussed other essential things to save electricity within the capital city of Pakistan. It surely includes the timings of the operating hours of the restaurants, shopping plazas, markets and wedding halls.
Expiration of EV Import Duties
The Regulatory Duty (RD) SRO on the import of electric vehicles (EVs) has expired.
On the other hand, with the rising rates of the dollar, Pakistan is rapidly losing foreign exchange reserves whereas, the economy is on the verge of crashing. Hence, people are largely skeptical of the current development.
On November 21, 2022, SRO 1571(1)2022 came to an end. The change caused a significant decline in EV prices. The price of the E-Tron decreased by about Rs 20 million. Likewise, many other automakers cut the cost of their EVs after the RD was eliminated.
Moreover, this has also sparked rumors that people who delayed importing luxury EVs from abroad may now start doing so now that the RD has expired.
According to analysts, the elimination of RDs on EV imports could cause a tidal wave of premium EV imports and a new SRO. According to their predictions that the development would result in a further decline in foreign exchange.
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