Business

Did Ogra recommend decreasing petol price?

Published

2 years ago

Farwa

Finance Minister Ishaq Dar on Tuesday rejected reports circulating that the Oil and Gas Regulatory Authority (OGRA) had recommended a decrease in the prices of petrol for the first fortnight of the current month.

Taking to Twitter, the finance minister said: “Some reports have been circulating in the press and electronic media stating that OGRA made a recommendation to the government for a reduction in the price of Motor Spirit/Petrol with effect from 1st May 2023, which are baseless and untrue.”

Clarification!

Some reports have been circulating in the press and electronic media stating that OGRA made recommendation to the Government for reduction in the price of Motor Spirit/Petrol with effect from Ist May 2023, which are baseless and untrue.
— Ishaq Dar (@MIshaqDar50) May 2, 2023

Meanwhile, OGRA spokesperson Imran Ghaznavi in a brief press statement said the authority did not recommend any decrease in the prices of petrol.

“The recent decrease in international price was offset against the outstanding exchange rate adjustment, and as such, there was no room for a decrease in the local prices of MS/Petrol,” he added.

Petrol price unchanged

The federal government last Sunday announced reducing the price of diesel by Rs5 per litre, however, they kept the price of petrol unchanged for the next fortnight.

Dar said the new prices had been worked out to provide “maximum relief” to the masses on the instructions of Prime Minister Shehbaz Sharif.

The finance czar also announced Rs10 per litre reduction in the prices of Kerosene oil and Light Diesel Oil (LDO) each.

Following the notification of new prices, petrol is now available at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.

Before the announcement of the new petroleum prices, sources in the oil marketing companies (OMCs) had told Geo News that the price of petrol was likely to be declined by Rs4.5 per litre while the price of diesel was expected to go down by Rs6 per litre.

Business

Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

Published

2 days ago

Farwa

Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

Business

Despite economic gains, PSX remains strong.

Published

2 days ago

Farwa

Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

Business

Pakistan resolves to meet benchmarks, and the IMF promises economic help.

Published

2 days ago

Farwa

In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.