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Expected increases in gasoline prices starting on March 1st

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The government has received a working paper from the Oil and Gas Regulatory Authority (OGRA), which suggests raising the price of petroleum products as a result of growing worries about rising oil prices globally and possible income shortages.

The ex-refinery price of petrol will increase from Rs 192.17 per litre to Rs 195.61 per litre as a result of the OGRA’s suggested increase of Rs 3.44 per litre, according to sources.

The plan also calls for a possible hike in diesel prices of Rs 1 per litre, which would raise the ex-refinery price from Rs 206.75 to Rs 207.75 per litre.

OGRA has proposed a reduction in the cost of light diesel oil (LDO), however the precise amount is yet unknown.

It’s crucial to remember that the Ministry of Finance will eventually determine whether to change prices; these are only temporary proposals. Before making a final choice, a number of aspects will be taken into account, such as prospective customer impacts, revenue requirements, and worldwide market trends.

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IHC suspends the naan and roti price reduction notification.

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The head of the Naanbai Welfare Association petitioned IHC Justice Tariq Mahmood Jahangiri.

In their petition, the Naanbai Welfare Association said that the controller general reduced the price of roti from Rs25 to Rs16 and naan from Rs30 to Rs20.

The association claimed that the relevant authorities did not consult them before making the decision. He informed the court that the decision was made without their input and that the new pricing were too low.

The district administration official informed the court that the controller of general pricing and suppliers was given the authority to determine the prices of necessary commodities such as naan and roti.

Following a legislative modification, the functions were delegated to the controller general.

Barrister Umar Aijaz Gilani, the lawyer for the Naanbai Association, argued that the controller general’s powers were not governed by Section 3 as stated in the notification.

He noted that rent and grain prices are high in Islamabad. The court queried the Islamabad district government, which was the association, about the pricing of flour before lowering the costs. “Order was passed justice to make people happy.”

Later, the court ordered a detailed answer in the matter and stayed the notification of lowering the prices of naan and roti in Islamabad until May 6.

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UNICEF will donate $20 million to youth initiatives in Pakistan.

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The signing of a letter of intent between the Prime Minister’s Youth Program and the UN International Children’s Emergency Fund (UNICEF) about the United Nations Generation Unlimited (GenU) program was witnessed by Prime Minister Shehbaz Sharif.

In order to empower youth via education, technical training, and entrepreneurship as well as to work toward early education and training, the Secretary General of the UN announced the Generation Unknown initiative in 2018.

Twenty million euros will be invested in youth-related projects by GenU as it prepares to launch its full operations in Pakistan.

To help ensure that young people have equal access to training and education, sign the document. A joint operational strategy framework will be developed in this regard by GenU and the PM Youth Programme.

PM watches UNICEF and PMYP sign a letter of intent.

Prior to this, the prime minister was visited by a UNICEF delegation led by Abdullah A. Fazil, UNICEF’s Pakistani representative. Moreover present in the conference was Rana Mashhood, Chairman of the PM Youth Program.

The PM Youth Programme and UNICEF are working together to increase the capacity of Pakistan’s youth, as the delegation informed the prime minister.

The prime minister expressed gratitude to UNICEF for their efforts on behalf of children’s welfare in Pakistan and throughout the world.

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Pakistani reforms discussed by IMF chief and finance minister

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The Washington discussion included economic challenges, policy preferences, and Pakistan’s economic reform vision.

Privatisation, tax reform, and private sector amenities were also discussed.

In the US, the finance minister is discussing a fresh IMF credit program for Pakistan.

Tuesday, Muhammad Aurangzeb praised the IMF and World Bank for their economic development assistance to Pakistan.

Muhammad Aurangzeb, Federal Minister for Finance and Revenue, attended the G-24, Finance Ministers, and Central Bank Governors’ Meeting, according to a news release.

The minister talked about taxation, energy, privatization, and digitalization changes and the need to increase private sector investment and use the “Adaptation Fund” to mitigate climate change.

The nine-month, $3 billion IMF loan program to address a balance-of-payments issue that nearly drove the South Asian nation to default last summer is reaching its end.

In a Washington interview, Finance Minister Muhammad Aurangzeb claimed Pakistan has began negotiations for a new multi-year IMF loan program for “billions” of dollars. The last $1.1 billion tranche of that transaction is expected to be granted later this month

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