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Govt keeps petrol price unchanged, reduces diesel rate by Rs5 per litre

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  • Light diesel oil’s price is reduced by Rs10 per litre.
  • Petrol price to remain unchanged for next fortnight.
  • Ishaq Dar says new prices are effective from May 1.

ISLAMABAD: The federal government on Sunday announced reducing the price of diesel by Rs5 per litre while keeping the price of petrol unchanged for the next fortnight.

In a televised address, Finance Minister Ishaq 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 financial 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 will be available at Rs282, HSD Rs288, kerosene oil Rs176.07 and light diesel oil Rs164.68 per litre.

Diesel is widely used in the transport and agriculture sectors. The reduction in its price could bring inflationary impact down and relief for farmers as the crop-harvesting season has kicked off.

Consumers are already facing high prices, especially the low-income group, who have motorbikes and small cars.

In its last fortnight announcement, the federal government increased the price of petrol by Rs10 and the price of kerosene oil by Rs5.78 “in the wake of the increase in petroleum prices in the international market and exchange rate variations.”

Earlier, sources in oil marketing companies (OMCs) 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.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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