Latest News

Govt unleashes another gas bomb on the people affected by inflation

Published

3 months ago

Farwa

Tuesday saw the approval of yet another rise in gas pricing by the Oil and Gas Regulatory Authority (Ogra), with the goal of making up for the alarming Rs98 billion deficit that is ailing the country’s economy.

The increased rates, which are in effect from January 1, 2024, to June 30, 2024, will cause even more problems for individuals who are currently dealing with historically high rates of inflation. This represents the second petrol price adjustment for the current fiscal year 2023–2024.

The government has decided to increase the tariffs of Sui Southern Gas Company Limited (SSGCL) and Sui Northern Gas Pipelines Limited (SNGPL), a decision that would have an impact on people all throughout the country.

Tariffs on SNGPL will increase by a significant 35.13 percent, while SSGCL’s charges would increase by 8.57 percent.

According to Ogra’s plan dated February 2, there would be a major increase in petrol prices. The average price per MMBTU would rise to Rs1,590 from the previous cost of Rs1,291 set in June 2023.

This change is a result of increasing pressure from the International Monetary Fund (IMF), which has called for biannual adjustments to petrol prices in order to reduce the rapidly increasing circular debt.

Sui Northern petrol rates have increased significantly from the previous cost of Rs1,238.68 to Rs1,673.82 per MMBTU as a result of a recent Ogra judgement.

Sui Southern’s petrol rates have also increased, going from Rs1,350.68 per MMBTU to Rs1,466.40 per MMBTU.

The decision by the government to accept this increase in petrol prices has caused conflicting responses among different groups in society. Some contend that it’s an essential step in addressing the economic difficulties, while others voice worries about how it would affect the already burdened population.

The cost of basic utilities becomes a more urgent worry for regular individuals as inflation rates rise to unprecedented levels.

The discourse around the effectiveness of these policies is becoming more heated as the country struggles with economic uncertainty, which emphasises the necessity for all-encompassing approaches to address Pakistan’s economic problems while defending the interests of its citizens.

Business

Pakistan’s gold prices continue to decline.

Published

3 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

3 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

3 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.