Connect with us

Business

On the brink of winter, LPG prices jump by nearly Rs3/kg

Published

on

  • Domestic LPG cylinder new price notified at Rs2,409.16.
  • Price of commercial cylinder climbs to Rs9,269.
  • Pakistan braces for energy crisis in winter.

ISLAMABAD: The Oil & Gas Regulatory Authority (OGRA) has jacked up the prices of liquefied petroleum gas (LPG) for November by Rs2.96/kg to Rs204.16/kg, an official notification showed on Tuesday.

This increase has made the domestic LPG cylinder (11.8kg) expensive by Rs34.91, while the commercial one (45.4kg) will see a jump of Rs134 in price.

Last month, the domestic cylinder of the liquefied gaseous fuel was available at Rs2,374.25 but its price for November will be Rs2,409.16. The price of the commercial cylinder has also climbed to Rs9,269.

Earlier, the Oil and Gas Regulatory Authority (OGRA) reduced the price of Liquefied Petroleum Gas (LPG) up to Rs10.32/kg. The OGRA issued a notification regarding the reduction of LPG prices up to Rs10.32/kg.

The price of LPG was fixed at Rs201.20/kg for October 2022.

A day earlier, the government maintained a status quo in the prices of petroleum products for the next fortnight.

 Finance Minister Ishaq Dar made this announcement ahead of the International Monetary Fund meeting.

Business

An increase in tax was made on restaurant card payments.

Published

on

By

After 15 years, the SRB reduced the service tax that 58 hotels and restaurants in Karachi could have charged on debit and credit card purchases to 15%. This action is a part of the Sindh budget, which was designed to make eating out less expensive for customers.

Prior to this, Sindh’s tax on credit and debit card purchases was lowered from 15% to 8%.

Officials from the SRB have further stated that the service was made available for input adjustment of restaurant tax payments. With this step, businesses will be able to efficiently handle their tax responsibilities and the tax process would be made simpler.

Only a few eateries have been given authority to remove the lower tax rate, even though this tax facility has been reversed.

Continue Reading

Business

The KSE-100 Index rises following a sharp decline in the previous session.

Published

on

By

The government is considering filing a treason case under Article 6 against PTI founder Imran Khan, former president Arif Alvi, and former deputy speaker Qasim Suri. On Tuesday, the KSE-100 Index was up more than 1.3% during early trading, following a day of roughly a 2 percent loss due to growing political unrest and the potential banning of the party.

However, the benchmark index of the Pakistan Stock Exchange was trading at 79,074.63 by 11:49 a.m., having gained 535.45 points, or 0.68 percent, after reaching an intraday high of 79,578.04.

Market analysts said that political tensions were the primary cause of the KSE-100’s earlier Monday decline of 1578.71 points, or 1.97 percent.

They did point out, though, that a correction was a reasonable reaction to the protracted upswing that allowed the benchmark mark index to reach 81,839.86 on July 18.

As a result of interest rate cuts and the possibility of another IMF program, the Pakistan Stock Exchange has gained 22.97 percent so far this year. The cycle began on June 10 with a 1.5 percent decrease in borrowing costs.

Continue Reading

Business

In interbank trade, the US dollar crushes the Pakistani rupee.

Published

on

By

During interbank trade on Tuesday, the US dollar’s value increased by 15 paisas, reaching Rs 278.45.

It is important to remember that Fitch Business Monitor International expressed concern about the possibility that Pakistan’s economic stability may be jeopardized by the ongoing political unrest.

The fragile situation of Pakistan’s economic recovery was emphasized by Fitch in its most recent Pakistan Country Risk Report, which also noted that economic activity has been impeded by urban protests.

(PTI),In spite of multiple successful judicial appeals, the founder of Pakistan Tehreek-e-Insaaf (PTI) is expected to stay behind bars, the article notes, underscoring the fragile political environment.

With no urgent plans for new elections, this scenario suggests that the coalition administration will remain in office for the next 18 months.

Fitch also described an eventuality in which the government could change and be replaced by a technocratic administration. This suggests that the government of Pakistan would carry out the reforms demanded by the IMF, contributing to the 3.2% GDP growth expected in 2024–2025.

The policy rate has stabilized above projections, while the research predicted it may reach 16 percent this fiscal year and 14 percent the following year.

Continue Reading

Trending