Business

Petrol price to remain unchanged in Pakistan

Published

2 years ago

Farwa

Finance Division says decision taken in line with PM Imran Khan’s last fortnightly review.
Decision would mean that the government will bear the additional burden of Rs30 billion for the fortnight.
Last month, Prime Minister Imran Khan announced slashing the petrol and diesel price by Rs10 per litre.

In line with Prime Minister Imran Khan’s decision, the Finance Division announced in its fortnightly review that petrol prices would remain unchanged throughout the country.

“In line with the decision of the prime minister in the last fortnightly review, the petroleum product prices to remain unchanged despite abnormal price increase in the international market,” said a statement issued by the Finance Division.

The statement added that decision would mean that the government will bear the additional burden of Rs30 billion for the fortnight (March 16-31, 2022).

Product	New Prices w.e.f. 16-03-2022	New Prices w.e.f. 01-04-2022	Increase / (-) Decrease
MS (Petrol)	149.86	149.86	0
High Speed Diesel (HSD)	144.15	144.15	0
Kerosene (SKO)	125.56	125.56	0
Light Diesel Oil	118.31	118.31	0

Last month, Prime Minister Imran Khan announced slashing the petrol and diesel price by Rs10 per litre.

At the outset of his speech, PM Imran Khan had announced that everybody was of the view that increasing commodity and oil prices were a temporary phenomenon; however, in line with the ongoing situation in Ukraine, the government realised that prices would not fall in the international market.

Criticising the Opposition for hurling unnecessary allegations at the PTI-led government, the PM had asked them to come forward with solutions to address the petrol issue.

PM Imran Khan further had said that since Pakistan imports petrol, if the prices increase in the international market, there is nothing the government could do.

Sharing details of petrol prices in other countries, the premier had said that “in Pakistan, the price of petrol is still the lowest in the world.”

Among 190 countries, Pakistan stands at number 25 in terms of lowest petrol and diesel prices,” he had said.

The premier had further added that in Pakistan, the price of petrol is Rs160 per litre, while the price of petrol in India is Rs260, Rs185 in Bangladesh and Rs 200 in Turkey.

“If the government stops providing subsidies worth Rs70 billion, every worth then the price of petrol in Pakistan would have been Rs220 per litre,” he had said.

The premier further said that he received a summary from the Oil and Regulatory Authority (OGRA) to increase charges by Rs10 per litre keeping in view the price hike in the international market.

“In order to provide relief to the people, I want to announce that instead of increasing the price of petrol and diesel we are reducing it by Rs10 per litre,” he had said.

The premier had further announced that the prices would not be increased until the next budget, which is scheduled in June.

Business

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

8 hours ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

8 hours ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

Published

9 hours ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.