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Petrol price to remain unchanged in Pakistan

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  • 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).

ProductNew Prices w.e.f. 16-03-2022New Prices w.e.f. 01-04-2022 Increase / (-) Decrease 
MS (Petrol) 149.86149.860
High Speed Diesel (HSD) 144.15 144.150
Kerosene (SKO) 125.56125.560
Light Diesel Oil 118.31 118.310

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

An increase in tax was made on restaurant card payments.

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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.

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

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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.

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

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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.

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