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Price of petrol, diesel may increase by Rs32 per litre from Feb 16

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  • US dollar exchange rate stands at 271.82 for next fortnight.
  • Mogas price would likely go up by 12.8% per litre.
  • Price of diesel could rise by 12.5%.

ISLAMABAD: In yet another hike, the prices of petroleum products may increase by over Rs32/litre from February 16 (tomorrow) owing to the US dollar exchange rate, The News reported. 

Petroleum, oil and lubricants prices closed at Rs236.40 per dollar which currently stands at 271.82 for the next fortnight. However, the free-on-board Platt prices saw a decline as compared to last fortnight’s pricing.

As per the official and industrial sources, the Mogas price would likely go up by 12.8% per litre or by Rs32.07 to stand at Rs281.87 from Rs249.8 per litre. 

Similarly, the price of diesel could rise by 12.5% or by Rs32.84 to stand at Rs295.64 from Rs262.8 per litre previously.

Kerosene oil price was forecast to increase 14.8% or by Rs28.05 to stand at Rs217.88 per litre, while light diesel oil (LDO) could go up 5.3% or by Rs9.90 to stand at Rs196.90 from Rs187 per litre set in the last review.

The above prices have been assumed based on the current government taxes and estimated Pakistan State Oil (PSO) incidentals. The government might adjust the exchange rate at over Rs251 with an increase of Rs15 per litre for both products of Mogas and diesel. The petroleum levy for diesel which stands at Rs40 could increase by Rs10 to Rs50 from February 16.

The government had earmarked the target to get a revenue of Rs850 billion by imposing a petroleum levy on petroleum, oil and lubricants, but the shortfall in this head has been estimated at Rs250 billion, and the authorities have pinned hopes on getting a revenue of Rs600 billion.

The government had carried out a massive increase of Rs35 per litre from February 1, 2023, till February 15.

Currently, the government is charging Rs50 per litre petroleum levy, whereas the general sales tax (GST) has not been imposed yet.

The official said that the exchange rate losses to the refineries and oil marketing companies (OMCs) would be done away with in a staggered manner later on as the government right now does not want to pass the full exchange rate on to the consumers.

The last increase in prices of petroleum products was made in the review on January 29, 2021, by the federal government.

Pakistan is currently facing a short supply of petrol, with its most populous province, Punjab bearing the brunt of the crisis, which was being blamed on petroleum dealers.

It has also been alleged that hoarders were holding onto petrol stocks in anticipation of a price hike scheduled on February 15 (today).

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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Remittances Increase 25.2% in January 2025: $3.0 Billion Inflow

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Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.

The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.

In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.

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