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Sigh of relief: Petrol price in Pakistan likely to slide down by Rs9.62

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  • Price of diesel may witness slight increase for next fortnight.
  • Sources say average platts price for motor spirit also plunged to Rs92.28 from Rs101.83
  • Ex-refinery price of diesel is estimated to increase by Rs3.04 per litre to Rs231.90.

The price of mogas is likely to drop from Rs235.98 per litre to Rs226.36 after a cut of Rs9,62 per litre on September 16 (Friday) for the next fortnight.

However, a slight increase of Rs3.04 per litre is expected in the price of diesel, taking the rate up from Rs247.26 per litre to Rs250.30 for the said duration.

Industrial sources said that the average Platts price for motor spirit also plunged by Rs9.55 to Rs92.28 from Rs101.83 for the duration from September 1-15. However, the exchange rate remained on the higher side if compared with the exchange rate registered during August 16-31. And with unchanged customs duty at Rs15.39 per litre, the cost of one-litre petrol in the refinery slid by Rs7.84 per litre to Rs166.76 from Rs174.61 per litre.

However, the ex-refinery price of one-litre petrol has been estimated to decrease by Rs9.62 per litre to Rs173.43 from Rs183.04 per litre, The News reported.

Regarding diesel, though the average Platts price for diesel tumbled during September 1-15 by Rs6.46 per litre to Rs133.93 from Rs140.38 per litre, the cost and freight in dollars went up. Likewise, the exchange rate also remained on the higher side at Rs225.63 against the Rs217.81 registered during the August 16-31 period, showing an increase of Rs7.87. However, the likely increase in imposition of customs duty on HSD by Rs3.37 to Rs22.11 per litre from Rs18.74 will increase the cost of one-litre diesel in a refinery by Rs1.57 per litre to Rs224.57 from Rs223 per litre.

And after the PSO exchange adjustment, the ex-refinery price of diesel is estimated to increase by Rs3.04 per litre to Rs231.90 from earlier Rs228.87 per litre.

However, for end consumers, the distribution margin for diesel and petrol stands at Rs3.68 per litre and Rs7 per litre. The imposition of petroleum levy on petrol stands at Rs37.50 per litre and on diesel at Rs7.50 per litre.

The Rs4.76 per litre on petrol is being charged in the shape of IFEM (Inland Freight Equalisation Margin) and Re0.21 on diesel. The coalition government under the IMF programme is bound to jack up petroleum levy up to Rs50 on both petrol and diesel to generate Rs855 billion in 2022-23.

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Pakistani stocks are rising, and the KSE-100 breaks the 69,000 barrier.

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The benchmark KSE-100 Index increased 1.76 percent on Monday, passing beyond the 69,000 barrier for the first time in its history. This maintained Pakistani stock market’s record-breaking run, as investors remained upbeat about potential rate cuts by the central bank.

The most recent advances also follow Prime Minister Shehbaz Sharif’s iftar dinner given by Saudi Crown Prince Mohammed bin Salman in Makkah, at a time when Riyadh is anticipated to announce an approximately $1 billion investment in Reko Diq, one of the world’s greatest reserves of copper and gold.

After reaching a high of 69,720.03, the KSE-100 Index concluded at 69,619.98 with a net gain of 1,203.20 points by the time trading was closed for the day. This was due to international investors, both individual and institutional, making purchases.

The meeting between Shehbaz and the Saudi crown prince, also referred to as MBS, may open doors for investment in a variety of industries, including mining, energy, and agriculture.

With record-high energy and interest rates driving up the cost of conducting business to an unaffordable level, investors are clamoring for foreign investment to prop up the economy.

Any improvement in this area would not only contribute to the rupee’s appreciation but also increase the value of cheap equities due to the anticipated purchasing frenzy, as buyers will not pass up the chance to purchase at the reduced prices.

However, there is a big question mark over the heightened expectations that the State Bank of Pakistan will begin reducing interest rates following the consumer price index (CPI) showing a steady fall in inflation over the past three months, particularly the greater than anticipated decline in March.

The reason is that, given Islamabad’s desperation to secure another package from the Washington-based lender, there is an impending hike in gasoline costs in addition to power and gas charges. This move will further sustain the inflationary pressure under the IMF criteria.

Meanwhile, the most recent US data has reduced expectations for potential rate reduction by the Federal Reserve, which is driving up the price of gold as speculative purchasing occurs.

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The price of gold is still rising in Pakistan.

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24 carat gold’s per tola pricing increased by Rs 600 on Monday, when it was sold for Rs 245,700 as opposed to Rs 245,100 the day before.

Ten grams of 24 carat gold cost Rs 514 more than the selling price of Rs 210,648; ten grams of 22 carat gold cost Rs 193,094 instead of Rs 192,622, according to the All Sindh Sarafa Jewellers Association.

Silver prices per tola and per ten grams stayed at Rs 2,650 and Rs 2271.94, respectively.

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According to the Association, the price of gold went up $5 to $2,355 on the global market from $2,350.

24 carat gold saw a rise in prices per tola on April 6 of Rs 4,900. It was sold on Saturday for Rs 245,100 as opposed to Rs 240,200 the day before.

The price of 10 grams of 24 carat gold went up by Rs4,200, and it was sold for Rs210,134 as opposed to Rs205,932. The price of 10 grams of 22 carat gold went up to Rs192,622 from Rs 188,772, according to the All Sindh Sarafa Jewellers Association.

Silver prices per tola and per ten grams stayed at Rs 2,650 and Rs 2271.94, respectively.

According to the Association, the price of gold went up $44 to $2,350 on the global market from $2,306.

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PIA privatization: “Investors from Saudi Arabia and Qatar are briefed by Pakistan.”

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According to information provided, investors in the aviation industry in Qatar, Abu Dhabi, and Saudi Arabia were approached and given a briefing on the privatization of PIA.

According to additional sources, investors received information about “profitable” investments in the international lines operated by FIA and PIA.

Since National Airline’s debts and losses were transferred to the withholding firm prior to privatization, all of them have been paid off.

According to the sources, every obstacle to the PIA’s privatization has been removed.

It is important to note that, as the government moves on with its privatization plan, up to three Gulf nations—the United Arab Emirates, Saudi Arabia, and Qatar—have expressed interest in purchasing the financially troubled Pakistan International Airlines (PIA), according to sources.

Previously, purchasers were asked to submit proposals by May 3 for the privatization of Pakistan International Airlines (PIA).

The Pakistani government intends to sell 51 percent of the national flag carrier’s shares; the remaining 49 percent will be owned by the government. The government’s goal is to privatize solely the PIA’s aviation department.

According to the officials, the business that purchases the 51 percent of the shares would continue to hold administrative authority over PIA.

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