Business

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

Published

2 years ago

Farwa

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.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

2 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.