Connect with us

Business

Beginning on September 16, the price of petrol is expected to experience a significant drop.

Published

on

The price of kerosene oil is expected to decrease by Rs8 per liter, while the price of petrol and high-speed diesel are expected to receive a reduction of Rs12 per liter each, according to sources.

After analyzing the fluctuations that occurred on the worldwide market from September 12 to 14, the ultimate decision regarding the reduction in the price of gasoline would be made.

Beginning on September 16, the existing rates will be replaced with the new ones.

At one point in time, the government experienced a modest decrease in the prices of petroleum. With a drop of Rs 1.86 per litre, the price of petrol has been brought down to Rs 259.10, while the price of high-speed diesel has been reduced by Rs 3.32 per litre, and it is currently priced at Rs 262.75.

A three-year low is reached for oil prices.
Oil benchmark on a global scale OPEC+ revised down its demand prediction for this year and 2025, offsetting supply concerns from Tropical Storm Francine, which resulted in Brent crude futures arriving at their lowest level since December 2021. This occurred on Tuesday.

Brent crude futures reached a price of $69.19 a barrel, representing a decrease of $2.65, or 3.69%. The final price of a barrel of West Texas Intermediate (WTI) crude in the United States was $65.75, representing a decrease of $2.96, or 4.31%.

In addition, the Organization of the Petroleum Exporting Countries (OPEC) reduced its forecast for the growth of world demand in 2025 from 1.78 million barrels per day to 1.74 million barrels that year. As a result of the deteriorating prospects for global demand and the anticipation of an oil glut, prices moved downward.

According to increased inventories of diesel and gasoline, margins for Asian refiners dropped to their lowest seasonal level since the year 2020 last week.

Business

Minister of Finance Reaffirms Unwavering Support for APM Terminals Group in Effort to Strengthen Bilateral Cooperation

Published

on

By

Senator Muhammad Aurangzeb, Pakistan’s Minister of Finance, has promised the APM Terminals Group his full support in creating an environment that is both business-friendly and conducive to investment.

In Islamabad, he met with a group of APM terminals who had come to hear him speak. Keith Svendsen, CEO of APM Terminals, was in charge of the group.

Muhammad Aurangzeb, a senator from Pakistan, expressed his approval of APM Terminals’ investment plans.

Following last month’s signing of a memorandum of agreement to strengthen bilateral cooperation, the meeting’s emphasis was on the actions taken to date.

Continue Reading

Business

Pakistan’s gold prices are declining.

Published

on

By

Ten grams of 24 carat gold also had a price decrease of Rs. 1,115, from Rs. 239,026 to Rs. 237,911, while ten kilos of 22 carat gold saw a rise in price from Rs. 219,107 to Rs. 218.085.

The cost of ten grams of silver and one tola of silver stayed at Rs. 2,829.21 and Rs. 3,300, respectively.

As stated by the Association, the price of gold fell $13 to $2,670 on the global market.

On Monday, November 11, 24-karat gold prices fell to 3,771 Saudi Riyals (SAR) per tola in Saudi Arabia.

The price of 24-kar gold is SAR 10,067 per ounce, while 10 grams of the metal are being sold for SAR 3,237 in the kingdom, according to forex.pk.

Note: Since the prices were updated at 10:15 am on November 11, 2024, there may be some discrepancies in this post due to the dynamic nature of the gold market globally, especially in Saudi Arabia.

As the markets anticipate the Federal Reserve to take a cautious stance under U.S. President-elect Donald Trump’s administration, gold prices fell for a second session on Monday due to a stronger dollar and heightened risk appetite.

As of 09:27 GMT, spot gold was down 0.6% to $2,666.48 an ounce. The price of US gold futures dropped 0.8% to $2,673.20.

“A stronger U.S. dollar, rising Treasury yields, and increased risk appetite in financial markets are the main reasons why gold prices have declined — a trend that has gained momentum since Donald Trump’s victory in last week’s presidential election,” said Ricardo Evangelista, senior analyst at ActivTrades.

Continue Reading

Business

Prices for cooking oil and ghee have increased in Pakistan.

Published

on

By

Details show that although the price of ghee increased to Rs 550, the price of cooking oil increased by Rs 30 to Rs 560.

The market vendors said that the cost of Karachi-branded ghee had increased by an astounding Rs 120 over the past month, to Rs 500.

The Sensitive Price Indicator (SPI), which measures weekly inflation, increased by 0.28 percent for all consumer categories during the week ending October 17, according to a report released by the Pakistan Bureau of Statistics (PBS) on October 18.

In the aforementioned group, the SPI for the week under review was 319.79 points, compared to 318.91 points the previous week, according to the PBS statistics.

In the week under examination, the SPI for the combined consumption group increased by 15.02 percent compared to the same week last year.

51 important goods for all expenditure groups and 17 urban centers are covered by the weekly SPI with base year 2015–16 = 100.

Additionally, the SPI for the lowest consumption category, which is up to Rs 17,732, increased by 0.27 percent from 312.91 points last week to 313.74 points.

Continue Reading

Trending