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June 16 will mark the start of another significant decline in Pakistan’s petrol prices.

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Petrol prices are predicted to drop by around Rs9 and HSD by Rs5 per litre in the next fortnightly review on June 15.

In the last two weeks, the price of gasoline and HSD has reportedly decreased by around $3.75 and $2.7 per barrel, respectively, on the global market.
On Friday, oil prices decreased as investors assessed the potential effects of longer-than-expected increases in U.S. interest rates.

At $82.33 a barrel, Brent crude futures saw a 0.5% decrease of 42 cents. WTI U.S. crude futures saw a loss of 51 cents, or 0.7%, to trade at $78.11 per barrel.

Increase in projected fuel and diesel taxes

In the meantime, a major rise in the petroleum levy on petroleum products was planned by the federal government led by the PML-N.

The government has suggested a 33 percent increase in gasoline and diesel prices, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb, who presented the federal budget for the fiscal year 2024–25.

The proposal also called for a fifty percent rise in the tax on light diesel, high-octane gasoline, and ethanol. High-octane, light diesel, and ethanol would all carry a 50 rupee fee per litre upon proposal acceptance.

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Maintaining Fertiliser Price Stability: The Need for a Continuous Gas Supply to the Fertiliser Sector

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To guarantee fertiliser price stability, a cabinet committee meeting was presided over by Senator Muhammad Ishaq Dar, the deputy prime minister.

Senior government officials, including Industries Minister Rana Tanveer Hussain, attended the meeting.

The attendees received an update on the government’s, gas suppliers’, and fertiliser industry’s conversations. Additionally, the gas supply for the fertiliser sector was evaluated and determined to be adequate.

Throughout the Rabi cropping season, the Deputy Prime Minister ordered the fertiliser industry to maintain a continuous gas supply in order to guarantee steady production and stock levels.

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Fifth Straight Cut: PM Applauds SBP’s Policy Rate Reduction

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Prime Minister Muhammad Shehbaz Sharif has praised the State Bank of Pakistan’s decision to lower its policy rate by an additional 2 percent, stating that the bank’s current 13 percent rate is encouraging for the nation’s economy.

He expressed optimism in a statement that the policy rate cut would encourage investment and further boost investor confidence in the country’s economy.

The prime minister said that decreasing the inflation rate also lowered the policy rate and that future inflation rate reductions will be even more pronounced.

Additionally, he expressed gratitude to the Federal Finance Minister and other officials for their work in this area.

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GHQ Attack Case: Prosecution Seeks Bail Cancellation of CM KP & Other Accused, Indicts 9 More

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25 defendants, including PTI officials, have non-bailable arrest warrants issued by the Anti Terrorism Court of Rawalpindi for their failure to show up for court proceedings related to the GHQ attack case.

Judge Amjad Ali Shah added nine more suspects to the GHQ attack indictment list during today’s ATC Court sessions, bringing the total to 98.

Among the 61 defendants who appeared in court were Shah Mehmud Qureshi and the founder of the PTI.

Among those charged are Khadim Hussain Khokhar, Mehr Mohammad Javed, Chaudhary Asif, Zakir Ullah, Azeem Ullah, Shireen Mazatri, Major Retired Tahir Sadiq, and former MPA Rashid Hafeez.

A plea to cancel the bail of 23 suspects, including Chief Minister Khyber Pakhtunkhwa, has also been filed by the prosecution side.

In the GHQ attack, there were 119 accused in total.

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