Business

Petrol, diesel prices hiked by more than Rs19

Published

1 year ago

Farwa

Petrol rate hiked to Rs272.95 per litre for the next fortnight.
Ishaq Dar says the government is bound by IMF’s conditions.
The revised prices have come into effect immediately.

Finance Minister Ishaq Dar on Tuesday announced a massive Rs19 per litre increase in the price of petrol and diesel, which he said was done in line with the International Monetary Fund’s (IMF) demands.

The revised prices have come into effect immediately.

The announcement was due on July 31, but the government did not issue new rates as the officials tried to maintain or reduce the rates — keeping in view the impact of the price hike on inflation-weary people.

Dar, who made the announcement as the finance minister for the last time as his government’s term ends on August 12, said the increase was inevitable as Pakistan had agreed with the IMF on slapping petroleum development levy (PDL) to the rates.

Product	Existing prices w.e.f 16.07.2023	New prices w.e.f 01.08.2023	Change
Petrol	Rs253	Rs272.95	Rs19.95
Diesel	Rs253.50	Rs273.40	Rs19.90

“…we tried to either reduce or see what could be adjusted in its working. But we all know about our commitments with the IMF on the petroleum development levy,” Dar mentioned.

The finance minister said the government, had it not been in an agreement with the IMF, would have reduced the PDL to provide relief to the masses.

Dar said he would not resort to moves that the previous government did as it decreased the petrol price and breached the commitments made with IMF.

The finance minister mentioned that the price of high-speed diesel had moved up significantly in the international market, resulting in the government’s decision to hike local rates.

“Keeping in mind national interest, it is crucial that we pass on the minimum [amount] which has been calculated,” the finance minister added.

The IMF has imposed stringent conditions to ensure that the $3 billion Standby Agreement continues smoothly. One of the requirements of the agreement is to raise the petroleum levy to Rs60 per litre.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.