Business

Petrol price in Pakistan likely to go down by Rs3-5 from June 16

Published

2 years ago

Farwa

Pakistan to announce petrol price for next fortnight today.
Price of diesel will likely jump by Rs5 per litre.
Kerosene price may witness an increase of Rs2.10 per litre.

KARACHI: The Pakistani government is expected to announce a cut in petrol price today for a second time this month after a decline in the ex-depot price of gasoline, The News reported Thursday.

Well-placed sources in the industry, however, said that the price of diesel would likely jump by Rs5 per litre in today’s fortnight’s review of its price that would go into effect from June 16.

While for petrol, the price would likely go down by Rs3-5 in the fortnight review in case the government kept the exchange rate adjustment at zero.

According to the working of the industry, the ex-depot price of high-speed diesel (HSD) has been estimated to register an increase of Rs3.29 per litre to Rs256.29 per litre from Rs253 per litre.

Well-informed people in the industry said that in the last review of prices, the government had adjusted only Re0.13 on the diesel price. If it is adjusted to Rs3-4 in today’s review, the price may go up by Rs5 per litre.

The calculations showed that the ex-depot price of petrol is declining from Rs1.87 per litre to Rs260.13 per litre from Rs262 per litre. Likewise, the ex-depot price of light-speed diesel may register Rs2.48 to Rs150.16 from Rs147.68 per litre.

The price of kerosene may witness an increase of Rs2.10 to stand at Rs166.17 from Rs164.07 per litre in the next fortnight.

According to the sources, the exchange rate is also showing an upward trend for the next review of prices as it has gone up by Rs0.63/litre to Rs286.69 from Rs286.06/litre against the dollar.

They stated that the working of the industry was provisional, and whether the government would go with the actual difference in the prices of petroleum products or it would adjust the prices, could only be known once the government made its final decision.

When asked about the Russian crude oil import and its impact on the prices of petroleum products in the next fortnight, they stated that it would not have any impact on today’s review of prices as it was recently shipped to Pakistan, and the processing of this crude started on Wednesday.

Refined products from Russian crude oil would reach the market in two weeks. However, they said that even after the supply of these products, the market might not see any substantial impact on the domestic prices because of the low quantity against its consumption in the country.

They noted that even after the arrival of the second cargo on June 20, it would not have any impact on consumer prices until the share of Russian crude oil goes over 30% in total import of crude oil.

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.