Business

Petrol prices likely to go down from May 1

Published

2 years ago

Farwa

Price of petrol is likely to decline by Rs4.5 per litre.
Per litre diesel price is expected to go down by Rs6 per litre.
On April 15, govt increased petrol price by Rs10.

ISLAMABAD: The prices of petroleum products in Pakistan are expected to decline from May 1, Geo News reported Thursday citing sources, as the government might provide relief to the inflation-hit people.

According to sources in oil marketing companies (OMCs), the price of petrol is likely to decline by Rs4.5 per litre while the price of diesel is expected to go down by Rs6 per litre.

Diesel is widely used in transport and agriculture sectors. The reduction in its price could bring inflationary impact down and a relief for farmers as the crop-harvesting season has kicked off.

The consumers are already facing high prices, especially the low-income group, who have motorbikes and small cars.

In its last fortnight announcement, the federal government increased the price of petrol by Rs10 and the price of kerosene oil by Rs5.78 “in the wake of increase in petroleum prices in the international market and exchange rate variations.”

After this increase, the prices of petrol and kerosene oil respectively rose to Rs282 per litre and Rs186.07 per litre. These fuels were earlier available at Rs272 and Rs180.29 per litre.

Last month, Prime Minister Shehbaz Sharif announced a relief package for the poor under which a subsidy will be given to them on every litre of petrol; however, the implementation was stopped after concerns from the International Monetary Fund (IMF) was highlighted.

The lender had raised objections to the proposal, asking Islamabad to share details about the implementation of the plan that was announced without “consultation”.

However, Minister of State for Petroleum Musadik Malik rejected the perception that the subsidy would be a violation of the conditions and said the ministry had responded to all the queries in detail.

But the Ministry of Finance is yet to submit a written response to the Washington-based lender to get clarity on the cross-fuel subsidy.

Business

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

Published

17 hours 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.