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‘Major’ reduction in petrol price expected

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  • Next fortnightly review might give relief to masses.
  • The price of petrol expected drop by Rs13 per litre.
  • Pakistan fixes petroleum prices on a fortnightly basis.

ISLAMABAD: Pakistanis are expected to get a “major relief” as the caretaker government could possibly reduce the price of petroleum products from December 16, people privy to the knowledge told Geo News.

The people revealed that since there has been a drop in the price of petroleum products in the global market, the government could pass on the benefit to the nation in the fortnightly review on December 15.

The price of petrol, according to Geo News, is expected to drop by Rs13 per litre and diesel Rs15 per litre — as the masses are also hoping for a reduction in the rates amid falling global rates.

Oil prices dipped Monday as worries persisted around crude oversupply despite OPEC+ cuts and softer fuel demand growth next year. The price fell on Friday for a seventh straight week, the longest streak of weekly declines since 2018, on lingering oversupply concerns

The caretaker federal government had maintained the petrol price at Rs281.34 per litre till December 15.

ProductsCurrent price
PetrolRs281.34
High Speed Diesel (HSD) Rs289.71
Kerosene oilRs201.16
Light diesel oilRs175.93

However, the high-speed diesel (HSD) price was slashed by Rs7 per litre while kerosene oil was reduced by Rs3.82 per litre. The light diesel oil was cut by Rs4.52 per litre.

The country fixes fuel prices on a fortnightly basis after evaluating fluctuating international energy market costs and the rupee-dollar parity to transfer the impact on domestic consumers.

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Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

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There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

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July 2024 export data from Pakistan shows a significant rise.

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The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

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