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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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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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