Business

Ogra advises against speculating petrol price after ministers’ reduction claim

Published

1 year ago

Farwa

Ogra emphasises against speculating about oil price reduction.
Speculation can “disrupt” smooth functioning of oil supply chain.
Federal ministers last week claimed POL prices would reduce.

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) Monday advised against speculating on the price of petroleum products after federal ministers claimed the POL rates would likely be reduced in the next fortnightly review.

Caretaker Federal Commerce and Industries Minister Gohar Ejaz and Interim Federal Minister for Information and Broadcasting Murtaza Solangi said last week that POL prices would be reduced after the rupee gained ground against the dollar.

In the last 14 days, the rupee has gained around Rs16 against the greenback, prompting the claims, as Pakistan, being an importer of POL, purchases the commodity in dollars.

In the previous fortnightly review, the caretaker government had jacked up the petrol price by more than Rs26 and diesel by over Rs17 per litre to Rs331.38 and Rs329.18, respectively — the highest in history.

In response to the ministers’ claims, Ogra issued a statement saying: “[the authority] would like to emphasize the importance of avoiding speculations regarding the prices of petroleum products.”

The authority mentioned that petroleum product prices in Pakistan are primarily dependent on international market prices and the exchange rate of the Dollar.

In recent times, it said, there has been a surge in international petroleum prices, while the dollar-to-rupee exchange rate has shown improvement.

But, the authority said, it is essential to highlight that there is still one week remaining before the announcement of new prices.

“Therefore, any speculation about price increases or decreases during this period is highly speculative and could potentially disrupt the smooth functioning of the oil supply chain.”

Business

February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

Published

2 hours ago

Farwa

KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

Business

The NORINCO Group is invited by CM Sindh to explore opportunities.

Published

1 day ago

Farwa

Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

Business

A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

Published

1 day ago

Farwa

In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.