Business

On January 16, the price of petrol in Pakistan can increase once more.

Published

1 month ago

Farwa

In yet another shock to the people affected by inflation, the administration of Prime Minister Shehbaz Sharif is set to raise the price of gasoline and diesel starting on January 16.

There are worries that the country’s petroleum product prices may rise further as a result of the spike in crude oil prices.

As global crude oil prices continue to rise, predictions indicate that prices will likely jump by Rs 3 to Rs 5 per litre.

For the third consecutive week, Brent crude futures increased by 0.35% to $77.32 a barrel, bringing crude oil prices to a three-month high.

This price change is a result of increased energy consumption and concerns about supply disruptions throughout the winter. Instead of broad economic worry, experts believe that worries about possible disruptions in the supply are the main cause of the increase in oil prices worldwide.

According to the Finance Division and Prime Minister Shehbaz Sharif, the Oil and Gas Regulatory Authority (OGRA) is likely to finalize the updated petroleum product prices. The revised rates will go into effect on January 16, 2025, if they are approved.

Current Pakistani prices for petrol and diesel

This rise follows a pricing adjustment earlier this month by the government. The price of petrol increased by Rs 0.56 on January 1st, reaching Rs 252.66 a litre.

Furthermore, the cost of high-speed diesel increased by Rs 2.96 to Rs 258.34 per liter.

With the government being under increasing pressure to modify rates in accordance with global market trends, the anticipated increase in local fuel costs is mostly being driven by the jump in oil prices worldwide.

Business

In January 2025, RDA inflows reach 9.564 billion USD.

Published

1 day ago

Farwa

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.

Business

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

Published

1 day ago

Farwa

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.

Business

Remittances Increase 25.2% in January 2025: $3.0 Billion Inflow

Published

2 days ago

Farwa

Remittances from Pakistani workers totalled US$3.0 billion in January 2025, representing a 25.2% increase from the previous year.

The cumulative remittances for July through January of FY25 were 20.8 billion dollars, up 31.7 percent from 15.8 billion dollars during the same period in FY24.

In January 2025, the United States of America contributed 298.5 million dollars, the United Kingdom contributed 443.6 million dollars, the United Arab Emirates contributed 621.7 million dollars, and Saudi Arabia contributed 728.3 million dollars.