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

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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.

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Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

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Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

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Despite economic gains, PSX remains strong.

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Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

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Pakistan resolves to meet benchmarks, and the IMF promises economic help.

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In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

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