Connect with us

Business

Petrol, diesel prices hiked by more than Rs19

Published

on

  • Petrol rate hiked to Rs272.95 per litre for the next fortnight.
  • Ishaq Dar says the government is bound by IMF’s conditions.
  • The revised prices have come into effect immediately.

Finance Minister Ishaq Dar on Tuesday announced a massive Rs19 per litre increase in the price of petrol and diesel, which he said was done in line with the International Monetary Fund’s (IMF) demands.

The revised prices have come into effect immediately.

The announcement was due on July 31, but the government did not issue new rates as the officials tried to maintain or reduce the rates — keeping in view the impact of the price hike on inflation-weary people.

Dar, who made the announcement as the finance minister for the last time as his government’s term ends on August 12, said the increase was inevitable as Pakistan had agreed with the IMF on slapping petroleum development levy (PDL) to the rates.

ProductExisting prices w.e.f 16.07.2023New prices w.e.f 01.08.2023Change
PetrolRs253Rs272.95Rs19.95
DieselRs253.50Rs273.40Rs19.90

“…we tried to either reduce or see what could be adjusted in its working. But we all know about our commitments with the IMF on the petroleum development levy,” Dar mentioned.

The finance minister said the government, had it not been in an agreement with the IMF, would have reduced the PDL to provide relief to the masses.

Dar said he would not resort to moves that the previous government did as it decreased the petrol price and breached the commitments made with IMF.

The finance minister mentioned that the price of high-speed diesel had moved up significantly in the international market, resulting in the government’s decision to hike local rates.

“Keeping in mind national interest, it is crucial that we pass on the minimum [amount] which has been calculated,” the finance minister added.

The IMF has imposed stringent conditions to ensure that the $3 billion Standby Agreement continues smoothly. One of the requirements of the agreement is to raise the petroleum levy to Rs60 per litre.

Business

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

Published

on

By

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.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

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.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

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.

Continue Reading

Trending