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Petrol merchants, burdened by high taxes, are preparing to initiate a walkout tomorrow.

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6 months ago

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Petroleum retailers have declared a nationwide strike on July 5th (Friday) in protest of the implementation of a prepayment tax in the 2024-25 budget.

During a press conference, Abdul Samad Khan, the Chairman of the Pakistan Petroleum Dealers Association (PPDA), declared that if the government does not change its decision, all filling stations in the country will be closed.

There is concern that there may be a lack of availability of fuel and diesel across the country on Friday. The reliance of transportation services on these petroleum products makes them vulnerable to potential disruptions.
Khan voiced apprehensions regarding the 0.5 percent preliminary turnover tax incorporated in the Finance Bill 2024-25.

According to him, it would render petrol pumps inoperable. The individual requested that the authorities promptly eliminate it, otherwise “we will be compelled to cease operations.”

The National Assembly approved the Finance Bill 2024-25 in late June, which was formulated under the supervision of the International Monetary Fund (IMF).

The association announced on Wednesday that its negotiations with the provincial and federal governments were unsuccessful, resulting in the dealers deciding to keep their operations closed on Friday.

“Although they requested us to cancel the strike and assured us that they would address the issue, we cannot delay the strike based solely on their promises,” stated the chairman of the PPDA.

Khan stated that the group has held talks with high-ranking authorities, including members of the oil marketing corporations’ advisory board, yet the problems continue to exist.

He announced that starting on July 5 at 6am, a total of 13,000 gas stations would be shut down. The strike may persist in the subsequent days until the demands are realized and communicated.

He requested that the proprietors and managers of retail establishments retain their inventory on July 4th.

According to media sources, the petroleum division has established a monitoring cell to supervise the fuel supply situation and collaborate with relevant parties during the strike organized by petroleum dealers.

Focal individuals have been appointed by the representatives of oil marketing companies, Ogra, and the petroleum division for the monitoring cell.

The FBR chairman had provided assurance to the dealers that the turnover tax would be revoked. However, the petroleum secretary states that a legislative action is necessary to reverse the process.

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In interbank trade, the Pakistani rupee beats the US dollar.

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In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

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Phase II of CPEC: China-Pakistan Partnership Enters a New Era

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The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.

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The inflation rate in Pakistan dropped to its lowest level.

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On December 2, core inflation as determined by the Consumer Price Index (CPI) significantly slowed, falling to 4.9% in November 2024 from 7.2 percent in October 2024.

The CPI-based inflation rate for the same month last year (November 2023) was 29.2%, according to PBS data.

Compared to a 1.2% gain in the prior month, it increased by 0.5% month over month in November 2024.

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