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Petrol price hike: PDL increased to Rs60 per litre

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  • Petrol, diesel increased by Rs14.91, Rs18.44 per litre, respectively. 
  • Rs50 per litre levy is being charged on diesel. 
  • Govt can charge maximum of Rs60 PDL on POL products.

ISLAMABAD: In line with the agreement signed with the International Monetary Fund (IMF), the caretaker government has jacked up the petroleum development levy on petrol to the maximum limit of Rs60 per litre.

On Thursday, the Finance Division announced an increase in the price of petrol by Rs14.91 per litre and high-speed diesel (HSD) by Rs18.44 per litre.

The increase brings the price of petrol to Rs305.36 per litre and HSD to Rs311.84 per litre — the highest in the country’s history.

Pakistan has agreed to hike the PDL to Rs60 on petrol and diesel and the same was approved by the National Assembly through the Finance Bill 2023 in June.

According to sources, currently, the Rs50 per litre levy is being charged on diesel while on petrol it was increased by Rs5 in the latest review of POL prices.

The government can charge a maximum of Rs60 PDL on POL products under the IMF deal and the parliament’s approval is needed in case of further rise in this duty.

In its notification posted on X, the finance ministry stated that the increase in fuel prices was due to the “increasing trend of petroleum prices in the international market and exchange rate variations”.

On August 1, the government had raised the price of petrol by Rs19.95/litre and of high-speed diesel by Rs19.90 per litre. On August 16, the price of petrol and diesel were raised by Rs17.50 per litre and Rs20 per litre respectively.

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

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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.

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SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

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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.

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July 2024 export data from Pakistan shows a significant rise.

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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.

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