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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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February 7, 2025: The value of the Pakistani Rupee (PKR) in relation to the US dollar is unchanged.

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KARACHI: The open market exchange rate between the US dollar and the Pakistani rupee (PKR) was Rs279.4 on February 07, 2025, with a selling rate of Rs281.1. The interbank exchange rate between the US dollar and the Pakistani rupee is Rs 278.45, according to Interbank.

There was no movement in the US dollar (USD) from the previous closure of Rs278.

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The NORINCO Group is invited by CM Sindh to explore opportunities.

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Chinese companies have been invited by Sindh Chief Minister Syed Murad Ali Shah to visit Karachi and other regions of Sindh Province in order to observe the quickly growing businesses and investigate prospects in fields like clean energy, infrastructure development, and public transit projects.

Speaking in Beijing to a delegation headed by the chairman of NORINCO International Co., Ltd., he stated that all facilities required would be provided by the governments of Sindh Province and Pakistan.

With assistance from NORINCO International, the Sindh Chief Minister stated that the Provincial Government will firmly urge North Vehicle and BeiBen to think about setting up a Vehicle Assembly Plant in the Dhabeji Special Economic Zone.

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A deal with Pakistan to fight financial crimes has been approved by the Saudi cabinet.

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In order to strengthen collaboration in the fight against money laundering, terrorist financing, and associated crimes, the Saudi Press Agency announced this week that the Saudi cabinet, led by Crown Prince Mohammed bin Salman, had approved a memorandum of understanding (MoU) with Pakistan’s Financial Monitoring Unit (FMU).

Due to its severe money laundering and terrorism funding issues in recent years, Pakistan was added to the Financial Action Task Force’s (FATF) grey list in June 2018.

The nation was taken off the gray list in October 2022 after enacting extensive measures to fortify its financial system.

The FMU is Pakistan’s financial intelligence unit, created under the Anti-Money Laundering Act of 2010 and tasked with collaborating with foreign partners and evaluating reports of suspicious transactions.

According to the SPA, “the cabinet approved a memorandum of understanding regarding cooperation in exchanging investigations related to money laundering, terrorist financing, and related crimes between the Financial Monitoring Unit in the Islamic Republic of Pakistan and the General Department of Financial Investigation at the Presidency of State Security in the Kingdom of Saudi Arabia.”

The MoU is an indication of Saudi Arabia and Pakistan’s growing strategic partnership. A significant Pakistani diaspora resides in the Kingdom, and numerous Pakistani businesses have established a presence there.

Saudi Arabia has been a key supporter of Pakistan’s economy, bolstering its reserves with substantial deposits in the State Bank of Pakistan and offering deferred oil payment facilities.

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