Business

Petrol price in Pakistan likely to go down by Rs3-5 from June 16

Published

2 years ago

Farwa

Pakistan to announce petrol price for next fortnight today.
Price of diesel will likely jump by Rs5 per litre.
Kerosene price may witness an increase of Rs2.10 per litre.

KARACHI: The Pakistani government is expected to announce a cut in petrol price today for a second time this month after a decline in the ex-depot price of gasoline, The News reported Thursday.

Well-placed sources in the industry, however, said that the price of diesel would likely jump by Rs5 per litre in today’s fortnight’s review of its price that would go into effect from June 16.

While for petrol, the price would likely go down by Rs3-5 in the fortnight review in case the government kept the exchange rate adjustment at zero.

According to the working of the industry, the ex-depot price of high-speed diesel (HSD) has been estimated to register an increase of Rs3.29 per litre to Rs256.29 per litre from Rs253 per litre.

Well-informed people in the industry said that in the last review of prices, the government had adjusted only Re0.13 on the diesel price. If it is adjusted to Rs3-4 in today’s review, the price may go up by Rs5 per litre.

The calculations showed that the ex-depot price of petrol is declining from Rs1.87 per litre to Rs260.13 per litre from Rs262 per litre. Likewise, the ex-depot price of light-speed diesel may register Rs2.48 to Rs150.16 from Rs147.68 per litre.

The price of kerosene may witness an increase of Rs2.10 to stand at Rs166.17 from Rs164.07 per litre in the next fortnight.

According to the sources, the exchange rate is also showing an upward trend for the next review of prices as it has gone up by Rs0.63/litre to Rs286.69 from Rs286.06/litre against the dollar.

They stated that the working of the industry was provisional, and whether the government would go with the actual difference in the prices of petroleum products or it would adjust the prices, could only be known once the government made its final decision.

When asked about the Russian crude oil import and its impact on the prices of petroleum products in the next fortnight, they stated that it would not have any impact on today’s review of prices as it was recently shipped to Pakistan, and the processing of this crude started on Wednesday.

Refined products from Russian crude oil would reach the market in two weeks. However, they said that even after the supply of these products, the market might not see any substantial impact on the domestic prices because of the low quantity against its consumption in the country.

They noted that even after the arrival of the second cargo on June 20, it would not have any impact on consumer prices until the share of Russian crude oil goes over 30% in total import of crude oil.

Business

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

Published

9 hours ago

Farwa

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.

Business

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

Published

9 hours ago

Farwa

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.