Connect with us

Business

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

Published

on

  • 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

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