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Petrol price slashed in Pakistan for next fortnight

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ISLAMABAD: In a sigh of relief, the caretaker government on Monday reduced the price of petrol for the next fortnight by Rs8 per litre to Rs259.34 per litre.

The Finance Division notified the new prices of the petroleum products for the next fortnight starting from January 16 (Tuesday), as per the Oil and Gas Regulatory Authority’s (Ogra) recommendations.

However, the diesel rate was retained at Rs276.21 per litre.

ProductsExisting priceNew priceIncrease/Decrease
MS (Petrol)Rs267.34Rs259.34-Rs8
High Speed Diesel (HSD)Rs276.21Rs276.21Rs0
Kerosene oilRs188.83Rs186.86-1.97
Light diesel oilRs165.75 Rs164.83-0.92

There was a reduction in kerosene oil and light diesel oil rates by Rs1.97 and Rs0.92 per litre in the fresh revision.

It emerged on Sunday that the petrol price would go down by over Rs5, while the high-speed diesel (HSD) may not witness any change in the upcoming fuel prices review, The News reported quoting sources.

However, no change in HSD price was expected in the wake of a decrease in the prices of POL [petrol, oil and lubricants] in the international market registered in the ongoing fortnight, and the increase of rupee value against the US dollar, a senior government official told The News.

In the past fortnight, the government had maintained petrol and diesel rates at Rs267.34 and Rs276.21 per litre respectively.

The price of Kerosene oil had dropped to Rs188.83 after a reduction of Rs2.19 per litre while Light Diesel Oil will be sold at Rs165.75 as the government has increased the commodity’s price by Rs1.11.

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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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