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Petrol price to go down today, IMF has no objection, says Miftah Ismail

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3 years ago

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  • Finance Minister Miftah Ismail says Prime Minister Shehbaz Sharif wants to give immediate relief to public.
  • Says prices of petroleum products will be lowered today instead of waiting till July 15.
  • Says that summary of reduction in petrol prices has been received and the Fund has no objection to it.

Finance Minister Muftah Ismail has said that petrol will be made cheaper today (Thursday) and the International Monetary Fund (IMF) has no objection to it.

The Pakistani authorities and the IMF finally reached a staff-level agreement over the release of $1.17 billion to support the country’s fragile economy, the international money lender revealed Thursday morning.

Talking to the media in Islamabad, Miftah said that the prices of petroleum products will be lowered today instead of waiting till July 15 as Prime Minister Shehbaz Sharif wants to give immediate relief to the people. He said that the finance ministry has received a summary from the Oil and Gas Regulatory Authority (Ogra) recommending a cut in prices and the Fund has no objection to it.

Congratulating the nation on reaching an agreement with the IMF, Miftah said that the nation stood by PM Shehbaz Sharif in difficult decisions.

“Nations see difficult times and the Pakistani nation understands the situation during crises but now the time to give relief to the nation after difficult times has come,” the minister said.

What could be the new petrol prices?

In line with the directives of Prime Minister Shehbaz Sharif to reduce the prices of petroleum products, the finance ministry has started deliberations after receiving the summary from Ogra.

According to details, the ministry has worked out the reduction in Mogas (petrol) price by Rs15 per litre and diesel by Rs33.99 per litre.

The new price of petrol has been proposed at Rs219.70 per litre after jacking up the petroleum levy (PL) byRs5 per litre to Rs15 per litre, from Rs10 per litre, and diesel Rs241.30 per litre after increasing the petroleum levy to Rs10 per litre from the existing Rs5 per litre.

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Business

Issues Affecting Pakistan’s Textile Mills Industry: The Government Is Determined To Address Textile Industry Concerns: FM

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Muhammad Aurangzeb, minister of finance, has stated that the government is firmly committed to helping the textile industry in every way possible.
He made this pledge today in Islamabad during a meeting with the All Pakistan Textile Mills Association’s leadership.
In order to guarantee the long-term sustainability and future expansion of Pakistan’s industrial sector, the Minister also reaffirmed the government’s commitment to addressing important tax, energy, and funding challenges.
He welcomed the APTMA office-bearers and gave the delegation his word that the government is committed to resolving the issues facing the textile industry since it understands how important it is to Pakistan’s economy.
Muhammad Aurangzeb underlined that resolving the fundamental issues facing the sector is essential to establishing an atmosphere that is favorable for industrial expansion, promoting economic stability, and bolstering the country’s overall growth trajectory.

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Business

As the MPC meeting draws closer, stocks rise.

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On the final working day of trading, the Pakistan Stock Exchange (PSX) maintained its optimistic trend.

After rising more than 900 points, the benchmark KSE-100 index stabilized around 114,684 points.

The forthcoming Monetary Policy Committee (MPC) meeting on March 10 is allegedly connected to the bullish trend.

Recall that the KSE-100 index gained over 1,400 points on Thursday before closing at 113,713 points.

The greenback, on the other hand, dropped Rs0.07, from Rs279.82 to Rs279.75.

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Business

FBR to Enhance Revenues: Enacts Significant Reforms, Attains Record Revenue Collection

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The Federal Board of Revenue has effectively executed significant reforms in the past year, enhancing tax administration, compliance, and digital transformation under the leadership of Prime Minister Shehbaz Sharif.
The FBR implemented AI-driven risk identification algorithms to improve tax audits and introduced a customer relationship management dashboard for real-time compliance monitoring.
Moreover, AI-driven Customs Intelligence and digital invoicing systems have transformed tax collection and customs operations.
The implementation of faceless customs assessment has markedly diminished clearance waits, optimizing international trade.
The unified sales tax return has streamlined the tax filing procedure, while the continuous advancement of a tier-3 data center seeks to enhance data security and AI-driven surveillance.
To enhance transparency, the FBR digitized its litigation management system for faster dispute resolution.

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