Business

Strike called off as petroleum dealers’ margin raised by Rs1.6 per litre

Published

1 year ago

Farwa

Dealers initially termed Rs1.64 per litre increment “insufficient”.
Raise in margins to be applied in four phases.
Dealers’ margin to rise to Rs 7.64 per litre after two months.

KARACHI: In a bid to convince petroleum dealers to call off the strike they threatened last week, the government agreed to increase their profit margin on petroleum products by Rs1.64 per litre, after hours-long negotiations, The News reported Tuesday.

Pakistan Petroleum Dealers Association (PPDA) Chairman Abdul Sami Khan announced the deal made in this regard.

The government had proposed increasing the dealers’ margin by Rs1.64 per litre.

The dealers — who had initially sought an increase of Rs5 per litre — initially opposed this increment as “insufficient” in the face of the increased cost of their business.

However, they later accepted the offer.

The rise in dealers’ margins will be applied to the consumer price in four phases.

It will be raised by Rs.0.41 per litre every fortnight, and the dealers will receive a full raise of Rs1.6 per litre in two months, bringing the dealers’ margin to Rs7.6 per litre after 2 months from the current Rs6 per litre.

Last week, the petrol pump owners’ representative, PPDA, announced shutting down fuel pumps across the country from July 22, demanding an increase in profit margins amid an inflation crisis.

In a statement, the association said the State Minister for Petroleum, Musadik Malik, was informed about their concerns but to no avail.

The official communique said interest rates and inflation had hit operators’ businesses and called for the dealership margin to be increased.

It said sales have slumped by 30% due to Iranian fuel being smuggled into the country.

However, the following day, the PPDA deferred its strike for two days after the association members negotiated with the petroleum minister, who arrived in Karachi on Friday to convince the PPDA to call off the nationwide strike.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.