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Was not supposed to announce petrol price hike on TV, Miftah Ismail says

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Minister for Finance Miftah Ismail on Friday said that he was “not supposed to” appear on national television the night before to announce a hike in the prices of petroleum products but he did so after being asked by Prime Minister Shehbaz Sharif.

His clarification on Twitter came after a clip of his appearance on a television show was shared. In it, he can be seen saying he will not be appearing on television again that night.

Speaking on Dawn News show “News Wise”, the finance minister said: “It is said whenever Miftah Ismail comes on TV, petrol prices go up. But I will not be appearing on television after this (show).”

In the show, which airs at 7pm, Ismail said that the “government will decide” whether prices will be raised July 1 onwards and that as of that point in time he has not been informed of any such decision. “And neither do I have this in my mind that I have to go announce it on TV.”

He also spoke of the petroleum development levy which the International Monetary Fund has advised be brought up to Rs50 per litre. The finance minister said that there are plans to impose the levy “gradually” and that “there is no deadline”.

About four hours later, Ismail and Minister of State for Petroleum Musadik Malik briefed the media on a raise in petrol prices, to be effective starting midnight.

Explaining in his tweet what had occurred, the finance minister said: “I was not supposed to go on TV last evening to announce this. Another colleague was supposed to do this. But PM sahib decided that Musadik Malik and I should do that.”

With the fresh hike, the price of petrol will be Rs248.74/litre, diesel will be Rs276.54/litre, kerosene oil will be sold for Rs230.26/litre, and the price of light diesel oil will be Rs226.15/litre.

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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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