Category: bussines

ISLAMABAD: The federal government has increased the price of petrol by Rs3.47 per litre for the next fortnight of January 2025. According to the Finance Division notification, the per litre price of high-speed diesel (HSD) has been increased from Rs258.34 to Rs260.95 after an increase of Rs2.61. “The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices of petroleum products in view of the fluctuations in the international market in the last fortnight,” read the official notification. Products Existing price New price Increase/Decrease High Speed Diesel (HSD)…

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ISLAMABAD: Federal Minister for Energy Sardar Awais Ahmad Leghari on Wednesday revealed that the Power Division has slashed the power tariff for electric vehicle (EV) charging stations by 45% i.e., reducing the price from Rs71 per unit to  Rs39.70 per unit. Speaking at a press conference in Islamabad, Leghari said that regulations related to electric vehicle charging stations will also be implemented and registration and business will be allowed within 15 days. He said that under the leadership of Prime Minister Shehbaz Sharif, a special concessional electricity rate was announced today for electric…

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The federal cabinet on Tuesday gave the go-ahead the renegotiated deals with 14 Independent Power Producers (IPPs), estimated to save Rs1.4 trillion over their applicable duration and provide an annual relief of Rs137 billion to inflation-stricken power consumers. After holding discussions with the 14 IPPs under the revised agreements, the cabinet gave the go-ahead to the Power Division’s recommendation for reductions of Rs802 billion in terms of profit and cost of the said IPPs. With energy costs spiralling out of control, Pakistan kicked off renegotiations with IPPs late last year…

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The stock market extended its positive momentum on Wednesday, driven by heightened investor optimism fuelled by expectations of an additional rate cut by the State Bank of Pakistan (SBP) and strong corporate earnings reports. Trading session saw the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index rise 969.23 points, or 0.84%, to reach an intraday high of 115,773.39. The index touched a low of 115,074.29 during the session. “Market is rising in anticipation of another rate cut and positive corporate results,” said Samiullah Tariq, Head of Research at Pak-Kuwait Investment Company,…

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ISLAMABAD: Finance Minister Muhammad Aurangzeb has said that the country was eyeing more joint ventures with Hong Kong and secondary listings for its firms in the metropolis. Speaking to the South China Morning Post, the finance minister said that he would take up the possibility of a Hong Kong delegation’s visit to Pakistan to identify areas for closer collaboration. “If there is an opportunity for companies out of Pakistan, as joint ventures with local companies, to come in and do primary and secondary listings in the Hong Kong stock exchange, for instance, I think…

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Finance Minister Muhammad Aurangzeb has said that the country is preparing to debut yuan-denominated bonds this year. In an interview with Bloomberg Television on the sidelines of the Asian Financial Forum in Hong Kong, Aurangzeb said: “The country is very keen, to tap the Panda bonds and the Chinese capital markets. We have been remiss as a country not to tap it previously.” The country is considering raising $200 million to $250 million from Chinese investors over the next six to nine months which is slightly lower than the $300 million previously…

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Chinese and Indian refiners will to turn to the Middle East, Africa, and the Americas for oil, driving up prices and freight costs, as new US sanctions on Russian producers and shipping vessels restrict supplies to Moscow’s top customers, according to traders and analysts. On Friday, the US Treasury announced sanctions on Russian oil producers Gazprom Neft and Surgutneftegas, along with 183 vessels that transported Russian oil, aiming to cut off revenues Moscow relies on to fund its war in Ukraine. Many of the tankers have been used to ship…

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Federal Board of Revenue (FBR) Chairman Rashid Mahmood Langrial on Saturday vowed to collect Rs13,500 billion in tax revenue this year despite facing shortfall in the first half of the current fiscal year. The FBR faced a significant tax shortfall of Rs386 billion from July to December, according to The News. The revenue collection stood at Rs5,623 billion in the first six months of the current fiscal year, falling short of the desired target of Rs6,009 billion. The IMF had given an indicative target of Rs6,009 billion till the end of December…

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Pakistan’s remittances totalled $3.1 billion in December, reflecting a 29.3% increase compared to the same month last year, according to central bank data released on Friday. The data from the State Bank of Pakistan (SBP) showed that the remittances had not only recorded a yearly increase but also registered a 5.6% surge compared to the previous month. Cumulatively, with an inflow of $17.8 billion, workers’ remittances increased by 32.8% during the first half of the fiscal year 2024-25 (July-December) compared to $13.4 billion received during H1FY24, the central bank said…

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KARACHI: State Bank of Pakistan (SBP) Governor Jameel Ahmad admitted that the country’s exports were lower than expected and urged the business community to step up production and international trade activity. He claimed that the country’s external liabilities have remained unchanged for an extended period, attributing this stability to the incumbent government’s prudent economic and fiscal management. “Foreign debt has not increased in the last two and a half years, while an $8 billion loan has been fully repaid in the short term,” SBP governor stated addressing industry leaders at…

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