Day: January 17, 2022

Vitol sees bullish oil price pattern continuing on tight global crude supply

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The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even more because of tight supplies. “These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones. Oil posted a fourth-straight gain last week, its longest rising streak since October, amid signs consumption will hold up despite the spread of the omicron variant of the coronavirus. At…

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Business community demands not to enforce mini-budget

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The Business Group and Karachi Chamber of Commerce and Industry have cried out while forcefully urging the government not to enforce anti-business provisions of the IMF-dictated mini-budget and instead should concentrate on broadening the tax-base to generate revenue to run the affairs. In this regard, the government should put in place an effective mechanism to control smuggling of oil and host of other items costing the national exchequer billions of rupees each month. The Karachi business community lamented the government for enforcing tax on the export processing zones for the…

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Govt imposes taxes, duties of Rs31 on petrol

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petrol-price

The taxes, duties, margin and levies of Rs31.57 have been imposed on the per liter prices of petroleum products. The burden of taxes, duties and levies on the prices of petroleum products has started bothering the people. Taxes, duties, margins and levies are being collected at Rs 31.50 per liter on diesel while the ex-refinery price of petrol is Rs 116.26 per liter. The price of petrol has been fixed at Rs147.83 per liter, the ex-refinery price of high speed diesel has been fixed at Rs113.12 per liter, the price…

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The great LNG crunch

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Despite all the hue and cry around gas shortages, Pakistan has not been able to develop any new liquefied natural gas (LNG) terminals since 2017, while smooth commercial import of the scarce commodity still remains a far cry. Energy is a very tricky subject as far as Pakistan is concerned, where the industrialists, compressed natural gas (CNG) sector and domestic consumers keep complaining about the dearth of the natural resources, while the government’s mouthpieces keep propagating, “all is well”. At present, Pakistan faces a gas supply gap of 1,300mmfcd. This…

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Pakistan’s economy nosedived in PTI’s three years rule: Mandviwalla

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ECONOMY

In the three years of the PTI government’s rule, the country’s economy has nosedived with indicators like trade deficit, double-digit inflation, interest rate and debt of the country reaching an unimaginable level, causing a huge surge in the economic miseries of 220 million countrymen, Senator Saleem Mandviwalla, the author of the white paper on the current economic state of Pakistan, said on Sunday. While chargesheeting the government, he said that 50 percent devaluation of Pak Rupee in the three-year rule of PTI government has triggered a massive wave of inflation…

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