Month: July 2024

Petrol, Diesel Prices Set to Surge Again

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Petroleum-prices

ISLAMABAD: Petrol and high-speed diesel (HSD) prices are projected to rise significantly in the upcoming review on July 16, mainly due to increasing global oil prices. Petrol is expected to increase by over Rs7.60 per litre, while HSD may see a hike of Rs3.50 per litre. Sources report that international market prices for petrol and HSD have risen by approximately $4.4 and $2 per barrel, respectively, over the last fortnight. Based on current tax rates and final calculations, these increases are anticipated. The government has increased the petroleum development levy…

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Economy Boosted by $7 Billion IMF Deal

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IMF-board

KARACHI: Pakistan has secured a three-year, $7 billion aid package from the International Monetary Fund (IMF), offering much-needed relief to the struggling economy. The Washington-based institution announced the agreement on Saturday morning, stating that the deal, pending approval by the IMF’s Executive Board, aims to enhance macroeconomic stability and foster stronger, more inclusive, and resilient growth. Pakistan’s economy has been severely impacted by chronic mismanagement, the Covid-19 pandemic, the war in Ukraine, and record flooding that affected a third of the country in 2022. Facing dwindling foreign currency reserves, Pakistan…

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FBR to Clarify Reasons Behind ‘Two Further Taxes’ on Power Bills Today

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fbr

ISLAMABAD: The Finance Ministry and the Federal Board of Revenue (FBR) will provide a detailed briefing to the National Assembly Standing Committee on Finance today, explaining the rationale behind imposing two further taxes on electricity bills. Presided over by Syed Naveed Qamar, the finance committee has requested the FBR to clarify the types of further taxes levied on electricity consumers. Qamar noted that sales tax is collected on the sale of all goods, including electricity. When questioned about the additional taxes on electricity bills, the FBR chairman mentioned that two…

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Commerce Minister Jam Kamal Khan Advocates for More Efficient CPPs Over IPPs and KE

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Jam-Kamal

ISLAMABAD: Commerce Minister Jam Kamal Khan has championed the efficiency of over 100 Captive Power Plants (CPPs), asserting they outperform Independent Power Plants (IPPs) and K-Electric (KE) plants. He has urged the Prime Minister to instruct the Petroleum Division to establish audit criteria for the energy efficiency of captive plants in the export sectors based on global standards. Additionally, he requested the continuation of gas/RLNG supplies to compliant captive plants certified by authorized third-party auditors. Sources revealed that the commerce minister commended the Prime Minister for addressing export sector issues…

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