Category: Shortcode

Heavier Russian crude to give 50pc FO; POL price cuts not likely

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price-cuts

KARACHI: Russian crude oil will produce more furnace oil (FO) than high speed diesel (HSD), which would not reduce the prices of petroleum products domestically, The News learnt on Monday. According to the oil industry players, arrival of the first cargo of Russian crude oil has been celebrated from the top level of the government to the media. However, the anticipated reduction in the prices of petroleum products, particularly diesel and petrol in the near future would not be possible. Pakistan Refinery Limited (PRL) received the first cargo of Russian…

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Rs6tr deficit budget to be unveiled today

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deficit-budget

ISLAMABAD: A draft of the federal budget with over Rs6 trillion deficit has been prepared that will be presented in the cabinet on Friday (today) for its approval and later in the day in parliament. It carries a proposal of imposing new taxes worth Rs700 billion. The total outlay of the budget is expected to be Rs14.5 trillion. The government employees are likely to receive a boost of 30% in their ad hoc relief allowances as well as a 20% hike in pensions. It has also been suggested that the…

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Tapi project to strengthen regional cooperation: PM

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Tapi-project

ISLAMABAD: Calling acquisition of energy a real challenge in the present era, Prime Minister Shehbaz Sharif on Thursday expressed confidence that the Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline project would usher in an era of regional cooperation, development and prosperity. “Tapi is an important project for the prosperity of the entire region,” the PM said while addressing the signing ceremony of Tapi joint implementation plan. He said the project was of utmost importance for the development of the four countries and the region. On the occasion, the prime minister witnessed the signing…

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Pakistan’s additional refining capacity to cut petroleum imports

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petroleum-imports

KARACH: Pakistan’s import of petroleum products will fall with domestic value-addition due to the country’s enhancing refining capacity, the Economic Survey for fiscal 2022-23 indicated on Thursday. The survey stated that the total demand for petroleum products remained at 23.1 million tonnes during FY2022. However, this year witnessed a decline in demand to 13.1 million tonnes during July-March FY2023 from 16.7 tonnes in July-March FY2022. It attributed the declining trend to a decrease in demand for furnace oil, high-speed diesel, motor spirit, and High Octane Blended Component (HOBC), which comprises…

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Govt piles up Rs14.88tr public debt in one year

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public-debt

ISLAMABAD: Under a constantly rising debt burden, the Pakistani economy has been rapidly borrowing. In the span of just one year, the PMLN-led coalition government has piled up over a third or Rs14.881 trillion debt on the nation, ballooning it to a staggering Rs59.247 trillion by the end-March 2023. This trend of escalating debt accumulation is consistent with each successive government, surpassing the debt levels of its predecessors. Notably, Pakistan’s public debt has been on a steep rise annually, primarily driven by substantial fiscal deficits. Since 2008, when the country’s…

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