Category: Shortcode

With the increase in global prices of oil and gas amid the Russia-Ukraine War, Pakistan could be adversely impacted leading to devaluation of the country’s currency, increasing current account deficit and spiking inflation, say experts. The economic sanctions imposed on Russia may also derail other initiatives underconsideration between Russia and Pakistan as part of ‘Cooperation Roadmap 2021-26’. This will affect delivery and maintenance of transport aircraft and helicopters,modernization and repair of Pakistan railways, construction including up-gradationof industrial facilities in metallurgy, chemical and pharma sectors and powerengineering. It will also have…

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The Economic Coordination Committee (ECC) is all set to approve opening of Revolving Account (RA) of Rs 50 billion for Independent Power Producers (IPPs) established under China Pakistan Economic Corridor (CPEC), well informed sources in Power Division told Business Recorder. The government had approved an amount of Rs 100 billion to clear some overdue receivables of CPEC IPPs – an amount of Rs 50 billion was paid to Chinese power projects, prior to last visit of Prime Minister to China – however, the remaining amount of Rs 50 billion is yet…

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Petroleum product prices have been reduced by the government despite rising international prices, which first crossed $100 per barrel mark and have now approached $130. The issue has been compounded by the Ukraine conflict. In Pakistan, petroleum prices have been and are the lowest in the region. Petroleum product prices have been reduced by Rs10 per litre. Gasoline and diesel prices, after the recent reduction, are at Rs150 per litre and Rs144 per litre. The lower petroleum prices have been possible by reducing the petroleum levy to almost the negligible…

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 In the Recent Monetary Policy the State Bank of Pakistan left the benchmark interest rate unchanged at 9.75% for the next one and half month, significantly higher than the countries in the region, which is a surprise for the business community, said Ateeq Ur Rehman, economic & financial analyst. He said basically, Pakistan is struggling for foreign and local investment mobilization in order to boost revenue, create employment opportunities, restore sick industries and above all practically grow industrialization. A high rate of interest rate shall not help and support the…

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State-owned Pakistan State Oil (PSO) refused to take responsibility of oil imports on behalf of other Oil Marketing Companies (OMCs), saying market situation was volatile with regards to product availability, The New learnt on Saturday. PSO said suggestions put forth by Oil & Gas Regulatory Authority (OGRA) were not only anti-competitive, but also appeared to be contrary to the public interest as it would most likely create supply chain related, causing the general public to suffer. Even otherwise, the suggestions would create legal implications, a letter to Director General Oil…

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