Business

Was not supposed to announce petrol price hike on TV, Miftah Ismail says

Published

2 years ago

Farwa

Minister for Finance Miftah Ismail on Friday said that he was “not supposed to” appear on national television the night before to announce a hike in the prices of petroleum products but he did so after being asked by Prime Minister Shehbaz Sharif.

His clarification on Twitter came after a clip of his appearance on a television show was shared. In it, he can be seen saying he will not be appearing on television again that night.

Speaking on Dawn News show “News Wise”, the finance minister said: “It is said whenever Miftah Ismail comes on TV, petrol prices go up. But I will not be appearing on television after this (show).”

In the show, which airs at 7pm, Ismail said that the “government will decide” whether prices will be raised July 1 onwards and that as of that point in time he has not been informed of any such decision. “And neither do I have this in my mind that I have to go announce it on TV.”

He also spoke of the petroleum development levy which the International Monetary Fund has advised be brought up to Rs50 per litre. The finance minister said that there are plans to impose the levy “gradually” and that “there is no deadline”.

I was not supposed to go on tv last evening to announce this. Another colleague was supposed to do this. But PM sahib decided that Musadik Malik and I should do that. https://t.co/M8xv3GWtXL
— Miftah Ismail (@MiftahIsmail) July 1, 2022

About four hours later, Ismail and Minister of State for Petroleum Musadik Malik briefed the media on a raise in petrol prices, to be effective starting midnight.

Explaining in his tweet what had occurred, the finance minister said: “I was not supposed to go on TV last evening to announce this. Another colleague was supposed to do this. But PM sahib decided that Musadik Malik and I should do that.”

With the fresh hike, the price of petrol will be Rs248.74/litre, diesel will be Rs276.54/litre, kerosene oil will be sold for Rs230.26/litre, and the price of light diesel oil will be Rs226.15/litre.

Business

Pakistan’s gold prices continue to decline.

Published

6 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

6 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

6 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.