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Day after dropping ‘gas bomb’, govt decides not to increase petrol, diesel prices

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  • Rates will remain in place till November 15.
  • HSD will be available at Rs303.18 per litre.
  • Price of kerosene and light diesel oil slashed.

ISLAMABAD: Providing relief to the inflation-hit people a day after dropping a ‘gas bomb’, the caretaker government Tuesday maintained the price of petrol at Rs283.38 per litre.

According to a notification issued by the Ministry of Finance, the price of petrol is Rs283.38 per litre and Rs303.18 per litre for HSD. The rates will remain in place till November 15.

ProductsExisting priceNew priceIncrease/decrease
PetrolRs283.38Rs283.38Rs0
High Speed Diesel (HSD) 303.18303.18Rs0
Kerosene oilRs214.85Rs211.03Rs-3.82
Light diesel oilRs192.86Rs189.46Rs-3.40

The government, however, also cut the prices of light diesel by Rs3.40 per litre and kerosene oil by Rs3.82 per litre for the next fortnight. After the reduction in the prices of petroleum products, the rate of kerosene oil has dropped to Rs211.03 per litre and light diesel oil to Rs189.46 per litre.

The interim government is charging zero general sales tax (GST) on all petroleum products while the rate of petroleum levy (PL) on petrol is Rs60 per litre.

In the last fortnight, the government had dropped the petrol price by Rs40 per litre and HSD by Rs15 per litre.

The federal cabinet had Monday sharply increased the natural gas tariff by up to 172% for domestic consumers, tandoors, and general industries, including export-oriented sectors, captive power plants, CNG and IPPs, and commercial sectors.

The new prices will be effective from November 1. The substantial increase was aimed to comply with the International Monetary Fund (IMF) demand, which asked the government to increase gas tariffs to control the gas sector’s circular debt, which is Rs2.1 trillion.

The Oil and Gas Regulatory Authority (Ogra) also reduced the rates of liquified petroleum gas (LPG) for November.

The rate has been dropped by Rs9.69 per kg to 251.03, a notification from the regulator said.

It added that as a result of the decrease, the rate for domestic cylinders has fallen by Rs117.47. Now, it said, an 11kg cylinder will be available at Rs2962.17.

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An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

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The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

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Weekly inflation in Pakistan increased by 0.17 percent.

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The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

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The price of gold has drastically dropped in Pakistan.

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As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.

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