Connect with us

Business

Oil at discounted rate: Russian team to visit Pakistan next month, says minister

Published

on

  • A Russian delegation will arrive in Pakistan on Jan 20.
  • Pakistan closes to strike a deal for Russian oil at discounted rate.  
  • US will not impose sanctions on Pakistan for the proposed deal, says govt.

The coalition government is moving ahead with its plans to strike a much-anticipated deal for Russian crude oil at a discounted rate as Minister of State for Petroleum Musadik Malik on Tuesday said that a high-level delegation from Moscow will arrive in Islamabad on January 20.

A day earlier, the minister said Russia had agreed to provide crude oil as well as petrol and diesel to Pakistan at discounted rates. “Our visit to Russia turned out to be more productive than expected.” 

In a statement, Malik claimed that the US will not impose sanctions on Pakistan for the proposed deal.

Brushing aside claims of former prime minister Imran Khan about his alleged talks with Russia on oil import, Malik took credit for the proposed deal and said that the minutes of their meetings with Mosco officials can prove their claims.

Responding to a question about the financial crisis in the county, the minister said that the government is not deliberating on imposing any economic emergency. He maintained that the government recently paid $1 billion for Sukuk bonds.

He maintained that the country would not default.

‘Russia agreed to export petrol, diesel to Pakistan’

A day earlier, Malik said Moscow was agreed to provide crude oil to Pakistan at discounted rates.

Malik said Russia did not have Liquefied Natural Gas (LNG). “Talks with Russia private firms are underway for the import of LNG, while we have also engaged Russia’s state LNG producers,” Malik said.

According to the state minister, significant progress has been in talks over the pipeline projects with Moscow.

Last week, The News, quoting sources, reported that Pakistan’s delegation asked for a 30-40% discount on Russian crude oil during talks in Moscow, but the Russians said they could not offer anything right now as all volumes were committed.

During talks on the gas pipeline projects, Moscow asked Pakistan to first honour its commitment to the flagship project of the Pakistan Stream Gas Pipeline (PSGP) to be laid down from Karachi to Lahore, Punjab.

In their response, the Pakistani team proposed to change the model of the PSGP project. The Russian side said that the model of the project under GtG (government-to-government) arrangement had already been settled, save for some clauses of the shareholding agreement, which would soon be finalised.

Talking to the journalists, Malik said the country required one percent additional energy to meet the demand.

To a question, he said the government would ensure uninterrupted gas supply to households during cooking hours. “More gas is being supplied to the domestic sector in December 2022 compared to the last year,” the minister said

Business

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

Published

on

By

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.

Continue Reading

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

on

By

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.

Continue Reading

Business

The price of gold has drastically dropped in Pakistan.

Published

on

By

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.

Continue Reading

Trending