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Sigh of relief: Petrol price in Pakistan likely to slide down by Rs9.62

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  • Price of diesel may witness slight increase for next fortnight.
  • Sources say average platts price for motor spirit also plunged to Rs92.28 from Rs101.83
  • Ex-refinery price of diesel is estimated to increase by Rs3.04 per litre to Rs231.90.

The price of mogas is likely to drop from Rs235.98 per litre to Rs226.36 after a cut of Rs9,62 per litre on September 16 (Friday) for the next fortnight.

However, a slight increase of Rs3.04 per litre is expected in the price of diesel, taking the rate up from Rs247.26 per litre to Rs250.30 for the said duration.

Industrial sources said that the average Platts price for motor spirit also plunged by Rs9.55 to Rs92.28 from Rs101.83 for the duration from September 1-15. However, the exchange rate remained on the higher side if compared with the exchange rate registered during August 16-31. And with unchanged customs duty at Rs15.39 per litre, the cost of one-litre petrol in the refinery slid by Rs7.84 per litre to Rs166.76 from Rs174.61 per litre.

However, the ex-refinery price of one-litre petrol has been estimated to decrease by Rs9.62 per litre to Rs173.43 from Rs183.04 per litre, The News reported.

Regarding diesel, though the average Platts price for diesel tumbled during September 1-15 by Rs6.46 per litre to Rs133.93 from Rs140.38 per litre, the cost and freight in dollars went up. Likewise, the exchange rate also remained on the higher side at Rs225.63 against the Rs217.81 registered during the August 16-31 period, showing an increase of Rs7.87. However, the likely increase in imposition of customs duty on HSD by Rs3.37 to Rs22.11 per litre from Rs18.74 will increase the cost of one-litre diesel in a refinery by Rs1.57 per litre to Rs224.57 from Rs223 per litre.

And after the PSO exchange adjustment, the ex-refinery price of diesel is estimated to increase by Rs3.04 per litre to Rs231.90 from earlier Rs228.87 per litre.

However, for end consumers, the distribution margin for diesel and petrol stands at Rs3.68 per litre and Rs7 per litre. The imposition of petroleum levy on petrol stands at Rs37.50 per litre and on diesel at Rs7.50 per litre.

The Rs4.76 per litre on petrol is being charged in the shape of IFEM (Inland Freight Equalisation Margin) and Re0.21 on diesel. The coalition government under the IMF programme is bound to jack up petroleum levy up to Rs50 on both petrol and diesel to generate Rs855 billion in 2022-23.

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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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