Page 18 - Pakistan Government

Price of petro products in Pak likely to be increased by PKR 20: Report

The price of petroleum products in Pakistan is likely to witness a rise by Pakistani Rupees (PKR) 20 per litre, Pakistan-based ARY News reported citing sources. As per the details, the price of crude oil has increased from USD 86 to USD 91 per barrel due to the rise in petroleum products' global prices. In addition, a premium charge of USD 2 per barrel has been applied to crude oil. The per litre price of both petrol and diesel has increased from USD 97 to USD 102, demonstrating an upward trend, ARY News reported. If these prices persist, the price of petrol could potentially witness a rise of PKR 15 per litre, while the cost of diesel might see a surge of PKR 20 per litre, across the nation.During its tenure, the Pakistan Democratic Movement (PDM)-led government increased the cost of petroleum products and the prices reached as high as PKR 129.25 per litre for petrol, according to ARY News report. Meanwhile, the basic electricity tariff was increased by up to PKR 15.41 per ...

Pak Railways suspend six officers for negligence that led to train accident

Pakistan Railways has suspended six officials, including a divisional engineer and a works manager, for their alleged negligence that led to a major train accident in the country's Sindh province that killed at least 34 people. Speaking in the National Assembly, Minister for Railways and Aviation Khawaja Saad Rafique revealed details about the unfortunate incident, placing the blame on the damaged track for the derailment of the ill-fated train. The Hazara Express train travelling from Karachi to Rawalpindi derailed on Sunday in Nawabshah district near the Sarhari Railway Station, 275 kilometres from the provincial capital Karachi. In response to the tragic accident, six railway officials have been suspended, and financial compensation worth Rs 1.5 million each has been announced for the families of the victims. Speaking during Tuesday's assembly session, Rafique said that the investigations into the accident were underway and the report would be finalised in a few days. Explainin

ODI World Cup: Pakistan panel likely to visit India to review security

The committee headed by foreign minister Bilawal Bhutto might not take a tough stand stance on Pakistan's participation in ICC ODI World Cup in India

Shehbaz Sharif to step down as Pak PM before next month; all you must know

Pakistan PM Shehbaz Sharif said that he will hand over power to a caretaker government on August 14, paving the way for general elections

Layyah land scam: Punjab anti-corruption body summons Imran Khan on Jun 19

Pakistan's former prime minister Imran Khan has been asked to appear before the Anti-Corruption Establishment (ACE) of Punjab on Monday in connection with a case related to the purchase of over 5,000 kanals (625 acres) of land at throwaway prices through fraud in the country's Punjab province. The ACE has sent summonses to Khan, his sister Uzma Khan and her husband Ahad Majeed in the Layyah land corruption case, a spokesperson of the ACE said on Saturday.

Chinese power companies accuse Pakistan govt of defaulting on pay

The Chinese independent power producers (IPPs) say that by not paying billions of rupees of dues, it is Islamabad that has defaulted

Cyclone Biporjoy unlikely to hit Pak's coastline, govt alerts authorities

Pakistan's meteorological agency has said that a ferocious cyclone in the Arabian Sea is unlikely to make landfall in the country, but authorities in the coastal areas in Sindh and Balochistan have been advised to be on alert to ensure public safety. Biporjoy was located by Friday night at around 1,120km away from Karachi, about the same distance between Karachi and Lahore, the Express Tribune reported quoting the Pakistan Meteorological Department (PMD) experts. Biporjoy has changed its course and slowly tracked in the north-northeast direction during the last 12 hours, the PMD said, adding that it was about 1,120km south of Karachi. Maximum sustained surface winds are 130-150 km/h gusts and 160km/h around the system's centre, it added. PMD experts suggested that Cyclone Biporjoy was unlikely to make landfall on the Pakistani coastal belt, but it might touch the Makran coast. Some meteorological instruments suggested that the cyclone would affect the west coast of Oman and Pakist

Pakistan govt's debt swells by 34.1% to Rs 58.6 trillion: Central bank data

The Pakistan government's total debt has increased 34.1 per cent year-on-year to Rs 58.6 trillion at the end of April, according to the latest report by the country's central bank. The increase was 2.6 per cent on a month-on-month basis, Dawn newspaper reported on Tuesday. The domestic debt amounted to Rs 36.5 trillion (62.3 per cent) while the external debt accounted for a 37.6 per cent share with Rs 22 trillion at the end of April. On an annual basis, the increase in external debt remained 49.1 per cent, the State Bank of Pakistan (SBP) data showed. There was no change in the external debt figure from a month ago. Within the domestic debt, the largest share was of the federal government bonds that represented almost Rs25 trillion worth of loans. Other major contributors to the domestic debt were short-term loans (Rs7.2 trillion) and unfunded debt (Rs2.9 trillion) that included money borrowed through National Savings Schemes. Funds obtained through federal government bonds rose 3

Pakistan's budget proposals: OICCI asks govt to abolish super tax

As cash-strapped Pakistan struggles to increase tax base, the Overseas Investors Chambers of Commerce & Industries (OICCI) has asked the government to abolish super tax and bring trade, services, real estate and agriculture sector into the tax net in line with their share in the economy, a media report said on Monday. The OICCI - which serves as a platform to promote foreign investments into Pakistan - presented its taxation proposals for 2023-24 budget to Finance Minister Ishaq Dar, the News International reported. "The OICCI recommended the abolishment of super tax for all sectors and capping the corporate tax rate at 29 per cent. It suggested that no further increase in effective tax rate should be made as it is already greater than the regional competitive rates, the paper reported. The general rate for minimum tax should be reduced to 0.25 per cent and carry forward of minimum tax credit be allowed for at least 5 years as prior to 2022, recommended the OICCI. The overseas ...

Pak's annual inflation rises to record 37.97% YoY in May: Official data

Pakistan's annual inflation rose to a record 37.97 per cent year-on-year in May, according to official data on Thursday. Pakistan, currently in the throes of a major political as well as economic crisis, is grappling with high external debt, a weak local currency and dwindling foreign exchange reserves. Inflation is measured on the basis of a basket of products and services called the Consumer Price Index (CPI), in which items are divided into 12 major components with different weights. According to data released by the Bureau of Statistics, which keep a record of price hike, the highest year-on-year increase was recorded in the categories of alcoholic beverages and tobacco at 123.96 per cent, recreation and culture at 72.17 per cent and transport at 52.92 per cent. In the food group, items whose prices increased the most in May compared to last year were cigarettes, potatoes, wheat flour, tea, wheat and eggs and rice. In the non-food category, the items whose prices saw the highe

Ex-PM Imran Khan summoned in Lahore Corps Commander House attack case

A joint investigation team (JIT), constituted by the caretaker government of Punjab province to investigate arson attacks on the Pakistan Corps Commander's House

Historical trail of Pakistan's powerful military enterprise: Explainer

Amid the ever-changing political landscape, the only permanent force is the military establishment, while the political parties only coexist to share power with it

Pak Police surround Imran Khan's home in search of '30-40 terrorists'

Khan said his re-arrest was imminent. Hours earlier, Islamabad's High Court had granted him a bail extension until May 31, his lawyer Faisal Chaudhry said

Pakistan likely to turn to China for a bailout as IMF deadlock continues

Pakistan is now looking for a 'Plan B' for averting full fledge eruption of the balance of payment crisis

Pakistan's Lower House unanimously adopts motion against chief justice

The motion - moved by Pakistan Peoples Party (PPP) leader Shazia Sobia - was unanimously adopted by the house, the Express Tribune newspaper reported

Pakistan's former PM Imran Khan calls for nationwide 'freedom' protest

His remarks came in response to ISPR Director-General Major General Ahmed Sharif Chaudhry's statement in which he called Mr. Khan a "hypocrite"

Imran indicted, Pakistan burns; rupee falls all-time low to 287.29 vs $

Default risk grows, IMF deal may be delayed as court indicts Khan, sends him to 8-day custody

Sale of petroleum products halves in Pakistan, high inflation to blame

The marginal recovery in diesel sales during the month of April can be attributed to increased mobility due to the festive season and Eid holidays

Pakistan becomes largest recipient of ADB funded programmes in 2022

Owing to the economic crisis led by political and geopolitical uncertainties, Pakistan has become the largest recipient of the Asian Development Bank (ADB)-funded programmes/projects in the year 2022

Pakistan SC warns govt of serious consequences if poll funds not released

A day earlier, the Defence Ministry filed an application in the SC, requesting the top court to recall its April 4 order that had fixed May 14 as the election date for the Punjab Assembly