Govt jacks up Petrol Prices by Rs. 30/liter

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Govt jacks up Petrol Prices by Rs. 30/liter

Finance Minister Miftah Ismail announced another hike in the prices of petroleum products after the International Monetary Fund (IMF) emphasized the termination of subsidies to revive the bailout program

In a press conference, the finance minister explained that the decision was taken due to the rising prices of petroleum products in the international market.

The minister said that despite the massive increase, the government was still bearing losses.

“The government is still facing a loss of around Rs9 in petrol despite a hike of Rs30 as we are not collecting any tax on the fuel,” the minister said.

After the increase, the new prices are as follows (change to take effect from June 3):

Petrol – hike of Rs30 – new price Rs209.86

Diesel – hike of Rs30 – new price Rs204.15

Kerosene oil – hike of Rs26.38 – new price Rs181.94

Light diesel – hike of Rs30 – new price Rs178.31

CPI Inflation increased by 13.8% in May 2022

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CPI Inflation increased by 13.8% in May 2022

Pakistan CPI inflation increased by 13.8% on YoY basis in May’22 as compared to an increase of 13.4% in Apr’22 & 10.9% in SPLY.

The July-May average inflation is 11.29 percent compared to 8.83 percent from the corresponding period last year.

Govt has increased the Petrol prices by Rs. 30/litre

News Desk
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Govt has increased the Petrol prices by Rs. 30/litre

Finance Minister Miftah Ismail announced a hike in the price of petroleum products after the International Monetary Fund (IMF) emphasized the termination of subsidies to revive the bailout program.

In a press conference, the finance minister explained that the decision was taken in order to ensure the revival of the IMF programme.

After the increase, the new prices are as follows:

Petrol — Rs179.86

Diesel — Rs174.15

Kerosene oil — Rs155.56

Light diesel — Rs148.31

SBP raised the Policy rate by 150BPS to 13.75%

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SBP raised the Policy rate by 150BPS to 13.75%

The MPC of the State Bank of Pakistan has decided to raise policy rate by 150bps to 13.75%.

This is the highest interest-rate level since 2011 when it stood at 14%.

In a statement, the SBP said that since the last MPC meeting, the provisional estimates suggest that growth in FY22 has been much stronger than expected.

“The MPC decided to raise the policy rate by 150 basis points to 13.75%,” it said on Monday. “This action, together with much needed fiscal consolidation, should help moderate demand to a more sustainable pace while keeping inflation expectations anchored and containing risks to external stability.

“External pressures remain elevated and the inflation outlook has deteriorated due to both home-grown and international factors. Domestically, an expansionary fiscal stance this year, exacerbated by the recent energy subsidy package, has fueled demand and lingering policy uncertainty has compounded pressures on the exchange rate.

Foreign Direct Investment recorded Net Inflow of $170.6Mn in April, 2022

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Foreign Direct Investment recorded Net Inflow of $170.6Mn in April, 2022

The Foreign Direct Investment (FDI) recorded an inflow of $170.6Mn during the month of April against the outflow of $30.4mn recorded in March 2022.

While the FDI inched up by 0.95% on YoY basis.

Sector-wise, the Power sector attracted the highest investment of USD 39.22Mn

The State Bank of Pakistan (SBP) reported that Pakistan fetched FDI amounting to $1.455 billion during July-April of FY22 compared to $1.480 billion in the same period last year (FY21) – a decline of $25 million. During the period under review, FDI inflows were $2.161 billion against outflow of $706.2 million.

Govt has imposed ban on the Import of Non-Essential Luxury Items

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Govt has imposed ban on the Import of Non-Essential Luxury Items

The government has imposed a ban on the import of 38 non-essential Luxury Items under an “Emergency Economic plan“.

Under the new policy, the import of all luxury vehicles has been banned. Moreover, a ban has also been imposed on the import of mobile phones, dried fruits, private weapons, crockery, shoes, carpets, tissue paper, furniture, make-up, sunglasses, cigarettes, musical instruments, chocolates, heaters, and other items.

List of banned items

  • Automobiles
  • Mobile phones
  • Home appliances
  • Fruits and dry fruits (except from Afghanistan)
  • Crockery
  • Private weapons and ammunition
  • Shoes
  • Chandeliers and lighting (except energy savers)
  • Headphones and loudspeakers
  • Sauces
  • Doors and window frames
  • Travelling bags and suitcases
  • Sanitary ware
  • Fish and frozen fish
  • Carpets (except from Afghanistan)
  • Preserved fruits
  • Tissue paper
  • Furniture
  • Shampoos
  • Confectionary
  • Luxury mattresses and sleeping bags
  • Jams and jelly
  • Cornflakes
  • Toiletries
  • Heaters, blowers
  • Sunglasses
  • Kitchen ware
  • Aerated water
  • Frozen meat
  • Juices
  • Pasta
  • Ice cream
  • Cigarettes
  • Shaving goods
  • Luxury leather apparel
  • Musical instruments
  • Salon items like hair dryers etc
  • Chocolates

System Ltd to acquire 100% stake in National Data Consultant

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System Ltd to acquire 100% stake in National Data Consultant

Systems Limited has entered into a term sheet with the sponsor shareholders of National Data Consultant (Pvt.) Limited (“NdcTech”) for the acquisition of 100% of the issued and paid-up share capital of NdcTech, subject to compliance with the applicable laws, including, obtaining the necessary corporate and regulatory approvals (the “Transaction”).

The management of both parties will now start discussions to finalise terms for the acquisition, the share purchase agreement and other Transaction related documents and upon finalization, terms and conditions shall be presented to the Board of Directors for their final consideration and approval.

NdcTech has been a leading core and digital banking implementation service provider for the past 22 years and has a rich set of clients in Pakistan, Middle East, Africa and Asia Pacific region.

NdcTech is a regional partner of Temenos, which has over 3,000 financial institutions across the globe, including 41 of the world’s top 50 banks. Temenos is recognized by renowned firms such as Gartner, Forrester, IBS Intelligence, Everest Group and Fintech Futures as a Leader in their respective quadrants.

PTI supporters hold Countrywide rallies

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PTI supporters hold Countrywide rallies

Supporters of the Pakistan Tehreek-e-Insaf (PTI) held rallies in various parts of the country, protesting against the “foreign conspiracy” they say was behind the no-confidence vote that eventually led to the ouster of Imran Khan.

The protests follows calls made by the former prime minister during an address on the eve of the no-confidence vote, urging the public to hold “peaceful protests on Sunday” against what he called an imported government being installed at the behest of a foreign power that did not agree with his foreign policy.

Reports indicate rallies were held in Karachi, Peshawar, Islamabad, Lahore, Kohat along with several other cities in Pakistan. Video footage was shared by PTI’s official Twitter page throughout the day, with accounts in the UK also sharing glimpses of rallies in London.

Imran Khan ousted as a Prime Minister in a No-Confidence Vote

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Imran Khan ousted as a Prime Minister in a No-Confidence Vote

Pakistan’s Prime Minister Imran Khan has been ousted from power after losing a no-confidence vote in his leadership.

The vote was held past midnight after opposition parties brought a motion against him, following days of drama.

The motion was first brought last week, but the former cricket star blocked it by dissolving parliament.

Sunday’s vote took place after the country’s Supreme Court ruled in favour of opposition parties and said that Mr Khan had acted unconstitutionally.

Opposition leader Shehbaz Sharif – who is expected to be chosen as the new prime minister on Monday – said Pakistan and its parliament were “finally freed from a serious crisis”, adding in a tweet: “Congratulations to the Pakistani nation on a new dawn.”

If voted in by parliament, Mr Sharif – a long-time rival of Mr Khan and brother of former three-time Prime Minister Nawaz Sharif – would be able to hold power until October 2023, when the next election is due to be held.

The vote makes Mr Khan the first Pakistani prime minister to be ousted by a no-confidence motion, with opposition parties securing 174 votes in the 342-member house in support of the no-confidence motion.

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