Business News
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Pakistan, Uzbekistan to sign PTA | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan and Uzbekistan will sign a preferential trade agreement this week to lower duties on nearly three-dozen products in the range of 20% to 100% aimed at giving a boost to the trade value that remains very thin despite vast potential. The preferential trade agreement will be signed during a two-day visit of…
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OGRA hikes gas price by up to 16.37% | The Express Tribune
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[ad_1] ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has increased the average prescribed price of gas by up to 16.37% besides curtailing new gas schemes and connections. In two separate decisions on the estimated revenue requirement (ERR) of public gas utilities for fiscal year 2021-22, the regulator jacked up the prescribed gas price by…
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Oil, gas demand remains robust | The Express Tribune
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[ad_1] KARACHI: Although the demand for petroleum products and gas remained robust in the domestic economy and households of Pakistan, the output of crude oil and gas from domestic fields has declined, enhancing the nation’s reliance on expensive imported fuels. “Total petroleum sales settled at 1.54 million tons in February 2022, showing a year-on-year increase…
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Saudi oil facility to come into effect this month | The Express Tribune
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[ad_1] ISLAMABAD: The energy woes of Pakistan are likely to ease as first oil tanker under the Saudi Arabian oil credit facility is expected to reach Pakistan in the third week of March. In a meeting with a Saudi Arabian delegation on Wednesday, Federal Minister for Economic Affairs Omar Ayub Khan acknowledged the timely start…
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Trade deficit stays high at $32b | The Express Tribune
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[ad_1] ISLAMABAD: Pakistan’s trade deficit remained significantly high at $32 billion in the first eight months of current fiscal year as the pace of increase in exports stood at nearly half of the surge in imports, making the government’s external position vulnerable. According to data released by the Pakistan Bureau of Statistics (PBS) on Wednesday,…
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State Bank issues QR code standards | The Express Tribune
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[ad_1] KARACHI: The State Bank of Pakistan (SBP) has issued standards for quick response (QR) code-based payments in Pakistan to accelerate digitisation of retail payments. According to a press release issued on Wednesday, the standards are to be met for issuance of QR codes and acceptance of payments through the same. “The initiative is a…
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Taxes on seeds to disincentivise farmers | The Express Tribune
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[ad_1] LAHORE: The imposition of 17% sales tax on locally produced or imported seed coupled with 3% additional tax on unregistered seed firms will have a cumulative effect of 25% on farmers, said Pakistan Hi-tech Hybrid Seed Association (PHHSA) President Shehzad Ali Malik. While briefing the media on Wednesday, he stated that it would hike…
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World Bank does not verify growth | The Express Tribune
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[ad_1] ISLAMABAD: Contrary to the claims made by Prime Minister Imran Khan and his cabinet ministers, the World Bank has not verified the 5.6% provisional economic growth rate for Pakistan for the previous fiscal year. Pakistani authorities are misstating the facts by repeatedly claiming that the World Bank has endorsed the provisional gross domestic product…
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Market watch: Soaring energy prices drag stocks down | The Express Tribune
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[ad_1] KARACHI: Bears returned to the Pakistan stock market on Wednesday as the KSE-100 index dipped nearly 300 points, driven down by the spike in global energy prices with no signs of easing of geopolitical tensions. A surge in international crude oil prices past the $110-per-barrel mark sparked concern as it would pile on pressure…
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Pakistan turns to diesel for power generation | The Express Tribune
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[ad_1] Pakistan and Bangladesh are now opting for the expensive and dirty diesel to generate power as the nations struggle to secure liquefied natural gas (LNG) shipments following a supply crunch due to Russia’s invasion of Ukraine. In January, Pakistan’s diesel-based power generation surged to the highest in seven years whereas the LNG-fired output dropped…
