KARACHI: Pakistan International Airlines (PIA) is poised to resume flights to Europe, marking its return to the region after a suspension of over four years. Starting January 10, 2025, the national carrier will operate twice-weekly flights between Islamabad and Paris on Boeing 777 aircraft. Ticket bookings will commence on December 7, 2024.
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FBR Issues Rules for Azerbaijan-Pakistan Transit Trade
Karachi, December 6, 2024 – The Federal Board of Revenue (FBR) has officially notified rules to regulate Azerbaijan-Pakistan transit trade operations as per the recently signed Azerbaijan-Pakistan Transit Trade Agreement (PATTA) 2024.
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Saudi Arabia Rolls Over $3 Billion Deposits for Pakistan
Karachi, December 5, 2024 – The Saudi Fund for Development (SFD), acting on behalf of the Kingdom of Saudi Arabia, has extended the maturity of its $3 billion deposit with the State Bank of Pakistan (SBP) for another year.
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Pakistan Rebuffs Reports of Discounted Oil Deal with Russia
Islamabad, December 4, 2024 – Petroleum Minister Musadik Malik on Wednesday categorically denied reports suggesting that Pakistan and Russia had reached an agreement for the supply of discounted crude oil.
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Pakistan and Saudi Arabia Commit to Deepening Economic Ties
Pakistan and Saudi Arabia have reaffirmed their commitment to strengthening economic, trade, and investment ties, aiming for a qualitative transformation in their bilateral relationship. The development came during a “warm and cordial” meeting between Pakistan’s Prime Minister Muhammad Shehbaz Sharif and Saudi Crown Prince Mohammed bin Salman on the sidelines of the One Water Summit in Riyadh.
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Latest Petroleum Price Hike Driven by Taxes and OMC Margins
The recent increase in petroleum product prices in Pakistan has been attributed to multiple factors, including taxes and Oil Marketing Companies’ (OMCs) margins, which collectively account for 68% of the ex-depot prices. Effective December 1, 2024, petrol prices rose by Rs 3.72 per litre to Rs 252.10, while High-Speed Diesel (HSD) saw a hike of Rs 3.29, now costing Rs 258.43 per litre.
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Petroleum Sales Surge to 25-Month High in November 2024
Karachi, December 3, 2024 – Pakistan’s petroleum sales climbed to a remarkable 25-month high of 1.58 million tons in November 2024, marking a 15% year-on-year (YoY) increase, according to analysts at Arif Habib Limited. This significant growth is attributed to heightened demand driven by curbs on smuggled Iranian petroleum products and a 12-15% YoY reduction in motor spirit (MS) and high-speed diesel (HSD) prices, respectively.
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PM Shehbaz Hopes for Further Rate Cuts After Inflation Drops
ISLAMABAD: Prime Minister Shehbaz Sharif on Monday hailed the remarkable decline in inflation to 4.9%—the lowest in six and a half years—expressing optimism that this milestone could lead to further reductions in the key policy rate by the State Bank of Pakistan (SBP). Speaking during a federal cabinet meeting, Shehbaz emphasized the importance of leveraging this development to improve the financial well-being of the general public.
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Pakistan’s Headline Inflation Drops to 4.9% in November 2024
Karachi, December 2, 2024 – Pakistan’s headline inflation, measured through the Consumer Price Index (CPI), eased significantly to 4.9% year-on-year in November 2024, reflecting improved economic stability.
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PIA Will Get Higher Bids After EASA Lifts Ban: Khawaja Asif
Sialkot, November 30, 2024 – Aviation Minister Khawaja Asif welcomed the European Commission and the European Aviation Safety Agency’s (EASA) decision to lift the suspension on Pakistan International Airlines (PIA), expressing optimism about its positive impact on the privatization process of the indebted national carrier.
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