(KARACHI, PkRevenue.com) – Prime Minister Shehbaz Sharif announced on Monday that May 28, 2024, will be a public holiday to commemorate Youm-e-Takbeer.
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Pakistan Likely to Raise Petroleum Levy to Rs 100 per Liter
Islamabad, May 26, 2024 – Pakistan is poised to increase the petroleum levy to Rs 100 per liter, a significant hike from the current Rs 60 per liter in the budget 2024-25.
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K-Electric Seeks Hefty Rs 10.69 Per Unit Hike in Electricity Tariff
KARACHI – K-Electric is gearing up to increase the financial burden on consumers, seeking approval from the National Electric Power Regulatory Authority (NEPRA) for a substantial Rs 10.69 per unit hike in the base electricity tariff.
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Pakistan Anticipates Reduction in Petroleum Prices from June 1
Pakistan is poised to see a substantial reduction in petroleum prices starting June 1, 2024, driven by a notable decline in international oil prices.
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Pakistan Aims to Transform Economy with UAE Collaboration
Abu Dhabi, May 23, 2024 – Prime Minister Shehbaz Sharif has declared his government’s strong commitment to transforming Pakistan economy through strategic collaboration with the United Arab Emirates (UAE).
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PIA Offers Student Discount on Travel from China to Pakistan
Beijing, May 23, 2024 — In a welcome move for Pakistani students in China, Pakistan International Airlines (PIA) has announced a 20 percent discount on fares for travel from China to Pakistan.
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Pakistan Mourns Death of Iranian President in Helicopter Crash
Pakistan on Monday expressed profound grief over the tragic death of Iranian President Seyyed Ebrahim Raisi, who perished in a helicopter crash. The accident also claimed the life of Iranian Foreign Minister Hossein Amir-Abdollahian and several other officials, casting a pall of sorrow over both nations.
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Pakistan Prays for Safety of Iranian President in Helicopter Incident
Islamabad, Pakistan – On Sunday, Pakistan’s leadership and citizens united in prayer for the safety of Iranian President Seyed Ebrahim Raisi and Foreign Minister Hossein Amir-Abdollahian following a helicopter incident.
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Weekly Inflation Falls by 1.06% Following Petroleum Price Cut
Islamabad, May 17, 2024 – Weekly inflation, as measured by the Sensitive Price Indicator (SPI), has witnessed a notable decline of 1.06% following a significant cut in petroleum prices, according to data released by the Pakistan Bureau of Statistics (PBS) on Friday.
The SPI for the week ending May 16, 2024, decreased by 1.06%, reflecting a downward trend in prices across various essential commodities. Major decreases were observed in the prices of tomatoes (31.18%), onions (21.84%), garlic (7.76%), petrol (5.32%), wheat flour, and LPG (liquefied petroleum gas) (3.66% each), diesel (2.79%), rice basmati broken (1.52%), chilies powder (1.31%), pulse masoor (1.08%), and bananas (0.87%).
Conversely, some items witnessed price increases during the week, including cooked daal (1.96%), shirting fabric (1.74%), potatoes (1.46%), beef (1.11%), mutton (1.04%), pulse gram (1.00%), energy saver bulbs, long cloth, and eggs (0.73% each), cooked beef (0.50%), and chicken (0.30%).
Out of 51 items monitored, prices of 20 items increased (39.22%), 16 items decreased (31.37%), and 15 items remained stable (29.41%) during the week.
On a year-on-year basis, the data reveals a mixed trend, with some items witnessing significant increases while others experienced decreases. Notable year-on-year increases include gas charges for Q1 (570.00%), onions (87.82%), chilies powder (69.71%), garlic (61.86%), and tomatoes (35.65%). Conversely, significant decreases were observed in the prices of bananas (39.37%), wheat flour (29.85%), chicken (25.62%), cooking oil (5-liter) (19.65%), vegetable ghee (1 kg and 2.5 kg) (16.42% and 16.07% respectively), mustard oil (12.84%), LPG (11.11%), and eggs (9.32%).
The data reflects the impact of fluctuating commodity prices on consumer inflation, highlighting the importance of monitoring and managing price movements to ensure affordability and stability in the cost of living for citizens.
The decline in weekly inflation following the reduction in petroleum prices signals a positive development, providing relief to consumers and easing inflationary pressures in the economy. However, continued vigilance and effective policy measures are necessary to sustain this downward trajectory and promote economic stability.
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China Reiterates Support for Pakistan’s Financial Stability
Lan Fo’an, the Finance Minister of China, has reaffirmed his country’s unwavering support for Pakistan’s efforts to enhance financial stability. This statement came during discussions with Pakistan’s Deputy Prime Minister and Foreign Minister, Senator Mohammad Ishaq Dar, in Beijing on Thursday.
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