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  • Pakistan may face food security due to flash floods

    Pakistan may face food security due to flash floods

    ISLAMABAD: The flash floods in Pakistan may create a situation of food security in coming days as rice, banana, onion and other agriculture produces have been badly affected.

    Minister for Planning, Development, and Special Initiatives Ahsan Iqbal Monday said that the recent floods and torrential rains have also damaged 40-50 percent cotton crop across the country.

    He said Pakistan is witnessing more devastation than that caused by the flood in 2010.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    The minister informed that 0.9 million livestock and one million houses have been washed away in the recent floods while over 1000 people lost their lives.

    The Minister made these remarks while speaking at the event titled, “an overview and findings of the Rural Poor Stimulus Facility (RPSF) – Waseel-e-Khurak, pilot project” that was organized by the Scaling Up Nutrition (SUN) in collaboration with Ministry of Planning Development & Special Initiatives.

    In 2013, he said when the PML-N government took the charge, the country had already faced devastated floods in 2010 and it launched the fourth phase of Pakistan flood protection programme to minimize the impacts of such floods.

    “In May 2017, we got approved the Programme from Council of Common Interest duly signed by all the provinces and it was agreed that new infrastructure would be built under the programme”, he added.

    He said it was also agreed that Rs 177 billion would be spent under the Programme and the provinces would contribute half of the amount.

    READ MORE: Flash floods affect internet services in Pakistan

    However, he said despite completing the final roadmap to spend Rs 177 billion under the programme, the next PTI government dumped this programme in the cold storage and not a single rupee was spent on this programme.

    Had we spent Rs 177 billion under the programme, the loss would be far less than what we are facing now, he added.
    Ahsan Iqbal said a big challenge is ahead as the 30 million people have been affected and the government have to help them standing on their feet.

    He expressed his resolve that under the leadership of Prime Minister Shehbaz Sharif, the government would complete the rehabilitation process of the flood hit areas.

  • PM Shehbaz announces Rs10 bn grant for Balochistan victims

    PM Shehbaz announces Rs10 bn grant for Balochistan victims

    JAFFARABAD: The Prime Minister of Pakistan, Muhammad Shehbaz Sharif, Sunday announced a grant of Rs10 billion for the people of Balochistan province to cope with the situation and assist the flood victims.

    During his visit to flood affected areas including Haji Allah Dino village, the prime minister said that he had never witnessed in his lifetime such massive destruction wrecked by unprecedented floods and rainfalls across the country.

    READ MORE: Pakistan fixes amount of diyat for 2022/2023

    He said the impacts of natural calamities could not be overcome with mere raising of slogans, making of statements and hurling of allegations.

    The prime minister stressed that they would have to work hard, and shed sweat and blood to overcome the flood situation in the country, adding that different countries had devised technical mechanisms by making investments to overcome the natural catastrophes.

    Shehbaz regretted that false statements by certain political figures could not mislead the nation. “I will speak the truth. For the last 73 years, Pakistan could not stand on its feet,” he regretted.

    The prime minister also expressed gratitude to the Presidents of the United Arab Emirates and Turkey for expressing their grief over loss of lives in Pakistan and their concerns over the distressed Pakistanis who were facing ordeals due to floods.

    READ MORE: Cellular mobile operators provide free calls in Pakistan

    He said that they were thankful to the friendly countries who were extending flood relief and assistance to the flood victims, adding two planeloads of relief assistance from Turkey would land in Karachi while another from the UAE would arrive Islamabad.

    “We are grateful to the friendly countries for their support and solidarity. The UK government and other countries have announced their support in this hour of distress for which we express our thankfulness,” he added.

    The prime minister also appealed to the wealthy people of the country to support the millions affected people with their generous donations who had been in dire need of immediate relief and assistance.

    He said in the past, the people had supported the calamity hit populace, adding that they were receiving donations in the PM Relief Fund, and cited a donation of worth Rs45 million by a group while another significant contribution by an individual.

    Acting Governor Balochistan Mir Jan Muhammad Jamali, Chief Minister Abdul Quddus Bizenjo and Chief Secretary Abdul Aziz Aqeeli, NDMA and PDMA authorities were also accompanied the prime minister.

    The prime minister said during his aerial view, he had witnessed huge chunks of land inundated by the flood water including Kachi, and Sobatpur, and likened the situation to an overflowing ocean. Flood water had submerged Rajanpur, Rahimyar Khan and Ghotki areas. 

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    He said during 2010, Pakistan faced a huge deluge, but it was restricted to Sindh river, but the recent devastation had been widespread, Sindh and Balochistan provinces were badly battered.

    In Khyber Pakhtunkhwa, the heavy downpours had led to swollen rivers and water channels in Swat and Kalam, sweeping away hotels and homes within the winks of eyes, he said, adding hundreds of people lost their lives, crops were damaged while the stagnant water would create problems.

    “In my political and personal life, I had never witnessed such widespread destruction caused by floods, as scores of villages were effaced, hundreds of lives were lost and millions of homes swept away,” he expressed his grief.

    The prime minister said the federal government was providing Rs25,000 to each flood affected family out of allocated grant of Rs38 billion through the National Disaster Management Authority (NDMA) and the Benazir Income Support Programme (BISP), so that the deserving were not deprived of the assistance package.

    In Sindh, he said, he had already announced a grant of Rs15 billion. The provincial chief ministers and their teams in assistance with the relevant departments had been making untiring efforts day and night, the prime minister said.

    The prime minister also appreciated Balochistan chief minister and his team for the rescue and relief activities as the camps for the affectees were set up and their needs had been catered to.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    He stressed upon making of safe drinking water arrangements and informed that he had already directed the federal minister of energy to supervise restoration of suspended power supply in the affected areas.

    The prime minister said about 50,000 stranded people, trapped in floods, had been rescued through the assistance provided by the Pakistan army and Navy helicopters.

    He further informed that on Monday, they would be holding a meeting in Islamabad to review the situation and take further decisions.

    Earlier, the prime minister was given a detailed briefing by Balochistan chief secretary who apprised that 20 districts in the provinces were badly affected including Killa Saifullah and Killa Abdullah and about 1.3 million population braced the wort situation.

    He said a total of 65,000 houses were completed destroyed whereas Quetta-Sukkkur road link had been cut off due to collapse of bridges. A total of 25 small dams in the province were breached and 78 others had developed cracks.

    A total of 450 solar tube wells were damaged while millions of acres of agriculture land had been affected. Cash assistance through BISP was generated besides, arrangements were made to provide food stuff to more than 1 million people, it was added.

    The prime minister also met and interacted with the flood victims.

  • Pakistan fixes amount of diyat for 2022/2023

    Pakistan fixes amount of diyat for 2022/2023

    Pakistan has fixed the amount of diyat (compensation) at Rs4.32 million for the fiscal year 2022/2023 to be the value of thirty thousand six hundred and thirty (30,630) grams of silver.

    The finance ministry issued a circular to declare the amount of diyat on August 26, 2022.

    Diyat is the financial compensation paid to the victim or heirs of a victim. The compensation may be paid in the cases of murder, bodily harm or property damage.

    READ MORE: Cellular mobile operators provide free calls in Pakistan

    Pakistan Penal Code has defined “diyat” as the compensation specified in Section 323 payable to the heirs of the victim.

    Section 323 of the Pakistan Penal Code notified the value of diyat as:

    (1) The Court shall, subject to the Injunctions of Islam as laid down in the Holy Qur’an and Sunnah and keeping in view the financial position of the convict and the heirs of the victim, fix the value of diyat which shall not be less than the value of thirty thousand six hundred and thirty grams of silver.

    (2) For the purpose of sub-section (1), the Federal Government shall, by notification in the official Gazette, declare the value of Silver, on the first day of July each year or on such date as it may deem fit, which shall be the value payable during a financial year.

    Diyat is one of the modes of punishment under Section 53 of the Pakistan Penal Code.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Section 53: The punishments to which offenders are liable under the provisions of this Code are:

    Firstly, Qisas;

    Secondly, Diyat;

    Thirdly, Arsh;

    Fourthly, Daman;

    Fifthly, Ta’zir;

    Sixthly, Death;

    Seventhly, Imprisonment for life;

    Eighthly, Imprisonment which is of two descriptions, namely:–

    (i) Rigorous, i.e., with hard labour;

    (ii) Simple;

    Ninthly, Forfeiture of property;

    Tenthly, Fine

    Under Pakistan Penal Code where qisas is not enforceable then the offender is liable to pay diyat.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Section 308. Punishment in qatl-i-amd not liable to qisas, etc.:

    (1) Where an offender guilty of qatl-i-amd is not liable to qisas under Section 306 or the gisas is not enforceable under clause (c) of Section 307, he shall be liable to diyat:

    Provided that, where the offender is minor or insane, diyat shall be payable either from his property or, by such person as may be determined by the Court:

    Provided further that where at the time of committing qatl-i-amd the offender being a minor, had attained sufficient maturity of being insane, had a lucid interval, so as to be able to realize the consequences of his act, he may also be punished with imprisonment of either description for a term which may extend to twenty-five years as ta’zir.

    READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    Provided further that, where the qisas is not enforceable under clause (c) of Section 307, the offender shall be liable to diyat only if there is any wali other than offender and if there is no wali other than the offender, he shall be punished with imprisonment of either description for a term which may extend to twenty-five years as ta’zir.

    (2) Notwithstanding anything contained in sub-section (i), the Court, having regard to the facts and circumstances of the case in addition to the punishment of diyat, may punish the offender with imprisonment of either description for a term which may extend to twenty-five years, as ta’zir.

  • Cellular mobile operators provide free calls in Pakistan

    Cellular mobile operators provide free calls in Pakistan

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) directed cellular mobile operators to provide free on-net voice calls to their subscribers in flood hit areas.

    In a statement, the PTA said cellular mobile operators will provide free on-net voice calls to all their subscribers in flood affected areas with Zero / Nil balance.

    According to the PTA, there will be no call setup charges applicable on call connection and customers having no balance will be able to make on-net calls.

    PTA is continuously monitoring the communication channels in the affected areas, ensuring connectivity and providing updates, where necessary.

    READ MORE: SBP issues IBAN list for donations to PM flood relief fund

    Furthermore, the PTA has allocated a short code of 9999 to enable mobile phone subscribers to donate to Prime Minister Flood Relief Fund 2022. Users can donate Rs10 by typing ‘fund’ in SMS option and sending to 9999.

    The PTA in another statement said that due to flash floods, damage to optical fiber cable and power outage, connectivity services have been impacted in Chitral, Upper Dir, Donbala, Swat, Medan, Lal Qila Samarbaghidar, Tank and Dera Ismail Khan.

    In comply with the directives of PTA, Telenor has announced free calls to people in flood affected areas.

    The company said that it had allowed free Telenor to Telenor calls to victims of flood hit areas. The company said that it stand with the people of such areas in these difficult times.

    Another leading mobile phone operator i.e. Jazz announced to facilitate with free calls to people of flood hit areas. In this regard, the company provided free minutes to Jazz to Jazz and Jazz to PTCL to support relief activities in the areas.

    The company further said that subscribers in Balochistan can make calls without having balance for one tonight. Furthermore, it announced to start this free calls services soon in Sindh and Khyber Pakhtunkhwa.

  • Malaysia education exhibition kicks off in Karachi

    Malaysia education exhibition kicks off in Karachi

    KARACHI: The Education Malaysia Global Services (EMGS) on Saturday launched the “Study in Malaysia Education Fair” in Karachi. The program offers the student and their parents an opportunity and the information about higher studies in Malaysia.

    Chief Executive Officer of EMGS Mohd Radzlan bin Jalaludin and the Consul General Malaysia in Karachi Khairul Nazran Abd Rahman jointly inaugurated the Malaysian Education Fair, which is also scheduled to be held in Islamabad, Peshawar and Lahore.

    Mohd Radzlan bin Jalaludin said that, “EMGS is actively preparing a variety of programs to promote the uniqueness of higher education experience in Malaysia to international students from all over the world, especially from Pakistan.”

    He also added that they were happy to see a rising trend in student applications from Pakistani students who wish to study in Malaysia.

    He said that following the success of the similar events in the Middle East & North Africa, South Asia, East Asia, Southeast Asia, Oceania and Europe, EMGS was thrilled to provide institutions an equal chance to be on-the-ground, to meet students and their parents and have a face-to-face interaction with the university officials.

    It is pertinent to mention that the Fair is aimed at providing complete information to the students on backgrounds, programs, fee structures, career pathways.

    The Discover Education Malaysia portal is also a one-stop information portal about higher education institutions in Malaysia.

    Both Pakistan and Malaysia have established a long-standing exchange and cooperation in education.

    Malaysia has become one of the most preferable study destinations by the Pakistani students as it is house of the world’s leading institutes including International Islamic University Malaysia (IIUM), University Kebangsaan Malaysia (UKM), Asia Pacific University of Technology and Innovation (APU), Imperium International College, Newcastle University Medicine Malaysia, UNITAR International University, UCSI University, Open University Malaysia (OUM), SEGi University and Colleges to name a few.

    EMGS is a company limited by guarantee (“CLBG”) under the purview of the Ministry of Higher Education Malaysia, which is responsible for promoting Malaysia as the international education hub of choice and to position Malaysia among the Top 10 education destinations. It is also the principal body that manages the movement of international students in Malaysia including facilitating visa processing.

  • Suzuki Pakistan organizes exhibition for used cars

    Suzuki Pakistan organizes exhibition for used cars

    KARACHI: Suzuki Pakistan is organizing an exhibition in Karachi known as Certified Used Car Gala on August 28, 2022 at the Expo Centre.

    The event offers cars certified by professional, affordable prices, no additional charges, three free services, secure transaction, transparent deal, and up to 1-year warranty.

    READ MORE: Suzuki Motors extends plant shutdown in Pakistan

    Suzuki Motors announced new rates of its cars in Pakistan, which are applicable from August 16, 2022.

    According to Suzuki Ittehad Motors following are the new showroom prices of Suzuki cars in Pakistan.

    Following are the new rates of Suzuki vehicles:

    1. Suzuki Swift GLX CVT, the decreased price is Rs3,760,000.

    2. Suzuki Swift GL CVT, the decreased price is Rs3,420,000.

    3. Suzuki Swift GL M/T, the decreased price is Rs3,180,000.

    READ MORE: Suzuki Motors warns plant shutdown in Pakistan

    4. Suzuki Alto VXL, the decreased price is Rs2,223,000.

    5. Suzuki Alto VXD, the decreased price is Rs1,976,000.

    6. Suzuki Alto VX, the decreased price is Rs1,699,000.

    7. Suzuki Wagon-R VXL, the decreased price is Rs2,564,000.

    8. Suzuki Wagon-R AGS, the decreased price is Rs2.802,000.

    READ MORE: Indus Motors rebuts plant shutdown reports

    9. Suzuki Wagon-R VXR, the decreased price is Rs2,421,000.

    10. Suzuki Bolan Van, the decreased price is Rs1,500,000.

    11. Suzuki Bolan Cargo, the decreased price is Rs1,487,000.

    12. Suzuki Ravi Euro II, the decreased price is Rs1,424,000.

    13. Suzuki Ravi W/O Deck, the decreased price is Rs1,349,000.

    READ MORE: Prices of KIA Motors raised up to 19.3% amid rupee devaluation

    14. Suzuki Cultus VXL, the decreased price is Rs3,024,000.

    15. Suzuki Cultus AGS, the decreased price is Rs3,234,000.

    16. Suzuki Cultus VXR, the decreased price is Rs2,754,000.

    17. Suzuki Jimny MT, the decreased price is Rs6,049,000.

  • SBP issues IBAN list for donations to PM flood relief fund

    SBP issues IBAN list for donations to PM flood relief fund

    State Bank of Pakistan (SBP) has issued a list of IBAN (International Bank Account Number) of Prime Minister Flood Relief Fund 2022 maintained by commercial banks.

    READ MORE: SBP opens account for Balochistan Flood Relief, Rehabilitation Fund

    Following is the list of banks and IBAN:

    01. Allied Bank Limited (ABL), Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58ABPA001009849790015

    02. Albaraka Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK11AIIN0000150583517016

    03. Askari Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK82ASCM0000020100579916

    04. Bank Alfalah Limited, Title of Account # Prime Minister’s Flood Relief Fund Account-2022, IBAN PK60ALFH0005001007990397

    05. Bank Al Habib Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK32BAHL1001186690500301

    06. Bank Islami Pakistan Limited, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT, 2022, IBAN PK02BKIP0100339720620001

    07. Bank of China, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK37BKCH0100002600005375

    08. Bank of Khyber, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK66KHYB0001002008277365

    09. Bank of Punjab, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK52BPUN6010000181500176

    10. Citi Bank, Title of Account PRIME MINISTER’S FLOOD RELIEF FUND, IBAN PK28CITI1000000103660009

    11. Dubai Islamic Bank Limited, Title of Account # PRIME MINISTER FLOOD RELIEF FUND 2022, IBAN PK22DUIB0000000807647001

    12. Faysal Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK97FAYS3554Z17000001562

    13. FINCA Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK25FINC0223183643011000

    READ MORE: SBP issues instructions to banks for flood relief donation awareness

    14. Habib Metro Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK58MPBL0101027140665909

    15. Habib Bank Limited, Title of Account # PM’s Flood Relief Fund Account, 2022, IBAN PK43HABB000042792244003

    16 Habib Bank Limited Microfinance Bank, Title of Account # PRIME MINISTERS FLOODRELIEF FUND, 2022, IBAN PK62FMFB0021012862868015

    17. ICBC, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK76ICBK0010000000239638

    18. JS Bank, Title of Account # PRIME MINISTER’S FLOOD ACCOUNT 2022, IBAN PK56JSBL9001000002029796

    19. Khushhali Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK85khbl0000012075443288

    20 MCB, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK13MUCB0729483241037873

    21. MCB Islamic Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK58MCIB0351004196150001

    22. Meezan Bank Limited, Title of Account Prime Minister’s Flood Relief Fund Account, IBAN PK39MEZN0001540107020124

    23. National Bank of Pakistan, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK92NBPA0002004181048973

    24. NRSP Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK60NRSP0000020010002760

    25. Samba Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND, 2022, IBAN PK83SAMB0000002000117199

    26. Silk Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK68SAUD0000012010847043

    27. Sindh Bank, Title of Account # PRIME MINISTER’S FLOOD RELIEF FUND ACCOUNT,2022, IBAN PK21SIND0003016411713500

    28. SME Bank, Title of Account # PRIME MINISTER’s RELIEF FUND, 2022, IBAN PK16SMES1001000664000001

    29. Soneri Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK81SONE0000220010110875

    30. Standard Chartered Bank, Title of Account Prime Minister’s Flood Relief Fund 2022, IBAN PK75SCBL0000001701259101

    31. Summit Bank, Title of Account # PRIME MINISTERS FLOOD RELIEF FUND ACCOUNT -2022, IBAN PK57SUMB0201027140181164

    32. U Microfinance Bank, Title of Account # Prime Minister’s Flood Relief Fund Account, 2022, IBAN PK26UMBL0107000093500096

    33. United Bank Limited, Title of Account # Prime Minister’s Flood Relief Fund 2022, IBAN PK86UNIL0109000286613095

    READ MORE: Tax exemption granted to donations for PM flood relief fund

  • Flash floods affect internet services in Pakistan

    Flash floods affect internet services in Pakistan

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Saturday announced a major breakdown of internet connectivity in the areas affected by flash floods.

    READ MORE: Floods affect telecom services: PTA

    The authority said that due to flash floods, damage to optical fibre cable and power outage, connectivity services have been impacted in Chitral, Upper Dir, Donbala, Swat, Medan, Lal Qila Samarbaghdir, Tank and Dera Ismail Khan.

    READ MORE: Norwegian envoy calls on PTA Chairman

    PTA is monitoring the situation closely. Work is underway to fully restore services.

    Telecom services were affected yesterday due to multiple fiber cuts in Central and Northern Balochistan but they have been restored.

    READ MORE: FBR, PTA introduce temporary registration of cell phones

  • Pakistan’s sensitive price inflation surges by 45%

    Pakistan’s sensitive price inflation surges by 45%

    ISLAMABAD: The inflation based on Sensitive Price Indicator (SPI) has surged by around 45 per cent by the week ended August 25, 2022, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

    READ MORE: Pakistan’s sensitive price inflation surges by 37.67%

    The PBS said that prices of essential items have recorded an increase of 44.58 per cent year on year for the week ended August 25, 2022.

    The essential items which recorded increase in prices during the period are included: Tomatoes (178.10 per cent), Onions (155.14 per cent), Diesel (108.77 per cent), Petrol (94.53 per cent), Pulse Masoor (90.74 per cent), Cooking Oil 5 litre (70.61 per cent), Mustard Oil (67.58 per cent), Vegetable Ghee 2.5 Kg (64.71 per cent), Vegetable Ghee 1 Kg (63.93 per cent), Washing Soap (63.27 per cent), Electricity for Q1 (63.03 per cent), Chicken (55.76 per cent) and Pulse Gram (55.07 per cent), while a decrease observed in the prices of Chilies Powder (43.42 per cent), Sugar (16.90 per cent) and Gur (1.21 per cent).

    READ MORE: Pakistan’s headline inflation may up 24% in July 2022

    The PBS said that the SPI for the current week ended on August 25, 2022 recorded an increase of 1.83 per cent.

    Increase is observed in the prices of food items, Tomatoes (43.09 per cent), Onions (41.13 per cent), Potatoes (6.32 per cent), Eggs (3.43 per cent), Garlic (2.23 per cent), Powdered Milk (1.53 per cent) and Pulse Mash (1.12 per cent), non-food items, Cigarettes (2.26 per cent) and LPG (1.95 per cent).

    On the other hand, a decrease observed in the prices of Pulse Masoor (1.18 per cent), Vegetable Ghee 1Kg (1.00 per cent), Vegetable Ghee 2.5Kg (0.82 per cent), Bananas (0.61 per cent), Cooking Oil 5 litre (0.51 per cent), Sugar (0.28 per cent) and Mustard Oil (0.07 per cent).

    READ MORE: Pakistan inflation crosses 33% on high petroleum prices

    During the week, out of 51 items, prices of 23 (45.10 per cent) items increased, 07 (13.72 per cent) items decreased and 21 (41.18 per cent) items remained stable.

    The bureau computes the SPI on a weekly basis to assess the price movements of essential commodities at a shorter interval of time so as to review the price situation in the country. SPI comprises 51 essential items collected from 50 markets in 17 cities of the country.

    READ MORE: Petroleum prices in Pakistan push inflation 13-year high

  • Pakistan to increase petroleum prices from September 01, 2022

    Pakistan to increase petroleum prices from September 01, 2022

    ISLAMABAD: Pakistan is likely to increase prices of petroleum products from September 01, 2022 due to expected imposition of sales tax and petroleum levy.

    Besides, international oil prices are also seeing upward movement, sources said on Friday.

    The federal government will announce the revised prices of petroleum products on August 31, 2022 for next fortnight effective from September 01, 2022.

    Previously, the federal government on August 15, 2022 and revised upward the rate of petrol effective from August 16, 2022.

    READ MORE: New petroleum prices in Pakistan from August 16, 2022

    According to the sources the government had kept the sales tax rate at zero per cent on petroleum products. The prevailing normal sales tax rate is 17 per cent. If the government implements the normal sales tax rate then the prices of petroleum products will witness massive rise.

    The finance division issued following new prices effective from August 16, 2022:

    The price of petrol was increased by Rs6.72 per liter to Rs233.91 from Rs227.19.

    The rate of high speed diesel (HSD) was nominally reduced by 51 paisas to Rs244.44 from Rs244.95.

    The price of kerosene oil decreased by Rs1.67 to Rs199.40 from Rs201.07.

    The rate of light diesel oil (LDO) was nominally enhanced by 43 paisas to Rs191.75 from Rs191.32.

    A press release issued by the finance division stated that in the wake of fluctuations in petroleum prices in the international market and exchange rate variation, the government had decided to revise the existing prices of petroleum products to pass on the impact to the consumers.

    READ MORE: New petroleum prices in Pakistan from August 1, 2022

    It is important to note that the government revised the prices in the wake of falling international oil prices and massive recovery in rupee value.

    The sources said that the government is striving to get loans under the Extended Fund Facility (EFF) from the International Monetary Fund (IMF). Almost all the conditions have been met and the government is hoping the executive board of the IMF would release an amount of $1.17 billion through an approval at a meeting scheduled for August 29, 2022.

    The sources said that the government would impose sales tax on petroleum products in order to fulfill requirements under the IMF program.

    Pakistan is a net importer of petroleum products so huge foreign exchange is required for paying against foreign purchases and meeting local demand.

    READ MORE: New petroleum prices in Pakistan from July 15, 2022

    The country has spent a staggering amount of $23.32 billion for the import of petroleum group during fiscal year 2021/2022 as compared with $11.36 billion in preceding year, showing a growth of 105 per cent. The import of finished products recorded an increase of 134 per cent to $12.07 billion during the fiscal year 2021/2022 as compared with $5.16 billion in the preceding fiscal year.

    The benchmark Brent crude is about $100 dollars. Brent crude futures were at $97.40 per barrel in New York trade on August 10, 2022.

    The present government had started increasing the petroleum prices on May 26, 2022 when the benchmark Brent Oil was at $112 per barrel.

    Considering the price slump of international oil, the government had reduced the prices of petroleum products from July 15 to July 31. However experts believed it was a political decision as the government had to increase petroleum levy and apply sales tax.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

    The previous government of PTI had kept both the petroleum levy and sales tax at zero in order to provide relief to the masses. The PTI government also provided a huge subsidy on prices of petroleum products in order to lower the rates and provide relief to the masses.

    However, former Prime Minister Imran Khan was removed through a vote of no-confidence motion on April 10, 2022. Since then the new coalition government led by PML-N increased the prices of petroleum products sharply on three different occasions.

    The present government in the budget estimated to collect Rs855 billion as petroleum levy during the fiscal year 2022/2023. As this fiscal year is starting from July 01, 2022, it is likely that the government will opt to impose the levy from this date.