LAHORE: In a major step toward advancing digital education in Pakistan, Pearson-Edexcel and the Beaconhouse School System signed a Memorandum of Understanding (MoU) on Wednesday to provide world-class assessment services and international academic qualifications to Pakistani students.
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Bank holidays announced for Eid ul Adha 2022
KARACHI: The State Bank of Pakistan (SBP) on Monday announced bank holidays on the occasion of Eid ul Adha 2022.
In a circular issued to president and chief executives of all banks, development financial institutions and microfinance banks, the central bank said the SBP will remain closed from 8th to 12th July, 2022 (Friday to Tuesday) being public holidays on the occasion of Eid-ul-Adha.
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Pakistan petroleum sales climb up by 16 per cent in FY22
KARACHI: The domestic sales of petroleum products in Pakistan have jumped up by 16 per cent to 22,595 metric tons in fiscal year 2021/2022 when compared with the preceding year, a report said on Monday.
However, Pakistan oil sales declined by 11 per cent MoM to 1.9 million in June 2022 which is mainly driven by 14 per cent MoM dipped in MOGAS and High Speed Diesel (HSD) sales.
READ MORE: Dealers threaten shutting down petrol pumps from July 18
“This was due to sharp increase in MOGAS and HSD prices by 31 per cent and 51 per cent in June 2022, respectively,” said analysts at Topline Securities Research.
This led to reduced demand of petroleum products and rise in usage of public transport/car pooling, they added.
On YoY basis, oil sales remained flat during the month of June 2022.
READ MORE: NA approves levy on petroleum products up to Rs50/liter
MOGAS and HSD sales were down 12 per cent and 16 per cent on MoM basis to 702k tons and 713k tons, respectively. Excluding Furnace Oil (FO), overall petroleum sales volume stood at 1.48 million tons in June 2022, down 13 per cent MoM and 7 per cent YoY.
“In FY22, Pakistan’s oil sales clocked in at 22.6 million tons, up 16 per cent YoY, which was much better than the last 10-year growth rate,” the analysts said.
This was mainly led by higher than expected growth in Furnace Oil (FO) sales which reached 4 million tons (highest since FY18) due to high demand in power plants amidst non-availability of RLNG along with low hydel generation.
READ MORE: New prices of petroleum products in Pakistan from July 01, 2022
Excluding FO, oil sales were up 13 per cent YoY in FY22 due to uptick in MOGAS and HSD sales.
Motor Gasoline (MOGAS) and High Speed Diesel (HSD) volumes witnessed jump of 9 per cent YoY and 15 per cent YoY to 8.9 million tons each in FY22. This was driven by (i) strong economic growth including growth in Agriculture sector, and (ii) increase in auto sales.
Pakistan State Oil (PSO) sales outperformed the sector growing by 29 per cent whereas Attock Petroleum (APL) sales improved by 22 per cent in FY22. Shell Pakistan (SHEL) and Hascol Petroleum (HASCOL) underperformed the market during FY22.
READ MORE: Petroleum levy to generate Rs750 billion
Moving forward, we expect oil sales to decline by around 15 per cent YoY in the current fiscal year to due to (i) expected decline in auto sales in FY23, (ii) low growth estimated in agriculture sector (2.5 per cent for FY23F vs. 4.4 per cent in FY22), and (iii) sharp increase in petrol/diesel prices.
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Dealers threaten shutting down petrol pumps from July 18
KARACHI: Pakistan Petroleum Dealers Association (PPDA) on Saturday announced a complete shutdown of petrol pumps from July 18, 2022 in protest of rise in cost of doing business and falling dealers margin.
READ MORE: NA approves levy on petroleum products up to Rs50/liter
Abdul Sami Khan, Chairman, PPDA at a meeting discussed the current dealers margin, which were forcing petroleum dealers to shut down their business. The association demanded that the dealers margin should be enhanced to 6 per cent.
Sami Khan said that due to high cost of electricity their profit margin declined drastically. Besides, massive hike in prices of petroleum products also affected their business adversely.
READ MORE: New prices of petroleum products in Pakistan from July 01, 2022
He further added, the protest shut down would continue till the demands were accepted. He said that fuel stations could not continue supply while sustaining continuous losses. At present the dealers are receiving margin after deduction of tax at Rs3.20 per liter on diesel and Rs3.90 on petrol per liter.
READ MORE: Petroleum levy to generate Rs750 billion
He also recalled the promise of increasing margin to 4.5 per cent given by the previous PTI government but due to increased prices of diesel and petrol, the PPDA is facing many problems in operating the fuel stations.
The chairman threatened the present coalition government led by PML-N to close down the fuel stations if the demand of increasing margin to 6 per cent is not accepted.
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Petroleum prices in Pakistan push inflation 13-year high
KARACHI: The continuous rise in petroleum prices in Pakistan have pushed headline inflation up 13-year high at 21 per cent in June 2022.
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New prices of petroleum products in Pakistan from July 01, 2022
ISLAMABAD: The government of Pakistan has announced another raise in prices of petroleum products effective from July 01, 2022.
The new prices of petrol have been increased by Rs14.85 per liter to Rs248.74 from Rs233.89.
The rate of high speed diesel has been increased by Rs13.25 per liter to Rs276.54 from Rs263.31.
The rate of kerosene oil has been increased by Rs18.83 per liter to Rs230.26 from Rs211.43.
READ MORE: New petroleum prices in Pakistan from June 16, 2022
Similarly, the rate of light speed diesel has been increased by Rs18.68 per liter to Rs226.15 from Rs207.47.
The National Assembly on Wednesday passed the Finance Bill 2022, which enabled the government to impose petroleum levy up to Rs50 per liter on petroleum products.
At present the government is not charging a levy on sale of petroleum products.
Besides, the sales tax is also at the minimum level of zero per cent on petroleum products.
READ MORE: Petroleum prices in Pakistan may rise 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.
READ MORE: New petroleum prices in Pakistan from June 03, 2022
The new government of Prime Minister Shehbaz Sharif increased the prices of petroleum products on May 26, 2022, June 02, 2022 and June 15, 2022. Cumulatively, the government increased the price of petrol by 84 per liter in these price hikes.
The present government in the budget estimated to collect Rs750 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.
Shaukat Tarin, former finance minister during PTI tenure said that on the demand of the International Monetary Fund (IMF) the government was increasing the rates of petroleum products. The government will further increase the prices of petroleum products to Rs300 per liter.
READ MORE: Petroleum prices in Pakistan from June 01, 2022
In a Tweet he said: “IMF wants more prior actions before they even consider taking the proposal to their board. Rs 855 billion Petroleum Development Levy (PDL) and 11 per cent sales tax. Will push cost to Rs300+/litre. Immediate increase in electricity prices. Rs800 billion provincial surpluses signed off by provinces, when they showed only Rs80 billion.”
Previously, the government announced the increase of the price of diesel to Rs263.31 per liter effective from June 16, 2022. The rate of high speed diesel had been increased by Rs59 per liter. The rate of this product was Rs144.16 as of May 26, 2022. A cumulative increase of Rs119 during the past 20 days. Similarly, the price of petrol increased by Rs84 to Rs233.89 from Rs149.89 as of May 26, 2022.
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Petroleum prices in Pakistan may rise from July 01, 2022
KARACHI: The prices of petroleum products in Pakistan are likely to increase due to planned implementation of petroleum levy and sales tax from July 01, 2022.
The National Assembly on Wednesday passed the Finance Bill 2022, which enabled the government to impose petroleum levy up to Rs50 per liter on petroleum products.
READ MORE: New petroleum prices in Pakistan from June 16, 2022
At present the government is not charging a levy on sale of petroleum products.
Besides, the sales tax is also at the minimum level of zero per cent on petroleum products.
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.
READ MORE: New petroleum prices in Pakistan from June 03, 2022
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 new government of Prime Minister Shehbaz Sharif increased the prices of petroleum products on May 26, 2022, June 02, 2022 and June 15, 2022. Cumulatively, the government increased the price of petrol by 84 per liter in these price hikes.
READ MORE: Petroleum prices in Pakistan from June 01, 2022
The present government in the budget estimated to collect Rs750 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.
Shaukat Tarin, former finance minister during PTI tenure said that on the demand of the International Monetary Fund (IMF) the government was increasing the rates of petroleum products. The government will further increase the prices of petroleum products to Rs300 per liter.
In a Tweet he said: “IMF wants more prior actions before they even consider taking the proposal to their board. Rs 855 billion Petroleum Development Levy (PDL) and 11 per cent sales tax. Will push cost to Rs300+/litre. Immediate increase in electricity prices. Rs800 billion provincial surpluses signed off by provinces, when they showed only Rs80 billion.”
READ MORE: Petroleum levy to generate Rs750 billion
Previously, the government announced the increase of the price of diesel to Rs263.31 per liter effective from June 16, 2022. The rate of high speed diesel had been increased by Rs59 per liter. The rate of this product was Rs144.16 as of May 26, 2022. A cumulative increase of Rs119 during the past 20 days. Similarly, the price of petrol increased by Rs84 to Rs233.89 from Rs149.89 as of May 26, 2022.
New prices of petroleum products with effect from June 16, 2022 are as follows:
i. MS ( Petrol) Rs. 233.89/Liter
ii. High Speed Diesel(HSD) Rs. 263.31/Liter
iii. Kerosene (SKO) Rs. 211.43/Liter
iv. Light Diesel Oil (LDO) Rs. 207.47/Liter.
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Pakistan’s central bank launches digital financial literacy for farmers
KARACHI: The State Bank of Pakistan (SBP) on Wednesday said it launched a series of videos about agriculture financing products for farmers.
The central bank in a statement said it had launched a series of videos in national and regional languages about agriculture financing products and procedures to create awareness among the farming communities across the country, especially in the underserved areas.
READ MORE: Meezan Bank installs 1000th ATM
These videos will be disseminated through social media and digital platforms of SBP and all agriculture lending banks.
Lack of awareness among farmers about agriculture financing products and services remains one of the challenges for banks to access rural markets and extend outreach of formal financial services to the farming communities.
Capacity building & awareness creation is, therefore, an important area of focus amongst SBP’s various initiatives for promotion and development of agriculture financing in the country.
READ MORE: Pakistan banks to remain closed on July 01, 2022
SBP has been organizing various awareness and capacity building programs for farmers; however, farming communities still lack awareness at the grassroots level to avail and optimally utilize formal financial services.
In order to address this lack of awareness and to broaden the scope of SBP’s campaigns, the potential of digital media is being explored.
Rapid penetration of internet and increased usage of smartphones across the country has presented an opportunity to harness digital platforms for disseminating information instead of relying on conventional awareness sessions, which have limited outreach.
The use of digital medium is not only helpful in spreading the message to a wider audience in a timely and cost effective way, but also enables such messages to have higher rate of comprehension and retention.
The first video in this series covers the overall agriculture financing landscape of the country, SBP’s initiatives and GoP’s schemes, all from a farmer’s perspective.
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Keeping in view the need for enhancing accessibility of credit in the diverse underserved areas, this video has also been translated into three regional languages apart from Urdu, i.e. Sindhi, Balochi and Pashto.
The next two videos in the series focus on crop and non-crop sector, including information regarding agriculture loan products, and diving deeper into the procedures and documentation required for both segments.
READ MORE: Pakistan-issued prize bonds expire on June 30, 2022
It is expected that these videos will help the farming community to overcome their reluctance in availing credit from banks.
Moreover, to augment SBP’s initiative and achieve greater reach, agriculture lending banks will also share these videos on their respective social and digital media channels which will encourage banks to develop similar informative videos on product and financing opportunities to agro-based businesses as well.
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GIZ Pakistan organizes certificate award ceremony
LAHORE: Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) Pakistan has organized certificate award and showcasing programme achievements ceremony under clean power purchasing development project.
A certificate award ceremony for Master Trainers in Entrepreneurial Skills trained at the Professional Development Center of National University of Science & Technology (NUST) Islamabad under the Clean Power Purchasing Development project. The project is being implemented by Deutsche Gesellschaft fur Internationale Zusammenarbeit (GIZ) as part of the DeveloPPP.de Programme of German Federal Ministry for Economic Cooperation & Development (BMZ).
Chief Operating Officer TEVTA Punjab, Zaheer Abbas was the chief guest at the occasion who distributed the certificates to the master trainers along with Ms. Iris Cordelia Rotzoll, Head of Programme TVET Sector Support Programme GIZ, Muhammad Ishaq Bhatti, Chairperson Solar Quality Foundation (SQF), Faisal Mahmood, Regional Coordinator (Punjab) and DV Clean Power Purchasing Development Project, and Haseeb Saadat CEO Allied Solar Private Limited & local partner of Power One for One Germany. Other senior officials and heads of institutes from Punjab TEVTA were also present at the occasion.
The DV Clean Power Purchasing Development Project, Faisal Mahmood presented the programme achievements over the last three years. The project has trained 37 Master Trainers on technical skills related to design, installation, O&M of solar PV plants, 30 Assessors in CBT&A to support implementation of National Vocational Qualification in Solar PV, and 40 TVET Professionals from TEVTA Punjab and PVTC on Entrepreneurial Skills to promote entrepreneurship in the Solar PV sector. A 10-kW grid-connected pilot solar PV plant was installed with the support of project partner Power One for One at TEVTA Government Technical Training Institute, Gulberg Lahore for education purpose.
Addressing to the participants, the Head of TVET Sector Support Programme GIZ, Ms. Iris Cordelia Rotzoll, stated that all these efforts not only lead to a new beginning and small steps toward sustainable energy generation and management, but also open avenues to promote the trend of green skills in Pakistan. The master trainers, trainers and assessors trained in Solar PV technology will create a pathway for internal and external buy-in among more and more TVET trainers and managers.
Speaking at the ceremony Zaheer Abbas appreciated the role of German cooperation for promotion of clean energy in Pakistan through DeveloPPP Programme. He highlighted the fact that promotion of green skills is inevitable to fight the global climate change and save the environment while also conserving the natural resources. He expressed his resolve that master trainers trained under the project will be utilized to support implementation of solar PV training courses in Punjab and increase the quality & access to trained human resource for solar companies.
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OTP requirement abolished for USC purchases
ISLAMABAD: The government has abolished the requirement of One-Time Password (OTP) for purchases from Utility Stores Corporate (USC) at subsidized rates.
Keeping in view the plight of the public, Prime Minister Shehbaz Sharif has abolished the One Time Password System used for purchases at utility stores, according to a statement issued on Sunday.
READ MORE: ECC approves Ramzan relief package worth Rs8.28 bn
Original ID cards will now have to be displayed at the counter for purchasing subsidized items at utility stores.
The photocopy requirement has also been removed and declared to receive a confirmation SMS to the customer’s registered mobile number after purchase.
READ MORE: USC, NBP complete integration for Ehsaas Rashan
The Utility Stores Corporation is pursuing a strategy of transparent transfer of federal government subsidies to the real beneficiaries.
Under the federal government subsidy, sugar is available at 70 rupees per kg, ghee at 300 rupees per kg and a 10 kg bag of flour at 400 rupees at all utility stores across the country.
READ MORE: USC automation to ease provision of targeted subsidy
Rice and pulses are also being subsidized.
In addition, more than 1,500 standard items are available at a much lower price than the general market.
READ MORE: USC to announce special discount package for Ramazan