Tag: Pakistan

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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.

  • 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.

  • 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

  • BlueEx partners with ABHI to facilitate earned wage access

    BlueEx partners with ABHI to facilitate earned wage access

    KARACHI: Logistics giant BlueEX partners with ABHI to offer the facility of earned wage access to all their employees across Pakistan, a statement said on Thursday.

    BlueEX joins hands with ABHI, Pakistan’s first financial wellness platform, to offer its employees the facility of Earned Wage Access, giving them the freedom to access their salaries whenever they want, saving them from financial distress.

    On a mission to financially empower salaried individuals, ABHI is changing the landscape of the payroll in Pakistan and how an average employee spends/receives their salary by introducing the Earned Wage Access facility in the country.

    On the other hand, BlueEX prioritizes its employees’ financial wellness and understands that increased productivity in the logistics industry of Pakistan is imperative to the country’s future growth. Therefore, this partnership will help enable this growth, while building the overall financially empowered ecosystem.

    In light of this collaboration, Omair Ansari – CEO & Co-founder of ABHI, explained: “ABHI’s ultimate goal is to provide financial wellness solutions to all employees. You can only live a happier, healthier, and more productive life when you are not stressed about finances, which is the core of ABHI’s existence.

    “This partnership with BlueEX to offer earned wage access to all its employees will bring some much-needed security and relief to them, enabling us to work towards a financially stress-free and productive Pakistan.”

    Founded in 2021, ABHI is Pakistan’s first financial wellness platform that lets you access your salary daily via app, SMS, or WhatsApp. Users can withdraw the accessible amount of their accrued salary instantaneously to any bank account or wallet. By helping employers to provide the option of advance salaries for employees, ABHI has helped reduce workloads on HR and finance departments, whilst facilitating their employees’ cash needs.

    BlueEX is a one-stop solution focusing on retail, logistics, e-commerce, digital & technology. Started operations with a single courier in 2011, to become Pakistan’s first Smart Logistics company today.

    At present, BlueEX has more than 3000 corporate customers and a network of more than 400 cities and towns in Pakistan. Some of the services it provides are, operations and logistics, cash on delivery, retail warehousing and successful order processing and fulfillment, etc.

  • PHF stresses on focusing humanitarian crisis

    PHF stresses on focusing humanitarian crisis

    ISLAMABAD:  Pakistan Humanitarian Forum (PHF) on Friday stressed need to focus on climate change and humanitarian crisis.

    PHF also called for tangible steps and actions at program and policy level to deal with humanitarian crisis.

    The forum along with its member organizations is actively monitoring the situation and fully engaged with the government of Pakistan to provide a timely response and to conduct the need assessment of the affected population.

    PHF member organizations are Islamic Relief, HHRD, Muslim Hands, Human Appeal, WHH, Concern, ACF, Save the children, AKAH, Care International, Muslim Aid, International Rescue Committee, Mercy Corps, IMC, Tearfund, ACTED, CESVI and Qatar Charity are fully present in affected districts of Balochistan Quetta, Pishin, Kachi, Mach, Lasbela, Killa Abdullah, Kalat, Sibi, Jhal Magsi, Kot Magsi, Kalaat, Noshki, and Killa Saifullah), KP (Peshawar, Laki Marwat, Shangla), Punjab (D.G. Khan, Tounsa Shareef, Rajanpur, Jhang, Mianwali, Rajanpur, Lahore, and Rahimyar Khan), Sindh (Karachi, Keemari, Hyderabad, Dadu, Thatta, Badin, Mirpur Khas, Jamshoro, and Soomar Goth), and GB ( Gilgit-Baltistan and Chitral and providing relief and rescue operation in full zeal.

    Collectively these organizations have reached out to around 109,441 beneficiaries and 15,635 households by providing cooked meals, dry fruit parcels, filtered water, NFIs, Shelter, and Health & hygiene support.

    While visiting the affected part of Balochistan, the Country Director of Islamic Relief, Asif Sherazi mentioned that “The areas of Noshki and Panjpai haven’t seen such rains for decades, resulting in damages that require urgent attention. Even the partially damaged houses are not livable forcing people to spend days and nights in open under extremely hot weather conditions.”

    He further added “Keeping in mind the scale of damages and losses, we need to work in close collaboration to create long-term impact. As we are in the early recovery phase, there is a dire need to focus more on disaster preparedness at national and provincial levels to minimize the risks in the years to come.”

    While visiting Balochistan during ongoing flood situation, we have realized that people are in dire need of shelter, food, and non-food items. Though Muslim Hands provided immediate response and reached out to 27,000 people by providing food staples, cooked meals, clean drinking water and NFIs.

    However, the situation is still worst, and an integrated approach is required to cater the needs of flood affectees said, Javed Gillani, Country Director, Muslim Hands.

    To better provide the response services, Dr. Farah Naureen, Country Director, Mercy Corps shared, that $40,000 will be invested in District Quetta to cater the needs of 300 families 1950 individuals by providing food and non-food items.

    While responding to the situation and holding the meeting with provincial and national authorities to provide coordination support to mobilize resources at all levels for the ongoing flood emergency, Shahid Kazmi, Country Coordinator, PHF shared that “PHF and NHH (National Humanitarian Network) are rapidly providing the response services and are speeding up the efforts for resource mobilization to provide extensive relief operations to and meet the people’s needs at all levels”.

    “He further added that the only challenge that INGOs, and NGOs have faced is the lack of emergency appeal and formal request for assistance for scaling up the flood response at different levels”.

    “He also shared that on World Humanitarian Day, we must reaffirm our commitment to take tangible steps to combat climate change and focus on the initiatives that help to make this country resilient and prosperous”.

    World Humanitarian Day, commemorated every year to advocate for the survival, well-being, and dignity of people affected by crises, and for the safety and security of aid workers.

    This year World Humanitarian Day is celebrated at a crucial time, especially in the countries that are suffering from the visible impact of climate change.

    The monsoon emergency and the post-COVID-19 situation in many South Asian countries are giving a very tough time. Pakistan is on the top list of those countries that are quite vulnerable to climate change.

    Pakistan Humanitarian Forum along with its member organizations is always at the forefront to provide support in any kind of humanitarian crisis in the country.

    The forum along with its member organizations played a substantial role during COVID-19 by reaching out to 11.1 million people in Pakistan through intervention in different sectors including food security, water, sanitation and hygiene, and health and education with a total investment of Rs9.7 billion.

    This year, unlike recent years, devastating monsoon floods gave a stark reminder that Pakistan is bearing the consequences of the climate emergency.

    Increased casualty rate, economic losses, and damage to infrastructure and livelihood causing a huge impact on vulnerable populations calls for an immediate yet coordinated humanitarian relief and response.

    According to the latest statistics, over 1 million people are badly affected by heavy rains and floods in Pakistan, mostly in Sindh (436,000 people), Balochistan (360,000 people), and Punjab (119,000 people) provinces. As per the updated statistics of NDMA, a total of 635 people died and 1016 people were injured.

    More than 1800 houses were badly damaged, and 110,440 livestock perished. People in the affected region are in higher need of shelter, food, and non-food items along with services required for health, education, and protection.

  • TVET SSP provides electrician toolkits to promote self-employment

    TVET SSP provides electrician toolkits to promote self-employment

    ISLAMABAD: TVET Sector Support Programme (TVET SSP) has provided toolkits at a ceremony which was organized in Islamabad to provide electrician toolkits to more than 60 returning migrants and local people of Pakistan.

    TVET Sector Support Programme (TVET SSP) is facilitating the reintegration of returnees under its component, ‘Reintegration of Returnees in Pakistan’, which is funded by the German Federal Ministry for Economic Cooperation and Development (BMZ).

    Olaf Handloegten, Head of TVET Sector Support Programme and Cluster Coordinator Sustainable Economic Development, Training and Employment (CASEDTE) GIZ Pakistan, expressed his views while addressing the beneficiaries,

    “The German Development Cooperation has always considered skills development in Pakistan to be essential and the impact it can create on the social and economic development of this country is potentially immense.

    “A steady economy depends on the economic stability of its workers, specifically in the informal sector. Supporting small businesses and self-employment through the provision of in-kind support is definitely a step in the right direction.

    “We are hopeful that our intervention areas related to Career & Entrepreneurship Advisory Services, and Employment Promotion will continue to be fruitful for the beneficiaries in Pakistan.”

    TVET Sector Support Programme is being implemented by Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH in partnership with the National Vocational and Technical Training Commission (NAVTTC), and in close collaboration with the provincial Technical Education and Vocational Training Authorities (TEVTAs) and several not-for-profit, public, and private sector organisations.

    The beneficiaries were trained in a full-day workshop on Career & Entrepreneurship Advisory prior to the in-kind support handover ceremony. Beneficiaries from Punjab and KP, who participated in the workshop, will now be able to start their own businesses upon their return to their hometowns.

    Muhammad Nazir Khan, a returnee from Oman, while collecting his electrician toolkit at the event said, “Whenever people like us come back to Pakistan, we struggle – there aren’t too many opportunities or support services available for returning migrants. This initiative sounds promising and the toolkits we are receiving today will enable us to run businesses and become financially stable.”

    Director General National Vocational & Technical Training Commission, Mujeeb ur Rehman also partook in the event and addressed the beneficiaries.

    “The support we have received from German Development Cooperation is substantial and it is an absolutely satisfying sight to see practical measures being taken to reintegrate returnees. Training people on how to start new businesses and providing them with toolkits as a follow-up measure will ensure that the beneficiaries become independent in the long run,” he said. 

    The ‘Reintegration of Returnees in Pakistan’ component of TVET SSP, aims to facilitate the socio-economic development of Pakistani returnees and the locals by offering them quick and effective start-up opportunities, especially in Punjab, as it is one of the regions most affected by return migration.

    The component will support 15,000 individuals, including 6,500 returnees from Germany and Gulf Cooperation Council (GCC) countries through various support measures including Career and Entrepreneurship Advisory Services, Competency-based Training & Assessments (CBT&A), Recognition of Prior Learning, and Employment Promotion.

  • AVALON – The Most Tech-Enable Real Estate Project In Islamabad

    AVALON – The Most Tech-Enable Real Estate Project In Islamabad

    ISLAMABAD: With so many real estate projects in Pakistan on the rise, it’s close to impossible to find the most futuristic & tech-enabled, sustainable, and state-of-the-art project that’s worth investing without breaking the bank while also being trust-worthy.

    Having said that, we’ve recently spotted a project that’s taking Islamabad by storm. Their streamers and outdoor billboard are literally everywhere we go.

    Avolon hoarding

    We did a little digging and found out about this real estate giant, namely AVALON City. The masterplan is in development as Pakistan’s first technological city. This is a state-of-the-art infrastructure designed and idealised as the Future of Real State in Pakistan. Embracing their tagline, they truly want you to ‘Envision Your Lifestyle’.

    We found out this project sits at an ideal location of Chakri Road, adjacent to M2 Motorway, ensuring a convenient residence and commercial success for its residents and investors. Have you ever thought about having Smart Homes, Wi-Fi trees, 3D and Virtual Theatres, Electric Bikes, Automated Traffic Control? Well, AVALON City has got it all.

    We know what you’re thinking. With all these offerings, they must be expensive as anything but after doing a thorough price comparison, we found out that their prices are very affordable compared to other projects in the vicinity.

    The hashtag #AvalonCityIslamabad was trending on social media for the past couple of days.

    Don’t believe us? Well, Netizens on social media are going nuts about this.

    Tweet 01

    Some people are comparing it to Saudi Arabia’s The Line project.

    Tweet 02

    While others are just excited that something progressive is coming to Pakistan.

    Tweet 03

    If you’re interested in investing or just getting to know about them, we recommend getting in touch with them directly @ [email protected], +92 (51) 6120517 or www.theavaloncity.com

  • Miftah presents key points for Pakistan growth

    Miftah presents key points for Pakistan growth

    ISLAMABAD: Dr. Miftah Ismail, minister for finance and revenue, has presented four points for taking Pakistan on path of growth and prosperity.

    The Finance Minister Dr. Miftah Ismail alongwith the Federal Minister for Climate Change Sherry Rehman attended the 5th edition titled “Imagineering The Future” as chief guest. The Finance Minister unveiled 4 point agenda to put Pakistan on path of prosperity.

    The Summit is jointly hosted by Nutshell Group and Martin Dow, in strategic partnership with Overseas Investors Chamber of Commerce & Industry (OICCI).

    Miftah Ismail stated: “The government is considering to promote exports of the country at an aggressive level through an incentive of significant tax waiver to companies which could enhance their exports by 10 per cent of its productions.’’

    He said that the government will provide full support to companies having plans for exporting their products to different countries because it is a daunting task that must be taken as a challenge.

    Various business groups in Pakistan are performing outstandingly and contributing to the national economy through taxes and different ways but they spend $200 million on imports every year which needs to be addressed by enhancing our exports.

    He further said, ‘’If you make something, sell it abroad, if you build, go construct abroad, if you offer a service, offer it abroad. The nation should set the direction to the promotion of exports.’’

    Businesses in Pakistan should think beyond the local market to explore foreign markets to enhance their exports through aggressive value-addition.

    Containing the expenses in imports can stabilize the budget deficit including the trade deficit and current account deficit in tandem.

    The government may not enhance the export overnight but it did control imports of non-essential goods which impacted inflows of foreign exchange to the tune of $700-800 million in the interbank market in the last few months while the country also paid its scheduled debt-servicing in the first week of August.

    Federal Minister for Climate Change Senator Sherry Rahman spoke about the urgency of required action to combat climate change.

    She said climate change is a matter of national security which have affected adversely food and energy security, supply chain, infrastructure, and precious lives of the citizens across the country.

    One-fifth of Pakistan is submerged at present due to heavy monsoon rains which have wreaked havoc on the infrastructure in many parts of the country especially Balochistan and Sindh.

    Pakistan is at the front of climate change and we would like all corporates to interweave sustainability goals in their mission statements.

    She said that greenwashing has to end and genuine efforts have to be made. She also mentioned that they are trying to move the markers for 2050 down to 2030 as climate change is accelerating and our pace needs to match it.

  • Businessmen express shock over petroleum price hike in Pakistan

    Businessmen express shock over petroleum price hike in Pakistan

    KARACHI: Businessmen have expresses shock over hike in petroleum prices in Pakistan despite massive reduction in oil prices in international market. 

    The businessmen are in shock and expressed their serious concern over the hike in petroleum products in Pakistan despite the fact that crude oil prices have plunged to below $90 a barrel while the rupee has jumped by around Rs30 versus dollar during the last fortnight, said a statement issued on Wednesday.

    READ MORE: Miftah defends petrol price hike in Pakistan from August 16, 2022

    The chairman of Businessmen Panel (BMP) and former president of Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Mian Anjum Nisar reiterated his demand of passing on relief of cut in oil prices in the global market to the industry, besides bringing key policy rate to a regionally competitive level.

    On Monday night, the federal government announced a hike of Rs6.72 per litre in the price of petrol for the remaining days of August 2022, according to a notification issued by the Ministry of Finance.

    He voiced his concern over the increase in fuel prices despite downward trend in international market. The present government came into power to give relief to the masses, which should be its top priority, as the hike in petroleum prices will trigger inflation in the country.

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

    He said that it was beyond comprehension that why prices were raised despite a reduction in oil prices at the international level, adding that the government should have mercy on poor masses and give them some relief.

    Mian Anjum said when Russia invaded Ukraine last spring, energy experts were predicting that oil prices could reach $200 a barrel, a price that would send the costs of shipping and transportation into the stratosphere and bring the global economy to its knees.

    Now oil prices are lower than they were when the war began, having dropped more than 30 percent in barely two months. The news of a slowing Chinese economy and a cut in Chinese interest rates sent prices down further, to less than $90 a barrel for the American benchmark.

    Gasoline prices have fallen every day over the last nine weeks, to an average of less than $4 nationwide, and prices of jet fuel and diesel are easing as well. That should translate eventually to lower prices for things so that cost of production could come down to a regionally competitive level.

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

    Moreover, a large number of fuel stations remained closed nationwide despite no strike or shortage of petroleum products in the country. He said that oil marketing companies (OMCs) and petroleum dealers have allegedly created an artificial fuel crisis as the coalition government increased petrol prices by Rs6.72 per litre.

    Recent practices suggest they usually stop supplies of petrol and diesel to end-consumers for a couple of hours to make additional profit. However, this time around the suspension lasted for almost an entire day. Many petrol pumps had gone dry by Monday evening and new supplies came on Tuesday afternoon.

    Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former president demanded the government to reduce petroleum prices without any delay.

    He demanded that the government should slash the prices of the petroleum products immediately as the international oil prices have substantively come down; and, the benefit needs to be shifted to the masses.

    He noted with a sigh of relief that oil prices are now under $90 per barrel. The move will bring down the inflation in a much more effective and tangible manner than raising the interest rate to a 14-year high of 15 percent, he added.

    Mian Anjum emphasized that the full force of the multiplier effect of the raise of the petroleum products has not yet materialized in Pakistan and inflation will keep rising in coming weeks if the relief from international market is not shifted to the end consumer.

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

    FPCCI former chief explained that global macroeconomic sentiments are not optimistic and growth forecasts have been significantly lowered to the tune of being recessionary; and, the phenomenon may drive the international oil prices even lower than $90 per barrel in coming weeks. However, he maintained, we have to tread a cautious path and gradually but progressively lower the domestic petroleum prices.

    The BMP Chairman called for the prudent and diligent regulation of the markets to allow the country to benefit from the downward trends in international oil prices, edible oils and initial signs of receding supply constraints in some other commodities.

    He said that our industry already facing cut-throat competition in both national and international markets, as the industry was directly hit by the fluctuation of oil prices, which also directly increase inflation, he said. Its negative impact can be witnessed in the hike of cargo freight charges, which adds cost to the industrial production at all stages, he said.