More than two dozen smaller oil marketing companies (OMCs) claim to have suffered massive losses due to unfair petroleum pricing and marketing conditions and lashed out at the Oil and Gas Regulatory Authority (Ogra) for its inability to ensure a coherent regulatory environment, causing existential crisis for them. “The entire industry, barring state-run Pakistan State Oil (PSO), is facing exist
In a significant economic setback, Pakistan’s textile and clothing industry experienced a substantial decline of 14.22 per cent year-on-year to $13.7 billion during the first 10 months of the current fiscal year. This downturn can primarily be attributed to a notable reduction in production, which was largely driven by the surging cost of production, data released by the Pakistan Bureau of Stat
The imports of the petroleum group witnessed a significant decline of 17.96 per cent during the July-April period of FY23 compared to the previous year, Pakistan Bureau of Statistics data showed on Monday. This drop can be attributed to a sharp reduction in consumption, which was a direct result of a slowing economy amidst unprecedented inflationary pressures. The country also witnessed the hig
Multinationals operating in Pakistan have asked the government to increase the minimum taxable limit from Rs600,000 a year to Rs1.2 million to offset the impact of unprecedented inflation on individuals. The representative body of 200-plus multinational investors from 14 sectors called the existing salary tax structure “inconsistent with the basic principle of non-discrimination” as part of its
The rupee remained under pressure as the US dollar appreciated by another 74 paise in the interbank market on Monday. The State Bank of Pakistan said the dollar settled at Rs286.56 compared to Rs285.82 on May 19. The gap between open and bank rates further widened to Rs19. The Exchange Companies Association of Pakistan reported the closing price of the dollar at Rs305 compared to Rs301 in th