The PML-N-led coalition government began the new fiscal year (2024-25) with an increase in petrol and high-speed diesel prices by Rs7.45 and Rs9.56 per litre, respectively, for the next fortnight. In a late-night announcement, the Ministry of Finance said prices of petroleum products have seen an increasing trend in the international market during the last fortnight. The Oil and Gas Regulatory
Amid optimism for a smooth passage of the budget for fiscal year 2024-25 and a subsequent deal with the International Monetary Fund, the stock market continued its recovery momentum on Thursday. Investors engaged in value-hunting in oil and banking shares, which helped the benchmark index extend its overnight bull run. Ahsan Mehanti of Arif Habib Corporation said the finance minister’s propo
Pakistan’s central bank allowed foreign companies operating in the country to repatriate a record-high profit and dividend of $918.1 million in May 2024. This move cleared a backlog accumulated over the past two years and helped restore international investors’ confidence in the country. Despite significant foreign payments totalling $2 billion in April and May, the country’s foreign exchange r
After offering relief to consumers in the last three revisions of oil prices, the government is now likely to raise the prices of high-speed diesel (HSD) and petrol by Rs9.84 per liter and Rs7.54 per liter, respectively, for the next fortnight starting from July 1. This possible increase is attributed to fluctuations in global oil prices. The government also plans to increase the rate of petrol
The government on Thursday deferred approval of pension cuts for existing pensioners due to questions about its legal mandate. However, it greenlighted a contributory pension scheme for new civilian employees, starting immediately, and for military personnel, starting next year. The military authorities did not agree to several proposals to rationalise pension benefits, leading the government t