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  • How Many Rupees Will Be Reduced In The Price Of Petrol?

    How Many Rupees Will Be Reduced In The Price Of Petrol?

    Canada Global(Web News)There is a possibility that the prices of petroleum products (petrol and diesel) will decrease by 10 rupees per liter on December 15 due to the decrease in prices in the global market.

    According to the report, informed officials say that during the last 15 days, the prices of diesel and petrol have decreased by around 5 percent globally, while the value of the rupee has also increased slightly against the dollar. As a result, prices for consumers at the local level can be reduced accordingly.
    Over the past week, diesel fell nearly $4 a barrel to $95.50 from $99.50, while gasoline fell to $81.7 from $86.50, officials said.

    On the other hand, the rupee fell to 284 rupees against the dollar from 285.5 on December 1. During this period, the price of crude oil fell from 79 dollars per barrel to 73 dollars.
    Therefore, there is a possibility of a reduction in the price of diesel by at least Rs.12 per liter and petrol price by at least Rs.10 per liter. .
    The government is currently charging Rs 60 per liter petroleum levy, which is the maximum limit under the law.

    The government had set a budget target of collecting 869 billion rupees from the petroleum levy during the fiscal year 2024 with the IMF, but now it is expected that this target will exceed 950 billion rupees by the end of June. .
    It should be noted that 15 days ago, the government of Pakistan had decided to change the prices of petroleum products from November 16, 2023, as per the proposal of the Oil and Gas Regulatory Authority (OGRA).
    The government revised the prices of petroleum products by reducing the price of petrol by Rs 2.4 paise per litre, after which the new price of petrol per liter became Rs 281 34 paise.

  • As Rupee Appreciates Against Dollar, Imf Calls For Report

    As Rupee Appreciates Against Dollar, Imf Calls For Report

    Canada Global(Web News) IMF has asked for a report from Pakistan on the increase in the value of the rupee against the dollar.

    The International Monetary Fund has also asked Pakistan for details of action by security agencies against exchange companies. In the initial position, Pakistan says the State Bank has fully implemented market-based exchange rates. Pakistan said. As the rupee has improved against the dollar due to a crackdown on smuggling and illegal residents, dollar inflows have increased in three months, pushing the dollar lower.

    According to sources, the Ministry of Finance says that the action of the law enforcement agencies did not artificially increase the value of the rupee, the decrease in the value of the dollar was due to the action against smuggling and illegal residents. Bank officials will also provide more details to the IMF in technical discussions.

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  • Negotiations For The Next Installment Of Pakistan And Imf Will Be Held On November 2

    Negotiations For The Next Installment Of Pakistan And Imf Will Be Held On November 2

     Canada Global(Web News)Negotiations for the next installment of the $710 million loan received under the $3 billion standby arrangement between the government of Pakistan and the IMF will be held on November 2.

    The IMF team in the negotiations will be led by Nathan Porter. The Government of Pakistan is optimistic about the success of the negotiations despite the challenges from the external sector. If the government announces general elections, it will strengthen the hands of the finance ministry during negotiations.
    According to Esther Pearce, the representative of the IMF in Pakistan, the International Monetary Fund had proposed a date of November 7 for the talks, but the government of Pakistan said that it had collected the data needed for the talks

    . The difference will be found in external financing. The government of Pakistan has estimated a shortfall of four and a half billion dollars in external financing despite Eurobonds and commercial loans. But it seems more than guesswork. A senior government official said the talks will also discuss the rupee’s exchange rate against the dollar and monetary policy.
    After remaining stable for a month, the rupee has started to fall again in recent days. This will also be discussed. According to a federal minister, the condition of reducing circular debt of power division has been fulfilled.
    The IMF had imposed a condition to end subsidies on oil, but the government is giving cross-subsidies to domestic, export and industrial gas consumers.

     

  • The Series Of Flight Of The Rupee Is Broken, The Price Of The Dollar Increases

    The Series Of Flight Of The Rupee Is Broken, The Price Of The Dollar Increases

    Canada Global (Web News) The series of flight of the rupee, which has been going on for 28 consecutive days, has been broken, the mercury of the dollar has risen once again.

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    The interbank rate of the dollar fell further, falling below Rs 277

    Interbank dollar today recorded an increase of 1 rupee 97 paise, the dollar is trading at 279 rupees interbank.
    Yesterday too, the dollar price increased by 17 paise in the interbank market, after which the flight of the rupee, which has been going on for 28 consecutive days, was broken. The value of the dollar decreased by 50 paise in the open market last day, after which the open market I dollar sold for 276 rupees 50 paise.

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  • PKR weakens Rs3.26 against dollar in interbank

    PKR weakens Rs3.26 against dollar in interbank

    Canada Global (Web News) Tuesday’s interbank trade saw a loss of Rs3.26 for the Pakistani rupee against the US dollar. In the open market, the value of the dollar increased to Rs3.50 more than the local currency.

    Around 12:15 p.m., the local currency was trading at Rs. 291.75 in the interbank market and Rs. 301 on the open market.

    The local currency lost 0.52 percent during the previous week, ending the week at 288.49 versus the US dollar.

    A well-known currency broker claimed that the rupee’s depreciation was “expected” since, according to the terms of the agreement with the International Monetary Fund (IMF), there should be a 1% differential between the open market and the interbank market.

  • ECC approves higher retail price for 49 new drugs

    ECC approves higher retail price for 49 new drugs

    Canada Global (Web News) The maximum retail prices of 49 new pharmaceuticals were raised on Monday by the Economic Coordination Committee (ECC), as the nation struggles with the effects of the depreciation of the rupee.

    The government stated the introduction of these pharmaceuticals in Pakistan for the first time at prices that are typically far cheaper than those of other nations in the area as the justification for the action.

    The ECC also authorised a supplemental grant of Rs402.251 billion for debt servicing to repay the Chinese and Saudi loans as Finance Minister Ishaq Dar presided over the meeting.

    The change is the result of fluctuations in the exchange rate, which was originally set at Rs. 186 in relation to the US dollar but had to be adjusted due to the depreciation of the rupee.

    The cabinet committee also decided to issue a Rs. 9,500 million government guarantee for the Hyderabad-Sukkur Motorway’s build-operate-transfer basis and to allocate Rs. 12 billion to the National Disaster Management Authority for the purchase of relief supplies to restock/replenish its reserves.

    To cover the shortfall for the current fiscal year, funds totaling Rs. 839.129 million and Rs. 700 million for the Ministry of Information and Broadcasting, respectively, were also granted.

    For the Ministry of Interior, Rs48 million were approved for HQ Frontier Corps (North) KP to build the FATA Levies Centre, Rs470.827 for paying the troops’ cost and subsistence allowance to the members of the Civil Armed Forces serving in UN Peacekeeping Missions, and Rs66.336 million for building the Frontier Constabulary Training Centre. The money was given to Pakistan as aid from the US to help the civil armed forces become more capable.

  • Oil drops over 1% on higher dollar, interest rate concerns

    Oil drops over 1% on higher dollar, interest rate concerns

    Canada Global (Web News) As the US dollar grew stronger and investors thought about a potential US Federal Reserve interest rate hike in May that might dampen economic recovery optimism, oil prices started to decline on Monday.

    At 11:14 a.m. EDT (1514 GMT), Brent oil futures were down 97 cents, or 1.1%, at $85.34 a barrel, while U.S. West Texas Intermediate crude was down $1.04, or 1.3%, at $81.48 a barrel.

    Last week saw the fourth straight weekly increase for both contracts, the longest such run since mid-2022.

    Oil priced in dollars is now more expensive for owners of other currencies due to the US dollar rising in tandem with interest rate increases. On Monday, the dollar index increased by about 0.65%.

    According to Price Futures Group analyst Phil Flynn, “the dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here.”

    Traders have delayed expectations of a rate decrease, which generally happens in a recession, until late this year and are betting that the Fed will increase its lending rate by another quarter of a percentage point in May.

    The International Energy Agency (IEA) predicts that China will account for the majority of the demand rise in 2023, thus the release of China’s first-quarter gross domestic product (GDP) figures on Tuesday at 0200 GMT is anticipated to be favourable for commodities prices.

  • Petrol price likely to be hiked by Rs5 per litre

    Petrol price likely to be hiked by Rs5 per litre

    Canada Global (Web News) The federal government received a brief from the Oil and Gas Regulatory Authority (Ogra) on Saturday that outlined what would cause petrol prices to rise or stay the same over the coming two weeks.

    In response to the skyrocketing petroleum costs on the global market, the authority suggested raising the price of petrol by Rs. 5 per litre and diesel by Rs. 8 per litre. However, the authority also proposed a number of price-stabilizing elements.

    To make a final judgement in this regard, Finance Minister Ishaq Dar will speak with Prime Minister Shehbaz. Prices will change starting at 12 a.m. on April 16.

  • UAE’s Telecommunications takes $400m majority stake in Careem’s Super App

    UAE’s Telecommunications takes $400m majority stake in Careem’s Super App

    Canada Global (Web News) Emirates Telecommunications Group company — e& — on Monday announced the signing of a binding agreement with Uber Technologies, and its subsidiary Careem to acquire a majority stake in the latter’s Super App spinout.

    Emirates Telecom, formerly known as Etisalat and now known as e&, recently told Bloomberg TV that it wants to redefine itself as a global technology investor and that it has the “capacity and the wallet” to do so. It became Vodafone’s largest investor last year.

    Following the development, Uber will continue to own all rights to Careem’s ride-hailing company, which will continue to operate alongside all other Careem services on the current app.

    According to the terms of the deal, e& would invest $400 million to buy a majority ownership in Careem’s Super App, joining Uber, the business that bought Careem in 2020, and all three of its founders.

    Super applications provide users with a variety of services on one platform, including banking services and food delivery. There are a dozen services available on Careem’s super app, including grocery and food delivery, remittances, and third-party services like laundry. Careem is available in eleven countries in the Middle East, North Africa, and South Asia.

    Careem will increase its service options in the region with the increased cash.

  • Gold and Silver price rises in Pakistan

    Gold and Silver price rises in Pakistan

    Canada Global (Web News) Monday, gold prices increased in Pakistan, following worldwide trends and possibly being boosted by a declining rupee, which makes the dollar-quoted safe-haven commodity more expensive and forces dealers to be more cautious on the eve of a monetary policy meeting.

    The price of gold (24 carats) increased by Rs 1,200 per tola and Rs 1,028 per 10 kilos to settle at Rs 209,500 and Rs 164,645 respectively, according to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA).

    On Monday, the rupee lost 0.44% of its value against the dollar in the interbank market. The rupee ended up at 285.04 with a loss of Rs1.25, according to the State Bank of Pakistan (SBP).

    With the out-of-control inflation, it is anticipated that the State Bank of Pakistan will increase the policy rate by 100 to 200 basis points. Pakistan’s consumer price inflation increased by a record 35.37% in March compared to the same month last year.

    Since gold increases in value as the value of the dollar declines, it is typically touted as a powerful hedge against inflation.

    Pakistan’s monthly inflation blew past predictions in March and soared to a nearly all-time high level — 35.4% — from a year earlier. People are now suffering more as a result of some of the fastest rising consumer prices and tightening budgets as the cost of living continues to outpace average incomes.

    The policy rate was increased by the central bank by 300 basis points to 20% last month.

  • Govt keeps petrol price unchanged in Pakistan until April 15

    Govt keeps petrol price unchanged in Pakistan until April 15

    Canada Global (Web News) Ishaq Dar, the Finance Minister, stated on Friday that the government would maintain the cost of petrol and high-speed diesel until April 15. This announcement came amid predictions that the cost of petrol could decline by April 1.

    He did, however, announce price cuts for kerosene oil and light speed diesel, bringing them to Rs180.29 and Rs174.68, respectively, each by Rs10 per gallon. Beginning on April 1, the revised prices will be in effect.

    The price of petrol is Rs272 per litre, while the cost of high-speed diesel is Rs293 per litre.

    Prior to now, the Oil and Gas Regulatory Authority (Ogra) had suggested lowering petrol prices to reflect the global market’s downward trend.

  • Gold prices rising in local and international markets

    Gold prices rising in local and international markets

    Canada Global (Web News) The rates of gold climbed in local markets as well, mirroring the upward trend of gold prices in global markets. The international gold market has been noted to be unstable during the past several weeks, and as a result, fluctuations in gold prices have been observed in Pakistani markets as well.

    Price of gold increased by $7 to reach $57 per ounce on international markets, which also caused a price increase in local gold markets. The per-tola costs jumped by Rs. 1000, but the 10gm gold price in the local gold markets shot up by Rs. 857.

    Following the global price increase, the per-tola gold price was seen to be Rs. 205600 and the 10gm gold price was noted to be Rs. 176268. The price of silver, however, stayed constant at Rs. 2250 per tola and Rs. 1929 for 10gm silver.

  • Gold prices jumps by Rs5,600 per tola

    Gold prices jumps by Rs5,600 per tola

    Canada Global (Web News) The price of gold also began to rise in tandem with rising inflation. The selling price of 24-karat gold per tola climbed by Rs5,600 on Friday, rising to Rs207,500 from Rs201,900 the previous day.

    Price of 10 grammes of 22-karat gold decreased to Rs163,073 from Rs158,672 while the price of 10 grammes of 24-karat gold increased by Rs4,801, rising to Rs177,898 from Rs173,097.

    The cost of silver per tola rose by Rs 20 to Rs 2,200, while the cost of silver per gramme rose by Rs 17.15 to Rs 1,903.29.

    The price of gold surged by US $58 on the international market, reaching a new high of $1,997 per ounce on Friday, up from its previous selling price of $1,939 the day before.

  • UK inflation rate rises to 10.4pc in February

    UK inflation rate rises to 10.4pc in February

    Canada Global (Web News) British consumer price inflation unexpectedly increased to 10.4% percent in February from 10.1 percent in January, according to data released on Wednesday by the Office for National Statistics.

    The annual CPI rate was expected to fall to 9.9 percent in January, further edging away from the 41-year peak of 11.1 percent reached in October, but still reducing the purchasing power of employees whose wages are rising more slowly.

    On Thursday, the Bank of England is expected to reveal if interest rates have been increased for the eleventh meeting in a row.

    In contrast to expectations for a decrease to 5.7%, the BoE closely monitors Core CPI, which increased to 6.2 percent from 5.8 in January.

    The services sector’s annual inflation rate, which the majority of policymakers believe to be an accurate indicator of the underlying pricing pressures in the economy, increased from 6.0 percent in January to 6.6 percent in February.

  • Pakistan’s foreign reserves increased to $9.754 billion

    Pakistan’s foreign reserves increased to $9.754 billion

    Canada Global (Web News) During the week ending March 3, 2023, Pakistan’s total liquid foreign reserves increased to US$ 9,754 million after the central bank received US$ 500 million from China.

    According to a statement released by the State Bank of Pakistan on Thursday, the central bank’s reserves climbed by US$ 487 million to US$ 4,301.0 million, while commercial banks’ net foreign reserves were at US$ 5,453 million.

    The entire liquid foreign reserves held by the nation as of March 3rd, 2023, were $9,754.0 million after China granted the GoP a commercial loan for US$ 500 million, it added.

    The nation has $9,267.9 million in total liquid foreign reserves as of the previous week, which concluded on February 24. Of them, the SBP held foreign reserves worth US$ 3,814.1 million, while commercial banks held net foreign reserves worth US$ 5,453.8 million.

  • Gold price increases Rs400 to Rs197,700 per tola

    Gold price increases Rs400 to Rs197,700 per tola

    Canada Global (Web News) According to the All Sindh Sarafa Jewellers Association, the price of 24 carat gold per tola jumped by Rs400 and was sold on Thursday for Rs197,400 as opposed to the previous day’s price of Rs197,300.

    In addition, the cost of 10 grammes of 24 karat gold climbed by Rs343, from Rs169,153 to Rs169,496, while the cost of 10 grammes of 22 carat gold jumped from Rs155,057 to Rs155,371.

    The price of ten grammes of silver reduced by Rs17.15 to 1,817.55 while the price of a tola of silver dropped by Rs20 to Rs2,120.

    According to the organisation, the price of gold dropped by US$23 on the global market to $1,819 from its sale price of $1,842.

  • Gold price drops by Rs700 to Rs197,300 per tola

    Gold price drops by Rs700 to Rs197,300 per tola

    Canada Global (Web News) According to the All Sindh Sarafa Jewellers Association, the price of 24 carat gold per tola dropped by Rs. 700 and was sold for Rs. 197,300 as opposed to the previous day’s price of Rs. 198,000.

    In addition, the cost of 10 grammes of 24 karat gold dropped by Rs. 600 to Rs. 169,153 from Rs. 169,753, while the cost of 10 grammes of 22 carat gold fell to Rs. 155,057 from Rs. 155,607, respectively.

    Silver is still being sold for the same price per tola and every ten-gram weight at Rs. 2,140 and 1,834.70, respectively.

    According to the association, the price of gold dropped by US$7 on the international market to $1,842 from its sale price of $1,849 per ounce.

  • Pakistan earns US $255m from travel services export in 1st half

    Pakistan earns US $255m from travel services export in 1st half

    Canada Global (Web News) By offering various travel services in numerous nations during the first half of the current fiscal year 2022–23, the nation made US $255.170 million.

    According to the Pakistan Bureau of Statistics (PBS), this represents a negative growth of 9.52 percent when compared to the US $282.101 million worth of the same services offered during the same time of the previous fiscal year 2021–22.

    Personal travel services saw a 9.85% decline during the study period, falling from US $280.920 million in 2017 to US $253.260 million from July to December 2022.

    The exports of personal services fell by 50.62 percent for health-related expenses and by 17.78 percent for education-related expenses.

    Also, there was a 9.42 percent decline in other personal services.

    According to the PBS data, business service exports increased by 75.23%, from US$1.090 million to US$1.910 million.

    It is important to note that the exports of services from the nation increased by 2.77 percent in the first half of the current fiscal year (2022-23) compared to the same time in the previous year, it continued.

    Services exported from July to December in 2022–23 totaled US$3526.97 million, a 2.77 percent increase from the US$3431.77 million exported from July to December in 2021–22.

  • Pakistan’s total liquid foreign reserves reach at $ 8.726 billion

    Pakistan’s total liquid foreign reserves reach at $ 8.726 billion

    Canada Global (Web News) The total amount of Pakistan’s liquid foreign reserves as of the week ended February 17, 2023, was $8,726.5 million.

    In a statement released here on Thursday, the State Bank of Pakistan reported that the central bank’s reserves climbed by US$ 66 million to reach US$ 3,258.5 million, while commercial banks’ net foreign reserves stood at US$ 5,468 million.

    The nation has $8,702.2 million in total liquid foreign reserves as of the previous week, which concluded on February 10.

    Of them, the SBP held foreign reserves worth US$ 3,192.9 million, while commercial banks held net foreign reserves worth US$ 5,509.3 million.

  • Gold price drops by Rs800 per tola

    Gold price drops by Rs800 per tola

    Canada Global (Web News) 24 carat gold’s per-tola cost dropped by Rs800, trading at Rs197,600 as opposed to the previous trading day’s sale of Rs198,400.

    According to the All Sindh Sarafa Jewellers Association, the cost of 10 grammes of 24 karat gold dropped by Rs. 686 to Rs169,410 from Rs170,096, while the cost of 10 grammes of 22 carat gold dropped to Rs155,293 from Rs155,921.

    One tola of silver cost Rs. 30, down from Rs. 2,130, while ten grammes of silver cost Rs. 25, down from Rs. 25, to Rs. 1,826.13.

    According to the association, the price of gold dropped from US$1,865 to $1,860 on the international market.