POL prices reduced

-Finance Minister announces 12-rupee cut in Petrol, HSD prices
-Rupee continues to strengthen in interbank trade
-Foreign investment dropped by 26.1% in July-August
-FBR extends Tax return filing date till Oct 31

Staff Report

ISLAMABAD: Finance Minister Ishaq Dar on Friday announced a reduction in the price of petrol by Rs12.63 per litre and high-speed diesel by Rs12.13.
The new prices came into effect at midnight last night, the newly appointed finance minister said while addressing a press conference in Islamabad.
“The petrol price has been reduced to Rs224.80 per litre from Rs237.43 after a reduction of Rs12.63. Likewise, high-speed diesel price is being reduced by Rs12.13. It will now be sold at Rs235.30, [down] from the existing Rs247.43,” the minister said.
Similarly, kerosene oil’s new price will be Rs191.83 following a Rs10.19 cut and light diesel oil’s price will be Rs186.50 after a decrease of Rs10.78.
Dar said the decision to slash prices had been taken after a “detailed discussion” with Prime Minister Shehbaz Sharif. The PML-N’s official Twitter account tweeted shortly after that “more awami relief on its way, Insha’Allah”.
Meanwhile, a report issued by Finance Ministry showed Foreign investment in the country dropped by 26.1%, while remittances by 3.2% from July to August,
According to the report, the inflation rate in the country in July-August was 26.1%. The report shows that the annual inflation rate in August was 27.3%, while the inflation rate was 8.4%.
The report shows that the production of big industries in the country also dropped in July-August. In comparison to June, the produce dropped by 16.5%, it added.
Automobile production dropped by 26.6%, while automobile sales lessened by 49.8%. It added that cement production dropped by 24% in August, while foreign investment went down by 26.1%. According to the report, remittances sent by overseas Pakistanis also dropped by 3.2% in July-August.
However, Benazir Income Support Funds went up to Rs70 billion from July-August, which the authority distributed among 9,65,000 flood-affected people.
The current account deficit in July-August was recorded at 1.9%, while it was 2.4% in July-August 2021. However, Pakistan Muslim League-Nawaz (PML-N) Senator Ishaq Dar took oath as finance minister on Wednesday. Miftah Ismail formally resigned from the post of finance minister on Tuesday.
He said, “I will try my best to fulfil all the responsibilities. We will try to take the country from the economic maelstrom it is stuck in the way we did in 1998 and 2013.”
Meanwhile, the Federal Board of Revenue (FBR) on Friday extended the date for filing income tax returns for individuals and companies till October 31. The decision has been taken keeping in view the demand of the business community.
Besides, the PKR continued to recover for the sixth consecutive session on Friday, gaining Rs1.18 against the dollar in the interbank market.
The local currency closed at Rs228.45 per dollar, up 0.52 per cent from yesterday’s close of Rs229.63, according to the State Bank of Pakistan.
Alpha Beta Core CEO Khurram Schehzad said the PKR’s value started improving after strict action was taken against hundi/hawala networks and banks involved in speculation.
“The dollar’s value, which had been increased through speculation and artificial means, is declining. It appears that the dollar’s [rate] can decrease further, considering the pace at which the greenback is being sold in the kerb market,” he said.
In addition, the market was expecting the import bill to shrink on the back of flood-related foreign aid and a decline in global oil prices, which would prevent the balance of payments situation from worsening, Schehzad commented.