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Qatar Offered Cheap Gas to Pakistan


Ahsan Iqbal, Federal Minister for Planning and Development informed recently that the price of gas has risen in the international market, however; Qatar proposed cheap gas to Pakistan during the contemporary visit of Chief of Army Staff (COAS) General Qamar Javed Bajwa, as per sources.

Unexpected hot weather was the cause of power outage as the requirement of electricity increase, Ahsan Iqbal gave a reason for the threat of loadshedding.
He said that the prime minister called for a meeting to talk over a strategy to end loadshedding.

Further, Federal Minister for Planning and Development informed that the country should be aware of the closure of power plants that have the capacity to produce in 3,500 megawatts of electricity.
Iqbal informed that the state does not have enough stock of gas to run the power plants. He highlighted the fault of Pakistan Tehreek-e-Insaf (PTI) government and said that the PTI leader Imran Khan had not bought the LNG timely.

Moreover, he added not even a single penny left in the national exchequer by the ex ruler.

The federal minister claimed that the Imran Khan had rejected the Qatar offer to make his own commission. He further mentioned that during the army cheif’s visit Qatar once again proposed cheap gas to Pakistan.

He informed that the rate of petroleum products, gas and edible oil have increased because of Ukraine-Russia conflict.
 

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Petrol & Diesel Demand’s Decreased by 12% and 16% in June 2022


Petrol is mostly used by two, three and four-wheeler vehicles, while diesel is mostly consumed by the industrial and agriculture sectors.

The demand for petrol decreased to 702,000 tons in June compared to 776,000 tons in May. Sales of diesel dropped to 713,000 tons in June compared to 776,000 tons in the previous month, Topline Research reported while citing the Oil Companies Advisory Council (OCAC) data on Friday.
The demand for petrol and diesel dropped 12% and 16% respectively in June 2022 compared to the previous month, snapping a long uptrend in sales of petroleum products in the wake of the withdrawal of subsidies and imposition of taxes.

Petrol and diesel sales fall after the end of the subsidy. A significant increase in petroleum prices reduced their consumption.
“Petroleum product sales may further drop by 5-10% in July … and keep falling over the next three to four months in the backdrop of the price hike,” Khan said. The government has announced that it will continue to increase the petroleum development levy in phases till it reaches Rs50 per litre.

Overall sales:-
Sales of all petroleum products dropped 11% on a month-on-month basis to 1.94 million tons in June. They, however, remained almost flat compared to June 2021, Topline Research reported.

Sales of furnace oil dipped 2% in June compared to May, as the government used the fuel for electricity generation after prices of coal and RLNG shot up in the global market
 

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Finance Minister Miftah Ismail has summoned a meeting of the Economic Coordination Committee (ECC) which would mull over import payments to Afghanistan in Pakistani rupees and other issues.

According to sources, the Miftah Ismail-led meeting of the ECC would mull over an eight-point agenda. “It includes payment of imported items from Afghanistan in Pakistani rupee and approval for import of 120,000 tons of wheat for Afghanistan,” they said.

The meeting, according to sources, will also consider approval of funds for payment of markup to be paid by heavy electrical complex, and implementation of national disease emergency to deal with lumpy skin disease.

Moreover, technical supplementary grants for economic affairs and planning ministries will also be considered for approval in the meeting.

During the last meeting, the Economic Coordination Committee (ECC) of the Cabinet approved a levy of 10% regulatory duty on the import of motor spirit.

The approval was given during ECC meeting held at Finance Division with Federal Minister for Finance and Revenue Miftah Ismail in the chair.

Ministry of Commerce submitted a summary on levy of regulatory duty on import of Motor Spirit
 

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Rupee reverses uptrend, sheds over Rs2 against US dollar

There was a loss of around Rs2.38 in the local currency on Tuesday as an outcome of more ambiguities revolving around the renewal of the International Monetary Fund (IMF) programme, reversing an upward trend for the State Bank of Pakistan (SBP).

As per the report of the State Bank of Pakistan (SBP), after the current declination of Rs2.38, or 1.15 percent, the local currency has concluded at Rs206.94 in opposition to the US dollar in the interbank market. However, investors were quite concerned about the tardiness of the revival, despite the guarantees by Finance Minister Miftah Ismail that the IMF programme was on track.

The local currency was predicted to become stronger today, contrary to traders’ expectations, as market participants were also expecting a rise in remittance inflows before the festival of Eid ul Adha.
 

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The Economic Coordination Committee (ECC) of the Cabinet has granted one-time special permission for the release of consignments stuck at the ports on or before 30th June 2022.

Ministry of Commerce submitted a summary to seek permission for the one-time release of those consignments of items banned on 19th May 2022 which have reached Pakistan or would reach their payments.

In order to resolve the hardship cases, the ECC granted one-time special permission for the release of consignments stuck at the ports due to contravention framed under SRO 598(I)/2022 dated 19th May 2022, only for those consignments which have landed at ports or airports in Pakistan on or before 30th June 2022.

Headed by Federal Minister for Finance and Revenue Mr Miftah Ismail, ECC approved the summary submitted by the Ministry of National Food Security and Research on urgent advice relating to the award of the second international wheat tender 2022 opened on 1st July 2022 for 500,000 MT.

The ECC considering the lower trend of wheat in the international market approved the lowest bid offer of M/s Cargill Int. PTE /Cargill Agro Foods Pakistan @ US$ 439.40/MT for 110,000 MT +/- 5% MOLSO to the extent of 500,000 MT.

Ministry of National Food Security & Research also submitted a summary on WPF operation- purchase/ reservation of 120,000 metric tons of wheat for Afghanistan in the year 2022-23. In view of the situation in Afghanistan and on humanitarian grounds, the ECC approved the request of the WFP for the purchase/ reservation of 120,000 MT of wheat from the imported wheat stock of PASSCO at the latest import price.
 
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