Tag: Increase

KARACHI - The soaring prices of POL (petrol, oil and lubricants) have remarkably increased the sale of smuggled Iranian petrol, causing losses worth billions of rupees to the exchequer, while important government personalities are also investing in and harbouring this illegal business, sources have informed Pakistan Today.
The daily consumption of Iranian petrol has gone through the ceiling, whereas a major decline between 10,000 tonnes and 15,000 tonnes in daily consumption of

KARACHI - Following a day of hectic negotiations in Karachi between the Pakistan People's Party (PPP) and the Muttahida Qaumi Movement (MQM), the government announced a 50 percent reduction in the recent increase in prices of petroleum products late on Thursday night.
"The increase in prices of petroleum products now stands at five rupees, and a notification would be issued on Friday after formal approval from Prime Minister Yousaf Raza Gilani," Federal Finance Minister Dr Hafeez

ISLAMABAD - The recent petroleum price increase has been challenged in Islamabad High Court (IHC). The President of Human Rights Association of Pakistan, M Kokab Iqbal on Thursday filed a writ petition against the recent increase in petroleum and Compressed Natural Gas (CNG) prices. The petitioner contended that the government's decision regarding increase in POL prices was against the article 9 of the constitution.
He said that instead of controlling corruption the government

LAHORE - The Water and Sanitation Agency (WASA) is fast heading to bankruptcy as its budgetary deficit is about to surge from Rs 3 billion to 3.5 billion with the increase in petroleum prices. Out of Rs 3 billion, deficit attributable to electricity bills is Rs 2.5 billion. After the increase in petroleum prices, under the new fuel adjustment charges, electricity bills are bound to jack up, inflating WASA's bills by Rs 500 million annually. Sources in WASA told Pakistan Today that the

LAHORE - The Lahore High Court Chief Justice on Wednesday hearing a petition against recent increase in POL prices as "objection case" directed the petitioner to bring impugned notification and the application which petitioner claimed to have filed with the Oil and Gas Regulatory Authority (Ogra). With these directions the chief justice dismissed the petition filed by Advocate Mateenul Haq Chaudhry. Advocate Chaudhry had submitted that the impugned notification regarding increase in

LAHORE - The 10 percent increase in petroleum prices has affected the rich and poor alike in the city. Citizens complained that the hike had affected their budget as a whole and criticised the authorities for the decision. Rustam Ali Khan, a father of three said, "I don't understand what this government wants from us; we already do not get CNG for 2 days in a week and now a sudden raise of more than 7 rupees in the petrol prices ? I have no idea what the government is up to."
He

LAHORE - Inter-city transporters have increased fares by 10 percent while transporters are all set for a wheel jam strike if the federal government does not reverse the increase in fuel prices.
Talking to Pakistan Today, transporters said that the increase in fuel prices is a 'drone attack' by the federal government against the public. They said that they would announce a wheel jam strike in Punjab if the prices are not reversed. Urban Bus Owners Association Punjab Chairman

LAHORE - Doctors have announced a nationwide movement to demand a special salary raise for all doctors working in government hospitals in the country, Pakistan Medical Association office bearers said in a press conference at the PMA House on Monday.
Various organizations including PMA, YDA, PDA and MTA have been taken into confidence and first phase in which posters and pamphlets were to be distributed has already been accomplished, they said, adding that a provincial convention

KARACHI - Though operating assets of Sui Southern Gas Company (SSGC) are likely to increase by an annual 7.6 percent, net operating assets are expected to increase by only 8.2 percent due to a meager 3.4 percent rise in deferred credit.
Operating assets are anticipated to increase faster compared to deferred credit since SSGC finances most of its capital expenditures through debt financing.
SSGC is scheduled to announce its results for the first half of financial year 2011

ISLAMABAD - The Oil and Gas Regulatory Authority (OGRA) is likely to take up the petition of Sui Northern Gas Pipelines Limited (SNGPL) to raise gas price in the first week of March. The SNGPL in its petition, while projecting a shortfall of Rs 17,029 million in the company's revenues for the current financial year, has requested for an increase of Rs 28.03 per MMBTU in the average prescribe gas price with effect from July 1, 2011.
The company filed the petition before the OGRA

LAHORE - The federal government should not increase fuel prices otherwise a "tsunami of inflation" will hit the country, Pakistan Muslim League-Nawaz (PML-N) Member of the National Assembly (MNA) Pervaiz Malik said on Sunday.
In a press statement, he said that the federal government would not be allowed to increase fuel prices on the International Monetary Fund's (IMF) pressure and if people come on the roads following protests in Tunisia, Egypt and Yemen, rulers would have to

FAISALABAD - The parents of the DPS students staged a protest rally against the decision of the oldest private school of Faisalabad Divisional Public School (DPS), announcing 22 percent increase in the fees.
After the protest, DPS Principal Shahid Mahmood and DMC Principal Saleem Raza held dialogues with the parents but the session ended without any outcome as both the sides stuck to their guns. The aggrieved parents' group announced another protest rally on Friday (today) at

KARACHI - The KSE-100 index gained 28 points to close at 12,483 points, while 139 million shares were traded. Profit taking was observed at inflated levels as investors preferred to book gains ahead of the Monetary Policy Announcement (MPS) on January 29, which would influence the market's direction.
The KSE-30 index added 37.50 points and closed at 12216.99 points, while the all share index closed at 8690.73 points marked by a gain of 12.46 points. Fertiliser stocks underwent

LAHORE - The Provincial Minister for Finance, Planning and Development Tanvir Ashraf Kaira has said that Punjab's share, as per the new NFC award, would be augmented by Rs 100 billion in the current year. However, there is a dire need to increase province's resources by substantially expanding the tax-net.
He expressed these views while addressing MPAs during a pre-budget briefing session organised by PILDAT. He said that the government would consider suggestions by assembly

LAHORE - The Lahore Chamber of Commerce and Industry on Friday appreciated the Federal Government's move of withdrawing the increase in prices of petroleum products and termed it a bold step in the larger interest of the people.
In a statement issued here, the LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that the withdrawal in prices of petroleum products would not only give some relief to the inflation-hit

ISLAMABAD - Textile export registered an increase of 26.88 percent during the period from July to November 2010 as compared to the same period of the last financial year. According to the data available with Federal Bureau of Statistics (FBS) the export of raw cotton increased by 15.43 percent as about 49,688 metric tonnes of raw cotton worth $121.433 million was exported.
Meanwhile, the export of cotton yarn also grew by 17.80 percent The export of cotton yarn was recorded at

ISLAMABAD - The Ministry of Petroleum and Natural Resources is working on several fronts to effectively explore the country's rich mineral deposits for prosperity and development of the country. Similarly among other projects, the Reko Diq project has tremendous potential to contribute in the uplift of Balochistan's economy in specific and the national economy in general, according to Tethyan Copper Company(TCC) Pakistan, an official said. The TCC, in partnership with the Government