Urges auto industry to start local manufacturing, implement deletion policy. Calls for nationwide rollout of single window operations. PM eyes Chinese industrial investments in Pakistan ahead of Beijing visit.
ISLAMABAD - The federal government on Friday slashed the prices of Petrol and High Speed Diesel by Rs 4.74 per litre and Rs Rs 3.86 per litre, respectively for the first fortnightly of June 2024.
The prices of Petroleum products have seen a decreasing trend in the international market during the last fortnight. The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market, said a notification issued by the Finance Division. The prices of Motor Spirit & HSD for the next fortnight, starting from 1st June, 2024, are accordingly being lowered, it said.
The prices of Kerosene Oil and Light Diesel Oil have also been reduced by Rs 1.87 per litre and Rs 3.88 per litre for the next fortnightly starting from June, 1,2024.
Interestingly a statement earlier issued, claiming to be from the Prime Minister Office, said that the price of Petrol has been downward revised by Rs 15.40 per litre, while HSD has been slashed by Rs 7.90 per litre.The Finance Division,which usually issues fuel price notification at 11.30 PM, was unable to release it till 12.35 am.After a complete confusion,the Finance Division has finally issued the revised prices, however, there was a huge difference between the PMO announced prices and the Finance Division notification.
Following the reduction of Rs 4.74 per litre, the price of Petrol will decline to Rs 268.36 per litre from the existing Rs 273.10 per litre. Similarly, the price of HSD will go down to Rs 270.22 per litre from existing Rs 274.08 per litre following a reduction of Rs 3.86 per litre. The price of Kerosene oil has been downward revised by Rs 1.87 per litre. After a decline of Rs 1.87 per litre the price of Kerosene oil will reduce to Rs 171.61 per litre from the existing Rs 173.48 per litre. Similarly, after the decrease of Rs 3.88 per litre the price of LDO will go down to Rs 157.29 per litre from the existing Rs 161.17 per litre.
It is worth to note that for the first second fortnightly of May also the Federal Government had slashed the prices of Petrol and High Speed Diesel by Rs 15.39 per litre and Rs 7.88 per litre, respectively. The prices of Kerosene Oil and Light Diesel Oil had also been reduced by Rs 9.86 per litre and Rs 7.54 per litre for the last next fortnightly of May 2024.
Notably, the price of crude oil has decreased, in the international market, during the second fortnightly of May and currently roaming around $81 per barrel.
The Federal Government is currently charging Rs 60 per litre Petroleum Levy on both Petrol and HSD. Currently, no General Sales Tax is being charged on Petrol and HSD.
The new oil prices will be effective from June 1, 2024,till further revision.
Also, Prime Minister Shehbaz Sharif on Friday urged the automobile industry to start local manufacturing of vehicles and export a considerable ratio of their products to contribute to national development.
The prime minister, talking to a delegation of automobile and auto parts manufacturers, asked the industry to implement the Auto Sector Deletion Policy and become a part of the global value chain.
He told the delegation that the incumbent government was taking measures to boost the country’s exports. The delegation which consisted of Chief Executive Officer of Toyota Pakistan Ali Jamali, and the representative of the auto parts industry Amir Allahwala, apprised the prime minister of the issues facing the auto industry.
They appreciated the prime minister for the government’s pro-business and investment policies.
Federal ministers Rana Tanveer Hussain and Jam Kamal Khan, PM’s Coordinator Rana Ehsan Afzal, Chairman of the Federal Board of Revenue and relevant senior officers attended the meeting. Also, Prime Minister Shehbaz Sharif on Friday chaired a meeting to review the preparations for his upcoming visit to China, wherein he directed the formulation of comprehensive plans to hold result-oriented business-to-business meetings between the two countries.
He instructed the relevant authorities to devise strategies for attracting Chinese industries to set up their units in Pakistan, assuring his government’s all-out facilitation to the industrialists and investors.
During the briefing to the prime minister on the preparations for his China visit, it was told that a delegation of industrialists, investors, and businessmen would accompany him to China’s Shenzhen city. The delegation would hold meetings with the Chinese business community to promote business-to-business linkages between the two countries.
The prime minister directed Pakistan’s Ambassador to China to extend all-out facilitation to the Pakistani business delegation during its visit there.
The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, federal ministers including Jam Kamal Khan, Ahad Khan Cheema, Rana Tanveer Hussain, Attaullah Tarar, Dr Musaddik Malik, and Abdul Aleem Khan, Minister of State Shaza Fatima Khawaja, Special Assistant to PM Tariq Fatemi, PM’s Coordinator Rana Ehsan Afzal, Deputy Chairman Planning Commission Jahanzeb Khan and senior government officers. Planning Minister Ahsan Iqbal and Pakistan’s Ambassador in Beijing joined the meeting via video link.
Prime Minister Shehbaz Sharif will pay an official visit to China from June 4–8 at the invitation of Chinese Premier Li Qiang, Chinese Foreign Ministry Spokesperson Mao Ning announced here on Friday.
Sharing details of the visit during her regular briefing, she said that this is the first visit of Prime Minister Shehbaz Sharif to China after the establishment of the new government of Pakistan this year.
“During his visit, President Xi Jinping, Premier Li Qiang, and Chairman of the Standing Committee of the National People’s Congress (NPC) Zhao Leji will meet and talk with Prime Minister Shehbaz Sharif,” she added.
The spokesperson said, “The two leaders will have an in-depth exchange of views on bilateral relations and issues of common concern and jointly plan the blueprint for the future development of China-Pakistan relations.”
“Besides Beijing, PM Shehbaz Sharif will also visit Guangdong and Shaanxi provinces.”
Mao Ning pointed out, “China and Pakistan are all-weather strategic partners and “iron-clad friends.”
“China-Pakistan friendship has been tested by the winds and clouds of the times and is as solid as a rock and as stable as Mount Taishan.”
“Under the leadership of the leaders of the two countries, China and Pakistan have had close high-level exchanges in recent years, and bilateral practical cooperation has been steadily advancing, with fruitful results in the high-quality construction of the China-Pakistan Economic Corridor, and the two sides have maintained good communication and coordination in international and regional affairs,” she added.
She said, “China looks forward to taking this visit as an opportunity to jointly promote greater development of the China-Pakistan all-weather strategic partnership and to take new steps to build a closer China-Pakistan community of destiny in the new era.”
Meanwhile, Prime Minister Shehbaz Sharif says single window operations should be expanded across the country to ease the provision of civic amenities to the people.
He was chairing a meeting of the Pakistan Single Window Company in Islamabad today.
The Prime Minister said the Company’s presence is highly appreciable as it facilitates trade and creates ease of doing business. He said the Company’s scope should be expanded.
Shehbaz Sharif said China’s single window system is a model for us.
The meeting was briefed that Pakistan Single Window Company is benefiting sixty five percent trade of the country.
It was told that 11 government institutions and 29 Banks are linked with the Pakistan Single Window.
The Company ranks the best among countries in the region according to the United Nations Digital and Sustainable Trade Facilitation Survey 2022.