Automobile

Car prices to rise again very soon in Pakistan

Last time in the very beginning of August 2022, United States Dollar (USD) hit its top against Pakistani Rupee (PKR). At that time USD was valued at Rs 240.30 in transactions involving exchange of currency. By than almost all car manufacturers had increased their selling prices of Cars by a percentage starting from 14% to 25% in PKR. But later when International Monetary Fund (IMF) announced the confirmation of deal to resume the bailout plan, PKR again started rising in value to the point that it hit Rs. 113 against USD in Interbank at one point. Now after Rupee Regained its value, most of the auto manufacturers with few exceptions reduced their prices to compensate. However, this reduction was not […]

Petroleum

Govt of Pakistan to Deregulate the Petrol and Diesel Prices

Recently many news sources and websites have reported that Government of Pakistan is considering deregulation of Petrol and Diesel prices. In fact the date that is set for deregulation is November 1, 2022. This will mean that Oil Marketing Companies (OMCs) like Shell, PSO, Total, Attock Petroleum and all others will be able to set Petroleum Product prices themselves. As for now Govt of Pakistan sets the prices of Petrol and High Speed Diesel etc. After prices are deregulated all OMCs including the Govt’s own Pakistan State Oil (PSO) will themselves set the petrol prices. Currently a Government owned Petroleum Regulatory Body called “Oil and Gas Regulatory Authority (OGRA)” sets the prices of major petroleum products specially Petrol and High […]

Politics

Imran Khan avoids indictment and further proceedings in contempt of court case

After many hearings and submitting multiple replies to court, in last hearing the court was not satisfied with the replies of Imran Khan in contempt of court case involving remarks about a female judge in political rally. So, in last hearing court had decided to indict Imran Khan in next hearing and pursue the case formally. However, today Imran Khan requested court to let him express something, as he did not got chance to express his thoughts and feelings in last hearing. So while speaking to court, he said “he is ready to apologise to the female judge”. If court thinks he crossed the line, it will not happen again. Also he expressed that he is ready to personally visit […]

Government Taxation

Taxes on mobile phone imports increased in Pakistan by FBR, details included

Keeping in view the current deterioration of Pakistani currency, authorities are taking aggressive measures to somehow contain the deterioration of Pakistani Rupee against the US Dollar and other currencies of course. Unfortunately, some of these adopted strategies are not going in favor of masses. One such policy is to impose so much import duties and taxes on non essential import items that affordability goes down and very less of these items get imported. In past along with other items, vehicles imports were decreased with this strategy, now the cell phones are new item on which significant taxes are imposed. Federal board of Revenue have recently increased taxes once again on mobile phones and details of these taxes are as follows. […]

Finance

Pakistani Rupee Reaches All Time Low Against US Dollar in Interbank

In interbank transactions, worth of Pakistani rupee reached all time low on 21st of September, 2022. It may further go down in coming days, keeping in view the current declining trend, however its worse of until now. USD was valued at 140.30 against Pakistani Rupee in interbank. However, anyone interested in opening Line of Credit (LC) for imports was sold $1 USD for Rs. 141. This is all time low till now. When alliance of around 13 parties, who call themselves Pakistan Democratic Movement (PDM), came into power, USD was valued at around 178 against Rupee. This price was already much higher as Pakistani currency had already dropped due to political instability which was created when PDM was trying to […]