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ARY NEWS

Anjum Wahab

  • Petrol, diesel price likely to increase in Pakistan

    Petrol, diesel price likely to increase in Pakistan

    ISLAMABAD: The citizens are likely to slap with another burden as the price of petrol and diesel are likely to increase in next two days, further exacerbating the inflationary pressures on households, ARY News reported on Saturday.

    According to sources, a proposal to raise the prices of petrol and diesel has been submitted, indicating a substantial hike. The proposed increase in petrol prices is Rs 7.67 per liter, which would raise the price from Rs 265.61 to Rs 273.28 per liter.

    Additionally, the proposal includes an increase of Rs 3.72 per liter for high-speed diesel, pushing the price from Rs 277.45 to Rs 281.17 per liter. The price of kerosene is suggested to rise by Rs 2.39 per liter, and light diesel by Rs 1 per liter.

    The proposed increases are influenced by various factors, including global oil prices, currency exchange rates, and financial considerations for the energy sector.

    The final decision regarding the new prices of petroleum products will be made by the Prime Minister. Once approved, the new prices will take effect for the following 15 days starting from July 16.

    This anticipated hike follows a recent increase from July 1 to July 15, where the price of petrol was raised by Rs 7.45 per liter, bringing it to the current Rs 265.61 per liter.

  • Dairy farmers want milk price to be fixed at Rs300/litre in Karachi

    Dairy farmers want milk price to be fixed at Rs300/litre in Karachi

    KARACHI: Dairy and cattle farmers in Karachi are demanding a significant increase in the price of milk, proposing an additional Rs80 per liter.

    According to details, the dairy and cattle farmers, who had previously agreed with the Karachi commissioner to maintain the milk price at Rs220 per liter until December 2024, are now pushing to nullify this agreement and set a higher price. They are advocating for a revised price of Rs300 per liter, seeking an official notification to endorse this change.

    The dairy and cattle farmers association has formally presented their request to the Karachi Commissioner, urging the issuance of a new price notification to reflect the proposed hike.

    This move is driven by the rising costs associated with dairy farming, including feed, maintenance, and transportation, which have significantly impacted their profitability.

    Read more: New milk price notified in Karachi

    The association argues that without this increase, they will struggle to sustain their operations and meet the growing demands of the market.

    On June 13, commissioner Karachi on Thursday notified new milk price after a round of talks with the dairy farmers association.

    According to a notification issued here, the retail price of milk has been fixed at Rs 220 per litre after an increase of Rs 20 per litre. The wholesale and dairy farmer prices of milk have been fixed at Rs 205 and Rs 195 per litre respectively.

  • Who owns K-Electric?

    Who owns K-Electric?

    KARACHI: A significant revelation regarding the ownership of K-Electric has emerged in the Pakistan Stock Exchange (PSX), with Pakistani businessman Shehryar Chishti making a substantial claim.

    Chishti, through his company Sage Venture, asserted that they had acquired ownership of KE, the main electricity supplier for Karachi.

    However, in a recent letter to the Securities and Exchange Commission of Pakistan (SECP), Sage Venture clarified that it does not possess direct controlling shares in the company.

    Following this, the management of KE issued a letter to the PSX to clarify the matter further.

    The letter emphasized that Sage Venture Group does not have direct ownership in KE.

    The PSX letter confirmed that there has been no significant alteration in the direct shareholding structure of K-Electric.

    The majority stake of 66.11 percent remains with KES Power Limited (KESP). Furthermore, the letter reiterated that there has been no change in the ownership of KESP, which still holds 66.4 percent of the shares in KE.

    In addition to the clarification letter, KE issued a statement on its website addressing the ownership concerns.

    The company’s spokesperson assured that there is no change in the board of directors and the governance structure remains intact.

  • Gold prices dip in Pakistan

    Gold prices dip in Pakistan

    KARACHI: Gold rates in Pakistan registered losses on Monday in line with a decrease in the international rate.

    According to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), gold price per tola stood at Rs245,100 after a single-day decline of Rs1,300.

    The 10-gram gold was sold at Rs210,134 after it registered a decrease of Rs1,113,

    Internationally, the price of precious yellow metal was set at $2,376 per ounce (with a premium of $20) after it lost $12 during the day.

    Meanwhile, silver rates remained stable at Rs2,900 per tola.

  • Good news for Pakistan Railways passengers

    Good news for Pakistan Railways passengers

    KARACHI: The Pakistan Railways announced the resumption of Sir Syed Express from September 1, ARY News reported.

    The Railways department made the big announcement that the train will run between Karachi and Rawalpindi under private sector management from September 1.

    The train service was suspended in 2022 due to devastating floods, but now the Railway Department has decided to restart it in partnership with a private logistics company.

    Earlier, the Pakistan Railways announced that it is all set to launch a ‘Summer Vacation Special Train’ to facilitate and accommodate the passengers.

    According to Ministry of Railways, the train will run from Karachi to Rawalpindi from July 5 to July 30.

    “All the preparation to launch the train is already completed on the direction of Secretary Railways Syed Mazhar Ali Shah,” an official said.

    Read More: Railways decides to operate THESE trains on public-private model

    The official added that the special train (50-Dn) would commence its journey from Rawalpindi on July 5 and continue to operate on July 8, 11, 14, 17, 20, 23, 26, and 29.

    He said the departing at 12:30 pm, is scheduled to arrive at Karachi Cantt at 2:15 pm the following day.

    The official said that the return service (49-Up) would depart from Karachi Cantt on July 6, 9, 12, 15, 18, 21, 24, 27, and 30, starting at 8:45 pm and reaching Rawalpindi at 10 pm the next day.

  • Farrukh H Khan quits as PSX CEO

    Farrukh H Khan quits as PSX CEO

    KARACHI The Pakistan Stock Exchange (PS) Chief Operating Officer(CEO) Farrukh H Khan on Friday quit from his office, ARY News reported.

    According to official statement from the PSX, Mr. Farrukh H Khan has tendered his resignation from the position of CEO PSX in order to pursue other opportunities.

     

    “The board has called an emergent meeting today (Friday), July 05,2024, to consider his resignation, any subsequent announcement will be made shortly.” the PSX statement read.

    Farrukh H Khan joined PSX in February 2020 at the time when Covid outbreak took place in Pakistan. The pandemic had taken an early toll on Pakistan’s market, but there was panic elsewhere, too. The FTSE and S&Ps all fell. A few months later, the PSX was the target of a terrorist attack that took the lives of three security personnel, according to a statement at that time.

    Read more: PSX touches historic high

    The KSE-100 Index benchmark of the Pakistan Stock Exchange (PSX) surged by 49.13 points, a percent change of 0.06 to close at 80,282.80 points on Thursday against 80,233.67 points the last working day.

    During the intraday trade, the 100 index touched the all-time high of PSX reaching 80,888.86 points, while the market witnessed a low of 80,134.89 points, before settling on a positive note.

  • Karachi faces fuel shortage amid PPDA strike

    Karachi faces fuel shortage amid PPDA strike

    Karachi is facing fuel shortage as the stock of petroleum products has run out due to the strike of the Pakistan Petroleum Dealers Association, ARY News reported on Friday.

    As per details, the fuel stations in Karachi and across Pakistan were shutdown on the call of the PPDA from 6 AM today.

    According to sources, the supply of petroleum products from Pakistan State Oil (PSO) and other oil marketing companies’ terminals is ongoing.

    Meanwhile, the Oil Tanker Owners Association has distanced itself from the petroleum dealers’ strike. Railways, airports, power plants are being supplied fuel, said Oil Tanker Owners Association President Shams Shahwani.

    On Thursday, Pakistan State Oil (PSO) announced that the supply of petroleum products will be ensured across the country.

    PSO confirmed that its supply chain is fully operational, guaranteeing that petrol pumps would remain stocked despite the strike.

    Read more: PSO assures continuous fuel supply amid nationwide strike

    “Continuous supply of petrol at pumps is being ensured,” stated a PSO spokesperson.

    PSO reiterated its readiness to serve the public. “PSO is always ready to serve the people,” the spokesperson added.

    Earlier, the talks between the government delegation and the All Pakistan Petroleum Dealers Association ended in a stalemate as the association persisted in the country-wide strike on Friday.

    After the strike call from the All-Pakistan Petroleum Dealers Association, the government held talks with them but sources said that deadlock persists between both sides.

  • Budget 2024: Flour price likely to increase in Pakistan

    Budget 2024: Flour price likely to increase in Pakistan

    KARACHI: The recently announced budget-filled with taxes further burdened the inflation hit citizens as the price of wheat is likely to increase in Pakistan, ARY News reported on Thursday.

    According to the Flour Mills Association, a significant increase in taxes on the recent announced budget 2024-25 caused the price of flour to be increased by Rs 5 to Rs 7 per kg.

    In response to the soaring tax on wheat products, the Flour Mills Association has called for an emergency meeting in Lahore on Saturday.

    The association’s chairman, Aamir Abdullah, warned that if the government does not withdraw the newly imposed tax, a strike may be called, which could include the closure of flour mills across the country.

    “The government needs to reconsider and withdraw the tax on wheat products, withholding tax implementation will inevitably drive up prices, affecting consumers and retailers alike,” Abdullah stated.

    The association estimates that the price of a 10kg flour bag will increase by Rs 50, with fine flour seeing an increase of Rs 7 per kilogram.

    Other wheat products are also expected to see significant price hikes, with fine flour potentially reaching Rs 460 per sack.

    Aamir Abdullah noted that only two percent of Pakistanis pay taxes, while 98 percent of sales tax is effectively passed on to poor consumers.

  • ANF foils drug smuggling attempt from Karachi

    ANF foils drug smuggling attempt from Karachi

    KARACHI: The Anti Narcotic Force (ANF) on Sunday conducted an operation and thwarted an international drugs smuggling attempt from Karachi to Qatar, ARY News reported.

    As per the ANF spokesperson, a container of potatoes bound for Ras Al Khor, Qatar was intercepted on a tip-off while carrying out an operation at the Karachi Gateway Terminal by the Port Control Unit (PCU).

    ANF foils, drug smuggling, Karachi

    Over the inspection of the container, the PCU officials found a huge amount of ICE [methamphetamine] drugs cleverly concealed inside the potatos.

    As per the initial investigation the cargo container was loaded from a warehouse in Dipalpur city of Punjab, meanwhile, the authorities have started an investigation into the matter to identified and arrest those responsible in the drug smuggling.

  • Pakistan Railways reaches record revenue during FY 2023-24

    Pakistan Railways reaches record revenue during FY 2023-24

    LAHORE: Pakistan Railways has reached a record high in revenue, with the organization reporting earnings of Rs 88 billion at the end of the financial year 2023-24, ARY News reported on Sunday.

    During the last year, the revenue of Pakistan Railways increased to more than Rs 88 billion, up from the previous Rs 63 billion, marking a 40 percent increase in revenue compared to the last financial year.

    Such revenue has never been recorded in the history of Pakistan Railways.

    Initially, the government set a revenue target of Rs 73 billion for the department at the beginning of the financial year.

    The department earned Rs 47 billion from passenger trains, Rs 28 billion from goods vehicles, and more than Rs 13 billion from land and other sources.

    CEO Railways Aamir Baloch credited this achievement to the tireless work of the employees and expressed determination to increase the income to Rs 1 trillion next financial year.