Islamabad: The federal government slashed the prices of petroleum products on Wednesday.

The Finance Ministry issued notification regarding reduction in the petroleum products.

According to the notification, the price of petrol has been slashed by Rs15.39 per liter, while diesel prices have seen a reduction of Rs7.88 per liter. As a result, the new prices stand at Rs273.10 per liter for petrol and Rs274.08 per liter for diesel.

Moreover, kerosene oil prices have been decreased by Rs9.86, now priced at Rs173.48 per liter, and light diesel prices dropped by Rs7.54 to Rs161.17 per liter.

The Ministry of Finance has confirmed that these revised prices will come into effect from midnight tonight and will remain applicable until June 1st.

Islamabad: The Asian Development Bank (ADB) on Wednesday priced a 2-year global benchmark United States (US) dollar bond worth $3.5 billion, proceeds of which will be part of ADB’s ordinary capital resources.

“We are grateful for the consistently robust support from our investor community that resulted in an orderbook of over $9 billion and enabled the issuance of a $3.5 billion global benchmark bond with 2-year maturity,” said ADB Treasurer Pierre Van Peteghem, according to a statement received here.

“This will help support ADB’s commitment to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific,” Peteghem said.

The 2-year bond, with a coupon rate of 4.875% per annum payable semi-annually and a maturity date of 21 May 2026, was priced at 99.904% to yield 9.9 basis points over the 4.875% US Treasury notes due April 2026.

The transaction was lead-managed by Credit Agricole CIB, Deutsche Bank, J.P. Morgan, and Nomura.

The issue achieved wide primary market distribution, with 51% placed in the Americas; 38% in Europe, Middle East, and Africa; and 11% in Asia. By investor type, 66% went to central banks and official institutions, 19% to banks, and 15% to fund managers and other types of investors.

ADB plans to raise about $30 billion–$34 billion from the capital markets in 2024, the press release added.

Islamabad: Prime Minister Shehbaz Sharif on Wednesday directed the concerned authorities to engage all provinces and incorporate their suggestions into the preparation of the development budget for next year.

While speaking to Sindh Chief Minister Murad Ali Shah in Islamabad on Wednesday, he emphasized that coordination between the Federation and all provinces is inevitable for restoring the national economy, adding that economic stability is the government's top priority.

The Prime Minister stressed the need for unity to resolve the national issues for overall progress and prosperity of the country.

During the meeting, the Prime Minister directed the concerned Federal Ministers to find a lasting solution to the economic-related issues of the Sindh government.

Shehbaz Sharif also instructed the authorities concerned to expedite the pace of work on ongoing development projects in Sindh.