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PM Shehbaz Sharif to address nation today

New prices include Petrol 179.86 rupees per liter, High-Speed Diesel 174.15, Kerosene 155.56 and Light Diesel 148.31 rupees per liter.

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PM Shehbaz Sharif to address nation today
GNN Media: Representational Photo

Islamabad: Prime Minister Shehbaz Sharif will address the nation today amid the country's current economic situation.

In his address, the Prime Minister will take the nation into confidence over the difficult economic situation of the country while he will also discuss the facts regarding the rising prices of petroleum products.

Sources said that Prime Minister Shahbaz Sharif will brief the nation on the future plan of action. He is also expected to announce a relief package.

It is pertinent to mention that the federal government has decided to raise the prices of petroleum products by 30 rupees per litre, with the hike set to go into effect at midnight tonight.

This was announced by Finance Minister Miftah Ismail while addressing a news conference in Islamabad on Thursday night.

He said Prime Minister Shehbaz Sharif has taken this difficult decision in the larger interest of national economy.  He said that it is a hard decision for the government to impose such kind of burden on general public.

The Minister said that new prices include Petrol 179.86 rupees per liter, High-Speed Diesel 174.15, Kerosene 155.56 and Light Diesel 148.31 rupees per liter.

He said the government is providing 56 rupees per liter subsidy on petroleum products as the previous government had fixed these prices which caused to increase in inflation in the country.

Miftah Ismail said that IMF Program cannot be approved for Pakistan without an increase in petroleum prices.

Business

NA approves amendments in budget to impose Rs 50 levy on petroleum products

There is zero petroleum levy on petroleum products.

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NA approves amendments in budget to impose Rs 50 levy on petroleum products

Islamabad: The National Assembly Wednesday approved amendments in the budget for the fiscal year 2022-23 to impose a Rs 50 levy on petroleum products.

Under the Finance Bill, the government has changed the cap on the petroleum development levy (PDL) from Rs30 per litre to Rs50 per litre.

However, the government hinted about increasing PDL to Rs50 per litre gradually.

At present, there is zero petroleum levy on petroleum products.

On the other hand, Federal Finance and Revenue Minister, Miftah Ismail here on Wednesday clarified that the government has no intention to pass on the full amount of petroleum levy (Rs.50 per liter) as incorporated in the Finance Bill 2022-23 to the consumers. 

“The government has got the permission from you (the house) to impose up to Rs.50 per litter levy on petroleum products but there is no hope and intention to take the levy up to this figure”, he said while speaking in the National Assembly (NA). 

The Minister also informed the members of the house that at present there is zero petroleum levy on the petroleum products.

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Sports

US Open champion Raducanu faces exit from Wimbledon

Emma Raducanu has struggled with a string of minor injuries since her sensational win at Flushing Meadows last year.

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US Open champion Raducanu faces exit from Wimbledon

US Open champion Emma Raducanu crashed out of Wimbledon on Wednesday, losing her second-round match against Caroline Garcia 6-3, 6-3 to the disappointment of the British home crowd.

The 10th seed, who was troubled by a side strain in the run-up to the Grand Slam, was broken five times in the match on Centre Court by her French opponent, ranked 55 in the world.

Raducanu, 19, was on the back foot early in the contest after being broken in her first service game and won just 45 percent of points on her first serve.

Garcia, fresh from winning on grass at Bad Homberg, hit 25 winners in an impressive display.

"Emma is a huge player and in her home tournament and she proved she can do very well on the big stage," said Garcia.

"I really enjoyed playing on Centre Court, it was my first time and very special."

Raducanu has struggled with a string of minor injuries since her sensational win at Flushing Meadows last year.

She has also come under scrutiny over her failure to settle on a long-term coach.

SOURCE: AFP

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Business

NA passes Finance Bill 2022

The NA passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.

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NA passes Finance Bill 2022

Islamabad: The National Assembly (NA) on Wednesday passed the Finance Bill 2022, giving legal effect to budgetary proposals for the next fiscal year.

It was moved by Minister of State for Finance Aisha Ghaus Pasha.

Having a total outlay of 9502 billion rupees, the budget 2022-23 encompasses measures for sustainable economic growth, industrial and agriculture development and relief for the poor people.

The budget envisages Federal Public Sector Development Programme (PSDP) OF 800 billion rupees for the next fiscal year. It has been centered on improvement in sectors such as water resources, transport and communication, energy, higher education, health, science and technology, and balanced regional development.

699 billion rupees have been set aside for targeted subsidies to extend benefit to deprived segments of the society.

The budget of Benazir Income Support Program has been increased to 364 billion rupees.  In addition, 12 billion rupees have been allocated for the provision of subsidy on essential commodities through Utility Stores Corporation.

The salaries of government employees have been increased by fifteen percent along with a merger of adhoc allowances.

As regards taxation, the government has levied super tax on affluent class in order to reduce the budget deficit and take the country towards economic sovereignty.

Taking the floor, Foreign Minister Bilawal Bhutto Zardari said that the Pakistan Peoples Party (PPP) has always led the struggle for democracy, free and fair elections and  the economic rights of the people. He said his party strongly believes in transparent elections.

He said the PPP will also secure victory in the second phase of Sindh local government elections to be held in a month's time.

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