Connect with us

Business

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

There is zero petroleum levy on petroleum products.

Published

on

By

NA approves amendments in budget to impose Rs 50 levy on petroleum products
GNN Media: Representational Photo

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.

Regional

Security forces kill 2 terrorists near Dera Ismail Khan’s Kulachi area

Officials seize weapons and ammunition were also recovered from the site

Published by GNN WebDesk

Published

on

By

Security forces kill 2 terrorists  near Dera Ismail Khan’s Kulachi area

Rawalpindi: Two terrorists were killed during an exchange of fire with security forces in the Kulachi area of Dera Ismail Khan district on Wednesday, according to the Inter-Services Public Relations (ISPR).

The military’s media affairs wing said in a statement that on August 10, an improvised explosive device (IED) exploded on a police vehicle in the area.

“The army’s Quick Reaction Force immediately reached and cordoned off the site,” it stated.

Resultantly, the ISPR said, an exchange of fire took place with terrorists in which two militants were killed. “Weapons and ammunition were also recovered from the site.”

The army statement added that locals of the area appreciated the operation and expressed their support to eliminate the menace of terrorism from the area.

 

Continue Reading

World

Thousands evacuate homes as wildfires rage in France

Fires, which have razed about 6,200 hectares (15,320), have now crossed in the neighbouring Landes region

Published by GNN WebDesk

Published

on

By

Thousands evacuate homes as wildfires rage in France

Wildfires tore through the Gironde region of southwestern France on Wednesday, destroying homes and forcing the evacuation of 10,000 residents, some of whom had clambered onto rooftops as the flames got closer.

Black-and-orange skies, darkened by the smoke billowing from forests and lit up by the flames, were seen across the area as the fires continued to burn out of control despite the efforts of firefighters backed by water-bombing aircraft.

Fires, which have razed about 6,200 hectares (15,320), have now crossed in the neighbouring Landes region.

France, like the rest of Europe, has been struggling this summer with successive heatwaves and its worst drought on record. Dozens of wildfires are ablaze across the country, including at least eight major ones.

"Prepare your papers, the animals you can take with you, some belongings," the Gironde municipality of Belin-Beliet said on Facebook before evacuating parts of the town.

In the nearby village of Hostens, police had earlier been door to door telling residents to leave as the fire advanced. Camille Delay fled with her partner and her son, grabbing their two cats, chickens and house insurance papers.

"Everyone in the village climbed onto their rooftops to see what was happening - within ten minutes a little twist of smoke became enormous," the 30-year-old told Reuters by telephone.

Firefighters said more evacuations were likely. Even so, some Hostens residents were reluctant to abandon their homes.

"It's complicated to go with the dogs and we cannot leave them here," said Allisson Horan, 18, who stayed behind with her father.

"I'm getting worried because the fire is in a plot of land behind ours and the wind is starting to change direction."

HEATWAVES

More than 57,200 hectares have gone up in flames so far in France this year, nearly six times the full-year average for 2006-2021, data from the European Forest Fire Information System shows.

"The fire is creating its own wind," senior local official Martin Guespereau told reporters, adding that efforts to fight it were made more difficult by how unpredictable it was.

Sweden and Italy are among countries preparing to send help to France, Interior Minister Gerald Darmanin said.

He repeated calls for everyone to be responsible - nine out of 10 fires are either voluntarily or involuntarily caused by people, he said.

The Gironde wildfire is one of many that have broken out across Europe this summer, triggered by heatwaves that have baked the continent and brought record temperatures.

In Portugal, nearly 1,200 firefighters backed by eight aircraft have battled a blaze in the mountainous Covilha area some 280 km (174 miles) northeast of Lisbon that has burned more than 3,000 hectares of forest since Saturday.

Spain and Greece have also had to tackle multiple fires over the past few weeks.

The Gironde was hit by major wildfires in July which destroyed more than 20,000 hectares of forest and temporarily forced almost 40,000 people from their homes.

Authorities believe the latest inferno was a result of the previous fires still smouldering in the area's peaty soil.

Fires were also raging in the southern departments of Lozere and Aveyron. In the Maine et Loire department in western France, more than 1,200 hectares have been scorched by another fire.

SOURCE: REUTERS

Continue Reading

Business

Honda reports 9pc fall in Q1 profit, beats estimate

Honda reported a 243.2 billion yen profit

Published by GNN WebDesk

Published

on

By

Honda reports 9pc fall in Q1 profit, beats estimate

Japan's Honda Motor on Wednesday posted a better-than-expected 9 per cent drop in first-quarter operating profit, squeezed by COVID-19 restrictions in China that curtailed production and higher material costs.

Operating profit for the three months ended June 30 fell to 222.2 billion yen ($1.65 billion), beating an average estimate of 200.2 billion yen in a poll of 10 analysts by Refinitiv.

In the same period a year earlier, Honda reported a 243.2 billion yen profit.

Continue Reading

Trending