Karachi, January 31, 2014 (PPI-OT): Cut down: OGRA proposes significant cut in oil prices
According to MR Securities,
Oil consumers are expected to get a big relief at the start of next month as the industry regulator has suggested a hefty reduction of up to Rs5.27 per litre in prices of petroleum products in line with the global market trend. According to the Ogra summary, consumers of high-speed diesel, which is mostly used in transport vehicles and the agriculture sector, should be cheaper by Rs5.27 per litre. This will take its price down to Rs111.48 per litre from the existing Rs116.75. Petrol price is also likely to fall by Rs3.04 to Rs109.72 per litre compared to the current Rs112.76.
Yaseen resigns ahead of IMF talks: Wathra to be acting governor
The government accepted the resignation of Governor State Bank of Pakistan (SBP) Yaseen Anwar on Thursday, two days ahead of talks on the second review by International Monetary (Fund) under $6.64 billion Extended Fund Facility (EFF). A statement issued by the Finance Ministry stated the federal government has accepted SBP Governor’s resignation with effect from January 31, 2014.
SBP reserves dip further to $3.1b, data reveals
Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 4.3% during the week ending on January 24, according to data released by the SBP on Thursday. The central bank’s foreign exchange reserves decreased $145 million to $3.1 billion compared to $3.3 billion that it held at the end of the preceding week.
Market watch: Index edges up in listless trading
“Taking cues from the region on Fed tapering, the index quickly moved in the negative zone after a positive soft start,” said Muhammad Raza Rawjani of Elixir Securities. “However, cautious optimism over peace talks initiated along with decent foreign portfolio inflows yesterday helped the index into the green.” “On a day dominated by penny stocks, decent volumes were visible in energy names especially Pakistan State Oil (PSO PA +1.5%) on reports of a meeting between the industry and the finance minister being held to discuss margin increase.
Telecom sector in the limelight
The spectrum auction will introduce advance mobile technologies, 3G and beyond, in the country and help telecom operators increase their average revenue per user (ARPU) – Pakistan’s telecom sector saw its ARPU decline slightly to Rs211 in FY13 from Rs217 per month in FY12 mainly due to high competition and addition of low income users to the industry’s net subscriber base, according to data from the report. However, the report said, despite a slight decline in ARPU, revenue of the telecom sector grew by seven to reach an all-time high of Rs440 billion in FY13.
Work on Thar coal project finally starts
It is finally happening. A long-awaited work in the Thar parkar district to spud out coal, after a study in early 1990s showed billions of tons of underlying reserves, starts today. And this is the actual physical work that involves hundreds of labourers and heavy-duty machinery to remove the sand.
Forex reserves slip below $8 billion
The country’s liquid foreign exchange reserves fell below $8 billion, down by $174.5 million during last week The State Bank of Pakistan on Thursday reported that the country’s total forex reserves declined to $7.99 billion as on January 24, 2014, compared to $8.168 billion a week earlier. Reserves held by the SBP and banks posted a declining trend, with major fall in SBP”s reserves.
To add 25 MMCFD gas: SSGCL to connect Zarghoon Field with main pipeline on March 15
The Sui-Southern Gas Company Limited (SSGCL) is likely to connect Zarghoon Gas Field located in Bolan block, Balochistan with the main pipeline on March 15, 2014. The company was scheduled to add 25 Million Cubic Feet per Day (MMCFD) gas to the system from Zarghoon Gas Field on August 10, 2013 but due to security issues and other problems, gas supply from Zarghoon field was delayed.
60,000 tons of LPG may be imported yearly: National Assembly informed
Around 60,000 tons per annum of Liquefied Petroleum Gas (LPG) may be imported during 2013-14. The quantity of import may fluctuate due to the gas demand and supply, depending on weather and prices. Minister for Petroleum and Natural Resources Shahid Khaqan Abbasi informed Members of the National Assembly on Thursday in a written reply to questions pertaining to his ministry that the LPG import in the country has been deregulated.
SBP decides to prescribe additional security features for cheques
In order to mitigate risk of fraud, State Bank of Pakistan has decided to prescribe additional security features for cheques provided by banks to their account holders. Previously in 2003, banks were prescribed minimum requirement in relation to the paper used for the printing of security stationary aimed to reduce risk of frauds perpetrated either through cheque washing or making altogether fake instrument.