【Daily】6 June Brief of Pak BizNews
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Economic growth target set at 5pc with Rs800bn PSDP for next fiscal year
The Annual Plan Coordination Committee (APCC) on Saturday finalised Rs800 billion worth of the Public Sector Development Programme (PSDP) to achieve an economic growth rate of 5 per cent in 2022-23.
Ogra notifies 45pc hike in gas prices from July
Amid continued efforts to revive a stalled IMF programme, the Oil and Gas Regulatory Authority (Ogra) on Friday determined a 45 per cent increase in the prescribed prices of natural gas for the 2022-23 fiscal year to meet revenue requirements of the two gas utilities — SNGPL and SSGCL.
Crude cargoes hit snags on Moody’s outlook action
An international trade credit insurer that provides financial safety net for exports and imports pulled back from covering a crude oil cargo booked by a local refinery after rating agency Moody’s downgraded Pakistan’s outlook to negative from stable, sources said on Friday.
SNGPL, SSGC project UfGs contrary to Ogra benchmark
The gas utilities – Sui Northern Gas Pipelines Limited (SNGPL) and the Sui Southern Gas Company (SSGC) - have projected UfGs at 8.24 percent and 13.86 percent, respectively for the financial year 2022-23, against the Oil and Gas Regulatory Authority’s benchmark of 6.5 percent at distribution system.
Rs1.45tr likely to be allocated for armed forces in next budget
The armed forces are likely to be allocated Rs1.453 trillion in the budget for the next fiscal year, which would be about Rs83 billion higher than the outgoing year’s allocation of Rs 1.37tr, an increase of almost six per cent.
Inflation records highest spike in 64 weeks
Inflation measured by the Sensitive Price Index (SPI) increased by two per cent from the previous week, the highest increase in 64 weeks, due to increases in energy and food prices, according to Pakistan Bureau of Statistics (PBS) data released on Friday.
10pc duty imposed on Chinese petroleum
Pakistan on Friday imposed a 10 per cent regulatory duty on the import of petroleum products from China after a massive 673pc surge in duty-free imports to Rs250 billion this year with a revenue loss of Rs25bn under the garb of the China-Pakistan Free Trade Agreement (CPFTA).
Gross refinery margins rise to $37/bbl in May
The gross refinery margins (GRMs) of the oil industry have risen sharply to $37/barrel in May 2022 against $24/barrel in April of this year, the latest data showed. Though the GRMs for the local refining sector may seem strong in May, the annual margins are however hovering around $10-12/barrel, which are anything but robust.
Govt considering imposing Rs300 FED on tobacco at GLT stage
The government is considering a budget proposal of the documented tobacco industry to impose Rs300 advance adjustable FED on tobacco, at the green leaf threshing stage, in the coming budget (2022-23).
Quarterly Tariff Adjustment: Rs113bn impact to be shifted to KE consumers by way of surcharge
Power Division and Finance Division has reportedly evolved consensus to pass on Quarterly Tariff Adjustment (QTA) notification impact of Rs 113.1 billion to the consumers of K-Electric (KE) by way of surcharge of Rs 2.35/ unit to be recovered in three years, well informed sources told Business Recorder.
Refineries seek increase in bank credit
Pakistan can immediately cut the energy import bill by $200 million a month through the increase in banks’ credit limit for crude oil imports by refineries as it is paying an extra $50 per barrel on the import of refined products.
SBP conducts longer-tenor OMO to cool secondary market rates
State Bank of Pakistan (SBP) on Friday injected liquidity into the money market for an extended duration through an open market operation (OMO), making it a second move in a week to ease liquidity constraints of banks and bring down secondary market rates.
Pakistan to repay $23bn foreign debt in next fiscal year
Pakistan’s total foreign debt servicing is projected to climb up to $23 billion for the upcoming budget 2022-23 as repayment of commercial loans has now assumed a major chunk of the outstanding amount of $6 billion out of the total obligations.
Auto sector fears production shutdown amid import curbs
The introduction of a mechanism for prior approval from the State Bank of Pakistan (SBP) for the import of goods has created hurdles in the arrival of completely knocked down (CKD) kits of vehicles and all major auto sector imports.
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