Tag Archives: Price

– dismisses petition challenging POL price increase

– dismisses petition challenging POL price increase

LAHORE – The Lahore High Court Chief Justice on Wednesday hearing a petition against recent increase in POL prices as “objection case” directed the petitioner to bring impugned notification and the application which petitioner claimed to have filed with the Oil and Gas Regulatory Authority (Ogra). With these directions the chief justice dismissed the petition filed by Advocate Mateenul Haq Chaudhry. Advocate Chaudhry had submitted that the impugned notification regarding increase in

Nawaz rejects POL price hike

LAHORE – PML-N chief Nawaz Sharif on Tuesday rejected the hike in POL prices and demanded the government provide the people subsidy on petrol and diesel by curbing tax evasion and corruption. Addressing party workers from Karachi and Balochistan divisions at his Model Town residence, Nawaz called on the government to punish all those involved in target killings in Karachi and demanded a judicial probe into the May 12, 2007 massacre in the country’s financial hub.
He said peace in

Sindh Assembly session – United they stand on PML-N, divided they are on oil price hike

KARACHI – The ruling Pakistan People’s Party (PPP) succeeded in getting a unanimous resolution against the Pakistan Muslim League-N adopted in the Sindh Assembly on Tuesday after convincing coalition partners Muttahida Qaumi Movement (MQM) of the need for such a resolution.
This unity was short-lived, however, as Muttahida staged a token walkout against the fresh increase in petroleum prices made by PPP’s government in the Centre soon after the PML-N resolution was passed. Three

POL price hike – Politicians warn of Egypt-like revolt

LAHORE – Politicians condemned the hike in POL prices and demanded its reversal before Pakistanis rises up in revolt like Egypt, Tunisia, Bahrain and Libya.
PAKISTAN MUSLIM LEAGUE-NAWAZ: Nawaz Sharif warned the government to not test the public patience because if it will brim over once, rulers will not be able to escape the consequences. He demanded immediate withdrawal of the hike, saying if the government cannot decrease the public’s miseries then it should at least avoid

Fuel price sprial challenged in LHC

Lahore – The recent increase in petroleum products prices was challenged in the Lahore High Court (LHC) on Tuesday by an application which was clubbed into a main petition pending on the matter. Mateenul Haq Chaudhry filed the petition submitting that the price hike was unlawful, ineffective and against the rights of citizens. The petitioner said that despite the fact that a petition was already pending against the previous petrol price hike, the federal government and the Oil and Gas

OGRA’s new pricing formula – CNG price slashed for Karachi, parts of Punjab

ISLAMABAD/KARACHI – The Oil and Gas Regulatory Authority (OGRA) on Monday notified new tariff for compressed natural gas (CNG) dividing the country in four regions and fixing the sale price of gas on the Gas Calorific Value (GCV) with effect from March 1. According to a notification, the authority has determined and notified the maximum sale price to be charged by a licensee CNG station from the consumers and slashed the price by Rs 1.88 per kilogramme for Karachi, Hyderabad and some

Taibu, Price shine as Zimbabwe rout Canada

NAGPUR – Tatenda Taibu just missed a maiden World Cup century while Raymond Price grabbed three early wickets as Zimbabwe crushed hapless Canada by 175 runs for their first win in Group A on Monday. Zimabwe were indebted to former captain Taibu (98) and Craig Ervine (85) for posting 298-9 before dismissing Canada for a paltry 123, with left-arm spinner Price finishing with 3-16 off eight tight overs.
The African nation, who lost to Australia in their opener, virtually reduced the

Oil price sword hangs over government

KARACHI – International oil prices continue to stay stable; however, political uncertainty on the domestic front has forced the government to hold back on the oil price increase. This time round, the government would have three options i) base-case: reduction of deemed duty to five percent and the residual price increase passed on to the consumer, ii) passing-on the full impact of last four-months price increase and iii) subsidising oil prices.
Eruption of civil unrest in the

Indian firm cuts iron ore price to $191 per tonne

MUMBAI – An Indian trader has slashed iron ore prices to secure a sale to a Chinese buyer at $191 per tonne, a level not seen since January, as the market eyes lower steel prices as an indicator iron ore may fall too.
“There are no buyers at any level. Cargoes are not getting sold even if there is one,” Dhruv Goel, managing partner at iron ore trader Steelmint, told Reuters, adding “people are unclear about the price outlook.”
The cargo was loaded at the port of Paradip,

Rumours about king’s health triggered spike in oil price

RABAT – Saudi Arabia’s King Abdullah bin Abdul-Aziz is alive and in “excellent shape”, its foreign minister said on Thursday after rumours about the king’s health triggered a spike in the price of oil. Abdullah, around 87, has been resting in Morocco since January following a two-month stay in the US where he underwent surgery twice after a blood clot complicated a slipped disc, state media have said.
“I’d like to reassure you about the health of the king. He is in excellent

Brent oil price claws back above $100

LONDON – Brent crude oil rose back above $100 on lingering concerns over political uncertainty in Egypt. North Sea crude for delivery in March gained 81 cents to$100.64 per barrel in London trade.
New York’s main futures contract, light sweet crude for March, edged two cents higher to $89.05. Prices rocketed above the key $100 mark in London last week for the first time in more than two years and went on to cross $103 as sentiment was hit by concerns over the impact of Egypt

Senate body directs FIA to assess actual price of NICL properties

ISLAMABAD – The Senate Standing Committee on Commerce on Friday directed the Federal Investigation Agency (FIA) to advertise the sales of land illegally purchased by the NICL in order to assess their actual value.
Chairing the committee’s meeting, Senator Ilyas Ahmed Bilour rejected the value assessment of properties by FIA, saying the evaluation conducted by the agency appeared to be an attempt to give a clean chit to the suspects.
DG FIA Waseem Ahmed admitted they too were

Pakistan promises fuel price and tax reform, fiscal overhaul

WASHINGTON – Pakistan’s ambassador to the US defended his government’s decision last week to reverse an unpopular increase in fuel prices, insisting Pakistan has not abandoned efforts to reduce subsidies and raise taxes to bring its budget deficit under control.
“We are not the only country to adjust fuel prices because of public opinion,” Ambassador Husain Haqqani said in an interview in the Bloomberg Washington bureau yesterday. “There is no wavering in our commitment to

Over 2,500 acres leased by Auqaf… sans any price floor for bidding

KARACHI – Over 2,500 acres have been leased by the Auqaf Department since 2007 but no price floor was set during the tender process, allowing bidders to rent land for peanuts, admitted Auqaf Minister Abdul Haseeb Khan on Monday during the Sindh Assembly (SA) session.
Three departments – Auqaf, Antiquities and Tourism – were under the scanner at Monday’s session, with most questions directed at the Auqaf department. One of the queries, raised by Heer Ismail Soho, pertained to

LCCI lauds fuel price increase reversal

LAHORE – The Lahore Chamber of Commerce and Industry on Friday appreciated the Federal Government’s move of withdrawing the increase in prices of petroleum products and termed it a bold step in the larger interest of the people.
In a statement issued here, the LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that the withdrawal in prices of petroleum products would not only give some relief to the inflation-hit

OGRA chief, others summoned over POL products price hike

KARACHI – The Sindh High Court (SHC) on Tuesday summoned the Oil and Gas Regulatory Authority (OGRA) chairman, federal Finance and Law secretaries, the deputy attorney general and other respondents over a petition against the increase in the prices of petroleum products.
After hearing the preliminary comments of Maulvi Iqbal Hyder, the petitioner, a division bench headed by SHC Chief Justice Sarmad Jalal Osmany issued notices to the respondents seeking explanation in this

Punjab PA discusses water shortage, price hike

LAHORE – The Punjab Assembly proceedings were inflicted by quorum issue again on Monday and this time the Pakistan People’s party (PPP) lawmaker Shaharyar Ali Khan pointed out the quorum just before the opening of the general discussion on price hike.
Meeting after a two-day break, under the chair of the Speaker Rana Muhammad Iqbal, the proceedings started about an hour and 25 minutes late
Following the recitation of the holy Quran and a naat, PML-Q forward block MPA Dr