कारोबार

Weekly inflation in the country has recorded a slight increase. According to the Pakistan Bureau of Statistics (PBS), weekly inflation increased by 0.28%. During the week, prices of 20 essential commodities increased while nine items became cheaper and the prices of 22 items remained stable. According to the PBS, onion prices increased by 10.1% and chicken by 9.19%. The prices of gram lentils rose by 2.4% while the prices of ghee, flour and several other commodities also increased. The PBS said that tomato prices decreased by 6.82%. LPG, sugar, eggs and potatoes also became cheaper. Meanwhile, the price of a 20-kilogram bag of flour increased by up to Rs100 in one week. According to the PBS, the maximum price of a 20kg flour bag in the country is Rs3,133. In Karachi, the price increased by up to Rs100 to reach Rs3,000. In Larkana, the price of a 20kg flour bag also increased by up to Rs100 during the week reaching Rs2,600 in Khuzdar and Larkana. In Sukkur, the price of a 20kg flour bag increased by Rs60 while in Bannu it increased by Rs50. Following the increase, the price of a 20kg flour bag reached Rs2,950 in Bannu and Rs2,560 in Sukkur. In Islamabad, the price of a 20kg flour bag reached Rs3,133 while it stood at Rs3,100 in Peshawar and Rs3,093 in Rawalpindi. According to the PBS, a 20kg flour bag was priced at Rs2,960 in Bahawalpur while it reached Rs2,800 in Hyderabad, Multan, Sialkot and Gujranwala. In Sargodha, the price of a 20kg flour bag reached Rs2,793. In Quetta, a 20kg flour bag was priced at Rs2,750 while the price stood at Rs2,300 in Lahore and Rs2,200 in Faisalabad.

Islamabad: After years of waiting, 42 villages located near the Badar Gas Field in District Ghotki are finally moving towards receiving natural gas as the Senate Petroleum Sub Committee pushed authorities to act on a long delayed promise linked to the Prime Minister’s Directive of 15 September 2003 and Supreme Court directions. The Sub Committee, convened by Senator Jam Saifullah Khan, expressed concern over the continued delay in providing gas facilities to villages located within five kilometres of gas producing fields. The Committee directed relevant departments and companies to ensure that previous commitments are converted into practical work without further delay. The meeting was attended by Senators Manzoor Ahmed Kakar and Haji Hidayatullah Khan along with senior officials from the Petroleum Division, Finance Division, Oil and Gas Regulatory Authority, Sui Southern Gas Company Limited, Sui Northern Gas Pipelines Limited, Oil and Gas Development Company Limited, Pakistan Petroleum Limited, Mari Energies and other stakeholders. During the meeting, the Sub Committee decided to give top priority to the gasification project for the remaining 42 villages near Badar Gas Field, District Ghotki. The estimated cost of the project is Rs617 million. The Special Secretary Petroleum Division, Finance Division officials and Chairman OGRA assured the Committee that Rs200 million would initially be released from the allocated Rs1 billion funds to start the project immediately. Managing Director Sui Southern Gas Company Limited informed the Committee that the company would provide its share of funding and begin technical planning, engineering work and procurement activities. It was decided that project activities would begin within ten days after the release of initial funds. The Committee was informed that remaining funds required for completing the project would be arranged without interruption. The Petroleum Division and Finance Division assured the Committee that financial issues would not become a reason for further delay. The Sub Committee also reviewed the wider issue of gas supply to villages located within five kilometres of gas producing fields across Pakistan. Officials informed the Committee that new policy guidelines are being prepared to implement the Prime Minister’s Directive and Supreme Court instructions regarding gasification of eligible villages. The Petroleum Division was directed to present a complete implementation plan in the next meeting. The plan will include details about funding arrangements, responsibilities of different organizations, district wise schedules and clear completion timelines for all remaining eligible villages across the country.

Islamabad: The Senate Sub Committee has raised serious questions over the Federal Board of Revenue’s failure to provide complete records related to Rs1120 billion worth of tax exempted imports in former FATA and PATA regions, while also seeking detailed tax information from major tobacco companies including Pakistan Tobacco Company and Philip Morris Pakistan Limited. The matter came up during a meeting of the Senate Sub Committee convened by Senator Saifullah Abro at Parliament House. The Committee was reviewing press freedom concerns, cigarette smuggling networks, tax evasion issues and possible misuse of duty exemption systems. At the beginning of the meeting, Pakistan Federal Union of Journalists President Afzal Butt raised concerns regarding remarks made about a private channel reporter during an earlier Committee meeting. Senator Saifullah Abro assured that the Committee respects every citizen and considers the media an important partner in highlighting national issues. He stated that the Committee would continue working on matters related to illegal tobacco trade and economic losses faced by the country. At the beginning of the meeting, Pakistan Federal Union of Journalists President Afzal Butt raised concerns regarding remarks made about a private channel reporter during an earlier Committee meeting. Senator Saifullah Abro assured that the Committee respects every citizen and considers the media an important partner in highlighting national issues. He stated that the Committee would continue working on matters related to illegal tobacco trade and economic losses faced by the country. The main focus of the meeting shifted towards the Federal Board of Revenue’s pending information regarding tax exempted areas. The Committee noted that raw materials worth Rs1120 billion entered tax exempt regions between 2018 and 2026 under exemption arrangements. Members expressed concern that manual tracking systems and a lack of automated verification could create risks of illegal movement of goods into taxable markets. The Committee once again directed FBR to provide complete details of consumption certificates issued against the Rs1120 billion imports and submit tax related information for the tobacco sector, especially regarding Pakistan Tobacco Company and Philip Morris Pakistan Limited. During the meeting, officials also discussed investigations into cigarette theft cases and illegal activities in the tobacco sector. The Federal Investigation Agency briefed the Committee about cigarette theft cases in Peshawar, Khyber Pakhtunkhwa. The Committee also reviewed the investigation regarding senior officials and a tax charge sheet issued against Deputy Commissioner Inland Revenue Fahim Rashid in connection with Paramount Tobacco Company. Another serious matter discussed was the theft of 2,828 cigarette cartons from an FBR warehouse. The cartons were reportedly valued at Rs25 crore. The Committee directed FBR to prepare clear Standard Operating Procedures for registering, handling and managing seized goods to prevent such incidents in the future. The Committee also examined concerns related to cigarette smuggling and tax losses, stressing that illegal trade not only affects government revenue but also creates unfair competition for legal businesses. The meeting also discussed government advertisement spending and tobacco industry media campaigns. The Committee reviewed information provided by the Press Information Department and Pakistan Electronic Media Regulatory Authority and stressed the need for greater transparency in advertisement payments and media related spending. The meeting was attended by Senators Umer Farooq, Muhammad Talha Mehmood and Dilawar Khan as well as senior officials from the Ministry of Interior and Narcotics Control, Ministry of Information and Broadcasting, Press Information Department, FBR Inland Revenue, Customs, FIA, National Cyber Crime Investigation Agency and other relevant departments. Senator Saifullah Abro directed all concerned institutions to provide the required information and continue cooperation with the Committee. The Committee made it clear that investigations into tax exemptions, tobacco sector irregularities and smuggling networks would continue until complete records and explanations were provided.

Global food prices reached their highest level in three years in July. The United Nations Food and Agriculture Organization (FAO) said global food prices rose significantly due to weather conditions and the Iran-US war reaching a three-year high. The FAO Food Price Index tracks monthly changes in international prices of major food commodities. According to the index, global food prices rose to 131.1 points in July compared with 130.3 points in June. This was the highest level recorded since January 2023. The FAO’s chief economist had told a news agency in recent days that the world was once again facing food price inflation due to the wars in Iran and Ukraine as well as the El Niño climate phenomenon which can affect crop production. El Niño is a climate pattern in which a large part of the Pacific Ocean becomes unusually warm contributing to an increase in global temperatures. According to the international organization, wheat prices increased by 5.8% resulting in an overall 3.4% increase in commodity prices. Wheat exports through the Black Sea were affected while rising temperatures disrupted crop production in major wheat-growing regions. The FAO Vegetable Oil Price Index increased by 2% reaching its highest level since June 2022. Vegetable oil prices rose due to the Iran war and increased demand for biodiesel. Sugar prices increased by 5.6% amid weather-related concerns in Europe and Asia. However, meat prices declined by 2.8%.