Tag: import
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PM orders inquiry on wheat import last year
Prime Minister Shehbaz Sharif has ordered an inquiry committee to investigate the import of wheat last year under caretaker setup despite abundant harvest. Shehbaz appointed Secretary Cabinet Division Kamran Ali Afzal as head of the probe body. “What led to the import of wheat despite abundant production,” the prime minister inquired. Farmers in Punjab have…
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Significant increase in mobile phone imports in eight months
Imports of mobile phones have recorded a significant year-on-year increase in the first eight months of the current financial year. According to statistics released by Pakistan Bureau of Statistics, during the period from July to February 2024, 1.148 billion dollars was spent on the imports of mobile phones, which is 156 per cent more than…
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Massive reduction in petrol price expected as Pakistan aims for one-third crude oil import from Russia
Minister of State for Petroleum, Musadik Malik, has announced that the prices of petroleum products will witness a decrease once a continuous supply of oil from Russia is ensured.
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Pakistan places first order for discounted Russian crude oil
Pakistan has placed its first order for discounted Russian crude oil under a new deal negotiated between Pakistan and Russia, following months of discussions. State Minister for Petroleum, Musadik Malik, confirmed that one cargo will dock at Karachi port in May. Pakistan will only purchase crude oil, not refined oil, and imports are expected to…
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Cotton production in Pakistan drops to 40-year low due to flood damage
Due to severe flooding and heavy rains during the monsoon season, Pakistan has recorded its lowest cotton production in 40 years. According to data from the Pakistan Cotton Ginners Association (PCGA), the country produced 4,912,069 bales of cotton, a year-on-year decline of 34%. This low yield has caused significant challenges for the textile industry, which…
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Pakistan’s Petroleum Division eyes discounted Russian crude oil amid high global prices
Petroleum Division is attempting to purchase Russian crude oil for approximately $50/barrel, which is at least $10/barrel below the price ceiling imposed by G7 countries on this valuable commodity originating from Russia because of its conflict with Ukraine. Presently, crude oil is being sold internationally for $82.78/barrel. Officials participating in the virtual negotiations with Russia…
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Pakistan’s oil industry on the brink of collapse, calls for urgent government intervention
According to recent reports, the oil industry in the country is facing serious challenges in obtaining crude oil and petroleum products due to foreign exchange constraints and current product pricing. These challenges have been exacerbated by the recent depreciation of the currency and an increase in the central bank’s policy rate. The Oil Companies Advisory…
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SBP-held foreign exchange reserves drop to a highly critical level of $2.92 billion
The State Bank of Pakistan (SBP) has reported a decrease in its foreign exchange reserves, as reflected in data released on Thursday. The reserves fell to a total of $2.92 billion, marking a reduction of $170 million. According to the recent data, the current level of reserves held by the bank has reached its lowest…
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SBP asks banks to prioritise import of certain essential items to help businesses
In order to help businesses, the State Bank of Pakistan (SBP) on Monday removed the necessity for prior import approval and asked banks to give priority to the importation of certain necessities, including food, medicine, and energy. The business community, including various trade bodies and chambers of commerce, has drawn attention to the fact that…
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Pakistan will start importing crude oil from Russia in March
Pakistan and Russia have decided on the deadline for crude oil exports in late March after the conclusion of the annual inter-governmental commission between the two countries concluded. The Minister of State for Petroleum, Musadik Malik, said that Pakistan intends to import 35 per cent of its entire crude oil needs from Russia. He added…