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Pakistan slashes petrol price by Rs2.07 per liter till next fortnight 

Pakistan slashes petrol price by Rs2.07 per liter till next fortnight 
A man fills petrol in his rickshaw at a fuel station in Karachi on August 16, 2023. (AFP/File)
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Updated 2 min 43 sec ago
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Pakistan slashes petrol price by Rs2.07 per liter till next fortnight 

Pakistan slashes petrol price by Rs2.07 per liter till next fortnight 
  • New price of petrol is Rs247.03 per liter while that of diesel has been reduced to Rs246.29 per liter
  • Pakistan’s government has reduced price of petrol by Rs28.57 and diesel by Rs37.51 in past two months
Updated 2 min 43 sec ago
Kashaf Rehman
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ISLAMABAD: Pakistan’s Finance Division announced this week it had slashed the price of petrol by Rs2.07 per liter till the next fortnight due to the fluctuating global prices of petroleum products, with the move expected to ease inflation further in the South Asian country. 

Petroleum and electricity prices have been the key drivers of high inflation in Pakistan over the past two years. Inflation averaged close to 30% in FY23 and 23.4% in FY24, which ended on June 30, 2024. According to official figures, it eased to 9.6% in August this year. 

“Government has reduced the prices of petrol by Rs2.07 per liter and high speed diesel by Rs3.40 per liter for next fortnight,” state broadcaster Radio Pakistan reported on Monday. As per the Finance Division’s notification, a copy of which is available with Arab News, the new price of petrol is Rs247.03 per liter and diesel Rs246.29 per liter. 

The price of kerosene oil was also slashed by Rs3.57 per liter and light diesel by Rs1.03 per liter, with the new prices coming into effect from Oct. 1. 

“On the directions of Prime Minister Shehbaz Sharif, the government has reduced the price of petrol by 28.57 rupees and diesel by 37.51 rupees during last two months,” the state broadcaster said. 

Pakistan revises the price of petroleum products fortnightly, with the latest reduction following the government’s move to slash the price of petrol by Rs10 per liter on Sept. 15. In Pakistan, petrol is mostly used in private transport, small vehicles, rickshaws and two-wheelers, while any increase in the price of diesel is considered highly inflationary as it is mostly used to power heavy transport vehicles and particularly adds to the prices of vegetables and other eatables.

The latest fuel price adjustment takes place after the International Monetary Fund (IMF) formally approved a $7 billion loan program for Pakistan last week. The government says the development will further improve Pakistan’s macroeconomic indicators as it will strengthen its foreign reserves and allow Islamabad to meet is external financing obligations. 

Topics: Pakistan petrol prices Pakistan petrol prices

Pakistan, Qatar hold bilateral exercise in North Arabian Sea to enhance interoperability

Pakistan, Qatar hold bilateral exercise in North Arabian Sea to enhance interoperability
Updated 17 sec ago
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Pakistan, Qatar hold bilateral exercise in North Arabian Sea to enhance interoperability

Pakistan, Qatar hold bilateral exercise in North Arabian Sea to enhance interoperability
  • Qatar Emiri Naval Ship AL KHOR participated in the exercise alongside Pakistan Navy Ships SHAMSHEER, ASLAT
  • The exercise included maritime interdiction operations, search and rescue as well as air defense operations
Updated 17 sec ago
Arab News Pakistan

ISLAMABAD: Pakistani and Qatari navies have conducted a bilateral exercise, Asad Al Bahr-III, in the North Arabian Sea to enhance interoperability in the regional maritime arena, the Pakistan Navy said on Monday.

Qatar Emiri Naval Ship AL KHOR participated in the exercise alongside Pakistan Navy Ships SHAMSHEER and ASLAT, according to the Directorate General Public Relations (DGPR) of Pakistan Navy.

“During the bilateral exercise, operations including maritime interdiction operations, search and rescue, and air defense exercises were conducted,” the DGPR said in a statement.

“Aim of the exercise was to work out interoperability while handling various challenges in regional maritime arena.”
The DGPR said the bilateral exercise will not only help harness interoperability, but also mushroom avenues of bilateral defense ties.

“Conduct of joint exercises with regional navies is a manifestation of PN’s resolve of handling traditional and nontraditional challenges in maritime domain so as to ensure safety and security of seafarers in the region,” it added.

Topics: Pakistan Qatar ties North Arabian Sea PNS Shamsheer

Pakistan says bidding process for PIA auction delayed by 30 days

Pakistan says bidding process for PIA auction delayed by 30 days
Updated 30 September 2024
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Pakistan says bidding process for PIA auction delayed by 30 days

Pakistan says bidding process for PIA auction delayed by 30 days
  • The Pakistani government last week delayed the auction of the national flag carrier for the third time
  • Successive governments have steered away from the PIA’s disposal as it is likely to be highly unpopular
Updated 30 September 2024
KASHIF IMRAN

ISLAMABAD: The bidding process for auction of the Pakistan International Airlines (PIA) has been delayed by 30 days, Pakistan’s Deputy Prime Minister Ishaq Dar said on Monday, as potential bidders seek more time and information to assess the airline.
The Pakistani government last week delayed the auction of the national flag carrier for the third time. Successive governments have steered away from the PIA’s disposal as it is likely to be highly unpopular, but progress on privatization is a precondition for cash-strapped Pakistan for an International Monetary Fund (IMF) bailout approved last week.
Pakistan plans to sell more than 51 percent of its stake in the loss-making airline as part of the economic reforms suggested by the IMF which approved a long-awaited, 37-month $7 billion bailout deal on Wednesday that will require “sound policies and reforms” to strengthen macroeconomic stability and address structural challenges alongside “continued strong financial support from Pakistan’s development and bilateral partners.”
Speaking on ARY News show ‘Khabar,’ Dar said all the bidders, who showed interest in buying the airline, had requested the government for more time through a transaction adviser handling the PIA’s auction.
“He [transaction adviser] approached the government last week, that was the last day to sign off the preconditions, so that bid bond could be submitted the next day... so he said all, barring one, are saying that ‘we need more time’,” said Dar, who also heads the cabinet committee on privatization.
“God willing,” the deputy PM replied, when the anchor specifically asked if these were the final 30 days.
The Pakistani government announced in June it had selected six companies qualified to bid for PIA out of a pool of eight after receiving expressions of interest. The initial plan was to finalize the deal to sell PIA on the country’s Independence Day, Aug. 14, but the plan was delayed following requests from bidders who were waiting for the airline’s latest audited accounts, aircraft lease agreements and clarity on flights to Europe, which are currently banned.
This was followed by September and October dates for the auction, but those have also not materialized.
Dr. Ahsan Ishaq, a spokesperson for privatization ministry, last week told Arab News that the PIA’s cumulative losses alone had surpassed Rs800 billion ($2.86 billion), with the total asset valuation of the airline standing at approximately Rs160 billion ($572 million).
In August, the country’s central bank refused to grant a waiver or exemption to prospective buyers regarding PIA’s commercial bank loans of Rs268 billion ($971.1 million) and other financial guarantees in dollar terms, a development viewed as a setback to the privatization bid.
With a fleet of 34 aircraft comprising 17 Airbus A320s, 12 Boeing B777s and 5 ATRs, the airline loses traffic to Middle Eastern carriers, who have a market share of 60 percent, because of an absence of direct flights to destinations. The carrier has air service pacts with 87 countries, and landing slots at key destinations such as London Heathrow.
The re-organization plan of the business will separate the aviation-related aspects from non-core components, so freeing the operating subsidiary of a large portion of legacy debt.

Topics: Pakistan International Airlines

Key Pakistan coalition partner doubles down on judicial reform, constitutional court despite opposition

Key Pakistan coalition partner doubles down on judicial reform, constitutional court despite opposition
Updated 30 September 2024
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Key Pakistan coalition partner doubles down on judicial reform, constitutional court despite opposition

Key Pakistan coalition partner doubles down on judicial reform, constitutional court despite opposition
  • Pakistan’s government is widely believed to establish a federal constitutional court by amending the constitution
  • The matter has raised widespread concerns among independent lawyers, opposition parties and constitutional experts
Updated 30 September 2024
KASHIF IMRAN

ISLAMABAD: Bilawal Bhutto-Zardari, chairman of a key party in Prime Minister Shehbaz Sharif’s coalition, has stressed the need for judicial reforms and the establishment of a constitutional court to ensure swift and impartial justice in the country, his Pakistan Peoples Party (PPP) said on Monday, despite criticism from lawyers and opposition parties.
The statement came weeks after Pakistan’s government sought to get a package of 52 history-making constitutional amendments passed in parliament, but did not present it after failing to secure the required two-thirds majority needed for them to pass. The proposed amendments are expected to establish a federal constitutional court, raise the retirement age of superior judges by three years and modify the process for the appointment of chief justice of the Supreme Court of Pakistan.
The matter has raised widespread concerns among lawyers, opposition parties and independent experts who say the moves are aimed at increasing the government’s power in making key judicial appointments and dealing with the defection of lawmakers during house votes. But Bhutto-Zardari said the country’s judicial system had failed to deliver justice to the victims of terrorism, with judges unable to secure convictions in 50 percent of the cases, highlighting the dire need for judicial reforms.
Speaking to lawyers affiliated with his party in Quetta, the PPP chairman recalled that his late mother, former prime minister Benazir Bhutto, had promised in 2006 to introduce judicial reforms and establish constitutional courts to ensure swift justice for the people, but the reforms remained pending despite other achievements.
“The current political environment presents an opportunity to realize this component,” he said, presenting his party’s proposed draft for constitutional reforms, which included the establishment of constitutional courts at the provincial level.
“While the PPP does not have the majority in the National Assembly to pass constitutional amendments on its own, the party will work toward a consensus-based draft that aligns with its manifesto.”
The statement came a day after hundreds of Pakistani lawyers urged judges to distance themselves from the proposed federal constitutional court in the country.
“An assault on our Constitutional compact is being cloaked in the thin garb of arguments grounded in the supremacy of law. These are arguments that do not withstand the slightest intellectual scrutiny, given any serious consideration,” a group of over 300 senior lawyers said in an open letter addressed to the judges of high courts and the Supreme Court of Pakistan.
“We urge you — the judges of our constitutional courts — not to recognize this proposed court if such a bill is passed. We urge those of you who may be hand-picked to serve on it not to do so. Complicity will be no defense of the Constitution: it will be its defacement.”
Last week, Aqeel Malik, a government spokesman on legal affairs, said Pakistan’s ruling coalition would table the constitutional amendments package in parliament in the first week of October.
The opposition Pakistan Tehreek-e-Insaf (PTI) party has alleged that the amendments are an attempt to grant an extension to incumbent Chief Justice of Pakistan Qazi Faez Isa, who is widely viewed to be aligned with the ruling coalition and in opposition to its chief rival, the PTI.
Bhutto-Zardari, however, called for the reform of the judicial appointment process, stating that the 18th Amendment of the Constitution of Pakistan introduced a procedure whereby the judiciary would make recommendations, but the final decision would be made by a parliamentary committee with equal representation from the government and the opposition.
He expressed hope that there would be consensus on these reforms and announced plans to engage with bar associations across the country.

Topics: Bilawal Bhutto Zardari judicial reforms

Pakistan’s Irfan Asghar wins 6th Asian Master Squash Championship 2024

Pakistan’s Irfan Asghar wins 6th Asian Master Squash Championship 2024
Updated 30 September 2024
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Pakistan’s Irfan Asghar wins 6th Asian Master Squash Championship 2024

Pakistan’s Irfan Asghar wins 6th Asian Master Squash Championship 2024
  • Irfan outplayed Ryun Hoe Koo, secured 3-0 win
  • The final scores were 11-6, 11-4 and 14-12
Updated 30 September 2024
Arab News Pakistan

ISLAMABAD: Pakistani squash veteran, Group Captain (retired) Irfan Asghar, has won the 6th Asian Master Squash Championship 2024 held in Macau, China, Pakistani state media reported, citing the Pakistan Squash Federation (PSF).
Irfan outplayed his opponent, Ryun Hoe Koo, and secured an impressive 3-0 win, clinching the title for Pakistan.
The final scores were 11-6, 11-4 and 14-12, the state-run APP news agency reported.
“His victory reinforces his status as a leading figure in Pakistan’s squash scene,” the report read.
The win marked Irfan’s second triumph in the Asian Master Squash Championship, having previously won the title in 2010.
Currently serving as the PSF director for academies, Irfan has continued to inspire the next generation of players.

Topics: squash Irfan Asghar 6th Asian Master Squash Championship 2024

Malaysian PM to arrive in Pakistan on Wednesday with trade, connectivity on agenda

Malaysian PM to arrive in Pakistan on Wednesday with trade, connectivity on agenda
Updated 30 September 2024
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Malaysian PM to arrive in Pakistan on Wednesday with trade, connectivity on agenda

Malaysian PM to arrive in Pakistan on Wednesday with trade, connectivity on agenda
  • Pakistan, Malaysia enjoy a strong bilateral relationship, rooted in shared Islamic values and historical ties
  • Islamabad says the visit provides an important opportunity to further strengthen Pakistan-Malaysia relations
Updated 30 September 2024
Hasaan Ali Khan

ISLAMABAD: Malaysian Prime Minister Dato’ Seri Anwar Ibrahim will arrive in Pakistan on Wednesday on a three-day visit to strengthen ties in trade, connectivity, energy and other sectors, the Pakistani foreign office said on Monday.

Pakistan and Malaysia enjoy a strong bilateral relationship, rooted in shared Islamic values and historical ties. Since 1957, they’ve fostered economic cooperation, defense collaborations, and cultural exchange. The Pakistan-Malaysia Free Trade Agreement of 2008 boosted trade and investment, while regular high-level visits have solidified their partnership, underpinned by mutual respect and trust.

The Malaysian prime minister will be undertaking the visit from October 2-4 on the invitation of his Pakistani counterpart Shehbaz Sharif, according to the Pakistan foreign office. He will be accompanied by a high-level delegation comprising Malaysian ministers, deputy ministers and senior officials.

“Prime Minister Dato’ Seri Anwar Ibrahim will hold meetings with Prime Minister Muhammad Shehbaz Sharif,” the Pakistani foreign office said in a statement.

“The two sides will discuss a wide-ranging agenda to further strengthen Pakistan-Malaysia ties in diverse fields including trade, connectivity, energy, agriculture, halal industry, tourism, cultural exchanges and people-to-people contacts.”

During the visit, the Pakistani foreign office said, both sides will also discuss regional and global developments. “This visit provides an important opportunity to further strengthen Pakistan-Malaysia relations,” it added.

Bilateral trade between both countries was recorded at $1.5 billion in 2023-24. The major exports of Pakistan to Malaysia include rice, condensate oil, onions, potatoes, home textiles, corn, seafood, and meat, palm oil and its products, petroleum, LNG, computers and laptops, nonwoven wadding, and fiberboard, according to the High Commission of Pakistan in Malaysia.

Tourism between both countries has gained momentum over the past few years and Malaysia currently ranks among the top tourist source countries to Pakistan. Around 160,000 Pakistani nationals were residing in Malaysia and over 3,800 students from Pakistan were also enrolled in Malaysian higher education institutes, making the country the third largest source of international students in Malaysia.

Pakistan is also one of the major workforce source countries for Malaysia in various key sectors including plantation, construction, manufacturing, agriculture and services, it added.

Topics: Malaysian Prime Minister Dato’ Seri Anwar Ibrahim Pakistan Malaysia ties

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