Sep 11 -
oil price up by Rs372
Pakistan State Oil (PSO) on Tuesday raised the
furnace oil price (ex-Keamari) by Rs 372 per metric ton to Rs 10,634
per metric ton from Rs 10,262 per metric ton.
The new price became effective from Tuesday's
morning after the decision taken in the meeting on Monday, a senior
official in the PSO told. This is the second increase in the last one
week by the local oil marketing company, which dominates the fuel oil
He said the prices have been jacked up due to
upward drive in international oil prices, which on Tuesday soared to
$158 per ton. The new price has been increased after calculating and
adjusting the impact of general sales tax, increase in one per cent
additional tax on imports and withdrawal of central excise duty on
import and sales of furnace oil, the official said.
He said this is the lowest impact which we have
passed on to the consumers otherwise the full impact will add fuel to
the plight of the customers.
In the last week of August, PSO had pushed up the
prices to Rs 10,262 per metric ton when the international prices was
being quoted at $149 per metric tons.
PSO official said that global prices of oil has
been going up since last one week. The new prices of Rs 10,634 per
metric ton has been adjusted upwardly keeping in view the tag of
global price of $155 per metric tons some two days back.
Shell Pakistan Limited had already climbed up the
prices by second time in a week on Monday to Rs 10,580 per metric from
Rs 10,216 per metric ton.
Sources in the oil sector said that another foreign
oil marketing company, Caltex is likely to announce new rates of
furnace oil in a day or two as it had suspended its fuel oil supplies
SBP $ buying from open market opposed
A four-member IMF technical mission currently in
the town spent much of their time on Thursday in convincing top
bankers that the sooner the State Bank stops buying dollars the better
it is for inter-bank market.
The mission headed by Advisor to IMF on monetary
and foreign exchange affairs Abdessatar Ouanes met heads and
treasurers of state-run Habib Bank and National Bank and senior
executives of partly-privatized Muslim Commercial Bank.
Sources close to these meetings said the mission
members held frank discussions with the bankers on key issues of
foreign exchange market including the burning question of the State
Bank buying of dollars from the open market.
They said the mission members were of the view that
by buying dollars from the open market and financing oil imports in
inter-bank market the SBP had followed a two-tier foreign exchange
system that was not allowed under the IMF rules.
The Board of Directors of Saudi Pak Industrial and
Agricultural Investment Company Ltd has approved a total financing of
Rs505 million to 11 companies.
The financing comprises Rs185m for five companies
in manufacturing sector, Rs245m for one company in energy sector and
Rs75m for five companies in services, communication and financial
The approval was granted in a meeting of the Board
of Directors, presided over by Dr Abdullah T.Al-Thenayan, who is also
Director General of Arab Company for Livestock Development, Kingdom of
National Foods Ltd, the stock market listed company
is believed to have hit the figure of Rs one billion in sales for the
year that closed on June 30, 2000.
Nishat (Chunian) Ltd would issue bonus shares
(interim) at 100 per cent (one-for-one) on the basis of the financial
results for the nine months ended June 30, 2000. The Board of
Directors approved the interim pay-out on September 1, 2000.
Modest rise in T-bill yield
The State Bank on Wednesday raised the yield on
six-monthly treasury bills by eight basis points to 7.46 per cent to
borrow Rs200 million from the banks for the government. It also
borrowed Rs67 million through one year T-bills at 8.10 per cent.
Senior bankers said the small increase of eight
basis points in the six-monthly T-bills show that the central bank
wants to raise the interest rates in a gradual manner.
They said the auction of T-bills had attracted
Rs4.1 billion worth of bids of which bids worth Rs267 million were
accepted and the rest scrapped. Bankers said the market closed at a
dry note with call rates pegged at 10.95 per cent. A discounting of
Rs4-5 billion also took place.
Revenue to go up by 36%
The Economic Coordination Committee of the cabinet
was informed on Monday that an additional 36% revenue growth would be
achieved during the current fiscal year in the wake of a satisfactory
collection position in July and August.
Presiding over the meeting, Finance Minister
Shaukat Aziz said that the government's entire economic strategy was
based on getting the additional 36pc revenues. The meeting was told
that the government would easily obtain an additional Rs100 billion in
the current fiscal.
Indus Bank Limited — the beleaguered private
sector commercial bank informed its shareholders on Friday that it had
lost Rs131.1m before tax during the year ended December 31, last. This
compared with pretax profit of Rs6.6m earned the earlier year. Loss
after tax for 1999 stood at Rsl40.6m, equivalent to loss per share at
IMF experts assess forex market
A four-member technical mission of the IMF has
started seeking first hand information on foreign exchange and
monetary policies of Pakistan with particular focus on the issues
related to their implementation.
Sources close to IMF said, the mission led by
Advisor to the IMF on monetary and foreign exchange affairs Abdessatar
Ouanes met senior officials of the State Bank, including advisors and
executive directors on Wednesday. The mission will have another
session with them on Thursday before meeting some local bankers. And
on Friday they are expected to meet some foreign bankers.