used for fixing the retail prices of the POL products submitted by the federal government in the court of Mr Justice Tassadaq Hussain Jilani of the Lahore High Court in connection with a criminal miscellaneous application moved by Counsel M.D.Tahir in connection with his pending writ petition filed in 1988.

According to the formula submitted by the director general, ministry of petroleum and natural resources, taxes totalling Rs17.28 are levied on every litre of petrol sold by the refinery only for Rs13.01 per litre. Petrol is being sold for Rs34.41 per litre at the pumps these days.

Petroleum Development Levy charged at the rate of Rs11.99 per litre is the major tax charged on petrol. General Sales Tax charged at the rate of Rs4.41 is the next major levy on petrol. Customs/excise duty is recovered at the rate of Rs0.88 per litre in addition.

Other charges include dealers commission charged at the rate of Rs1.35 per litre, oil companies distribution margin fixed at Rs1.18 per litre and inland freight margin of Rs1.02 per litre.

Similarly taxes totalling Rs6.26 are levied on every litre of High Speed Diesel being sold by the refineries at an average Rs10.34 per litre. Petrol pumps are selling the HSD at the rate of Rs19.56 these days.

The Petroleum Development Levy charged at the rate of Rs2.76 per litre is the major tax on the HSD. General Sales Tax charged at the rate of Rs2.49 per litre is the next big levy on the HSD followed by the customs/exise duty of Rs1.03 per litre.

Other charges factored in HSD retail price include dealers commission allowed at the rate of Rs0.76 per litre. Oil companies are allowed a margin of Rs0.66 per litre. Inland freight charges of Rs1.04 per litre are also added to the retail price

USA TODAY RECOGNIZES KSE AS BEST MARKET

A leading US newspaper, USA Today, has termed Karachi Stock Exchange as one of the best performing bourses in the world with index rising 56pc since Sept 11 terrorist attacks.

Against all odds, Pakistan has the world's best-performing stock market. The Karachi Stock Exchange index is up 56pc since the Sept 11 terror attacks even as the Standard & Poor's 500 has fallen 19pc and the Bloomberg European 500 declined about 27pc, it said.

It said one American hedge fund manager invested $30 million immediately after Sept 11 and pocketed a 30pc profit — $9 million — three weeks later.

Although the market's total capitalization remains 15pc below the December 1997 peak of $8.9 billion — equivalent to one midcap US company — traders say interest from Europe, the Middle East and the US is on the rise.

PROVINCES TO GET 44.6PC FROM NFC

The government has agreed to offer an "unprecedented 44.6 per cent share" to the provinces from the federal divisible pool in the 6th National Finance Commission (NFC) award.

"For the first time, we will be extending roughly 44.6 per cent share from the federal divisible pool to the provinces in the new NFC award, and this is something unprecedented," said Finance Minister, Shaukat Aziz.

Talking to reporters in his office on Monday, he said an initial agreement had been reached in an NFC meeting in Peshawar on Sunday that the federal government will retain 60 per cent share while 40 per cent will be offered to the provinces.

FUDDA NEW KSE MD

Moin M. Fudda, former country chief of Commercial Union in Pakistan and immediate past president of the Overseas Investors Chamber of Commerce & Industry has been appointed as the managing director of the Karachi Stock Exchange, a press release issued by the bourse on Thursday said.

RIBA-FREE BANKING

President Gen Pervez Musharraf said on Tuesday that Pakistan will gradually move towards elimination of "Riba" from the banking sector. He was speaking at the inauguration of the first Islamic commercial bank, Meezan Bank Limited.

NO MORE TRIALS OF COTTON SEED ON FIELDS

The government has decided to do away with the system of conducting trials of experimental cotton seed on the farmers' fields in view of the numerous malpractice associated with it.

In future, an official source told, all such trials would be carried out at the public sector farms and only that cotton seed would be allowed which had been found beneficial in terms of productivity and resistance to pest/disease attacks at the end of a full cycle of trials on fields.

$2.4BN ACCORD SIGNED WITH ADB

The government and the Asian Development Bank signed on Monday $2.4 billion agreement to reduce the incidence of poverty to less than 15 per cent by 2011. "Initially we have signed the agreement worth $2.4 billion assistance but ADB aid portfolio will increase if Pakistan continues to implement its reform agenda", said the visiting ADB Vice President Myoung-Ho Shin.

KUWAIT SHOWS INTEREST IN PAN-ISLAMIC FUND

Federal Minister for Science and Technology Dr Attaur Rehman on Saturday called on Kuwaiti States Minister for Foreign Affairs Sheikh Mohammad Sabah Al Salem Al Sabah and conveyed a message of President Musharraf to Kuwait Amir Sheikh Jabar Al Ahmad Al Sabah on setting up of a Pan-Islamic Fund for research and development among the countries of the Organization of Islamic Conference (OIC).

PAKISTAN DELAYS TELECOMS SELL-OFF

Pakistan has delayed the sale of a 26% stake in the state-owned and run Pakistan Telecommunication (PTCL) because of the depressed world telecoms sector.

The sale would have given management of the company which is 88% stated-owned, to the investor by the end of a year.