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
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 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)
"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.
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.