Connect with us

Economy

LPGDA for action against LPG mafia

Published

on

LPGDA action against LPG mafia

LAHORE: Liquefied Petroleum Gas Distributors Association (LPGDA) chairman Irfan Khokhar has urged the government to take action against LPG mafia and cancel their licenses for creating an artificial shortage and black marketing.
Addressing a news conference here Friday, he alleged that LPG distributors were minting about Rs560 million through black-marketing just in seven day period. He underlined the need for holding audit and inquiry into the matter.
He said that artificial shortage of LPG in the country had been ended on the intervention of LPGDA. He said that no gas seller was allowed to sell the gas at higher rates as fixed by the Oil and Gas Regulatory Authority (OGRA) prices.
He explained that LPG would be sold on the controlled price of Rs113 per kilogram and Rs1338.78 for a domestic cylinder of 11.8 kg.
He alleged that some dealers had raised the prices to create a fake shortage of gas, however, he clarified that there was no shortage of LPG in the country.
“Supply of LPG is smoothly going on without any hindrance”, he added. He said that Pakistan produced 80 percent LPG and only 20 percent gas was being imported.
Khokhar said that 23,000 MT LPG loaded in ships were about to reach the national ports within next 24 hours, besides 400 to 500 MT supply through Taftan border.
“With the cooperation of the government and the LPGDA the price of the LPG has been reduced by Rs50 per kilogram,” he added.
He said that LPG black-market mafia with the help of local producers illegally increased the price of LPG on which the government with the support of LPGDA took action to normalize the prices within 48 hours.
He thanked the petroleum minister on abolishing the regulatory duty and reduction of general sales tax (GST) on the import of the commodity to mitigate sufferings of the common man by providing them inexpensive fuel.
He assured the people that there would be no black-marketing anywhere in the country and the LPG would be available cheaper than the price announced by the OGRA.

Continue Reading
Advertisement

Asia

Tokyo bourse closes in the green

Published

on

Tokyo stocks gain on bargain-hunting

TOKYO: Shares edged up today with investors expressing relief as US President Donald Trump appeared to take a softer stance on his thorny trade dispute with Japan.
The key Nikkei 225 index rose 0.31 percent, or 65.36 points, to close at 21,182.58, while the broader Topix index was up 0.38 percent, or 5.79 points, at 1,547.00.
“Players were relieved as President Trump did not take a tough stance on the US-Japan trade issue,” Daiwa Securities chief technical analyst Eiji Kinouchi told AFP.
After a fun-filled weekend of golf and sumo, Trump and Japanese Prime Minister Shinzo Abe held formal talks Monday, with trade and tensions with North Korea topping the agenda.
Ahead of their talks, Trump hinted that tough negotiations on their bilateral trade could wait until after July elections in Japan.
Trump tweeted: “Great progress being made in our Trade Negotiations with Japan. Agriculture and beef heavily in play.”
In remarks after the closing bell, Trump also told reporters: “We hope to have even more to announce on the trade, very very soon.”
The dollar fetched 109.52 yen in Asian afternoon trade, against 109.29 yen in New York late Friday.
In Tokyo, Nissan was up 0.97 percent at 747.8 yen after news that its French alliance partner Renault and Italian-US auto giant Fiat Chrysler are weighing a potential merger.
Its rival Toyota gained 0.79 percent to 6,554 yen while Honda was down 1.11 percent at 2,759 yen.
Takeda Pharmaceutical jumped 2.46 percent to 3,942 yen while telecom and investment firm SoftBank Group was up 1.65 percent at 10,465 yen.

app

Continue Reading

Business

Dep. PM of Uzbekistan arrives in Islamabad

Published

on

ISLAMABAD: Deputy Prime Minister of Uzbekistan Elyor Ganiev has arrived here today on a two-day visit to Pakistan.

Elyor Ganiev is accompanied by a high-level delegation comprising Deputy Ministers for Investment and Foreign Trade, Transport and other senior officials.

He is scheduled to meet a number of Federal Ministers and Advisers. He will hold consultations with Foreign Minister Shah Mahmood Qureshi. The talks will focus on discussing ways and means to further bolster the bilateral relations between Pakistan and Uzbekistan.

A relevant piece published earlier: 

Uzbek deputy PM due today on two-day visit

Continue Reading

Asia

Govt. to further strengthen Sino-Pak partnership

Published

on

ISLAMABAD: Foreign Minister Shah Mehmood Qureshi has expressed the govt’s commitment to further strengthen Sino-Pak strategic partnership.

He was addressing Friends of Silk Road Forum organized in honor of visiting Chinese Vice President Wang Qishan here today.

The Foreign Minister said both countries are observing 2019 as a year of mutual relations and it is expected that people to people contacts will reach a new level.

Shah Mehmood Qureshi said CPEC has helped to strengthen bilateral relations and take economic and social development to new heights.

He said the CPEC has entered into its second phase which focuses on industrial, social and economic cooperation. He expressed the confidence that Special Economic Zones will pave way for the progress of Pakistan.

Foreign Minister said the government has a special focus on poverty alleviation, industrial development, education, technology, scientific innovation, and agricultural development.

He said both the countries have common thinking of improving the living standard of their people. He hoped that the development target will be achieved by mutually harnessing the capabilities of the two countries.

Foreign Minister paid rich tributes to the services of the Chinese Vice President in promoting the strategic partnership between the two countries. 

rp

A relevant piece published earlier:

Vice President of China arrives in Islamabad

 

 

Continue Reading

News Pakistan Trending