Friday, 26 November, 2021 I 20 Rabi-us-Sani, 1443 I Rs 15.00 I Vol XII No 148 I 12 Pages I Karachi Edition
Petrol dealers call off strike as govt gives in to their demands g
Long queues seen across country as PetroL retaiLers went on strike to Protest shrinking Profit margins
ISLAMABAD/LAHORE/KARACHI ahMad ahMadani & shahab OMer
t
he all Pakistan Petrol Pumps Dealers association late thursday called off its nationwide strike following reaching a deal with the government’s team for increase in the dealers’ profit margin. Per media reports, the officials of the ministry of energy and the association’s chairman, abdul sami khan, reached an agreement after holding day-long negotiations. adviser to the Prime minister on finance shaukat tarin, energy minister hammad azhar and Petroleum secretary Dr arshad mahmood were part of the government team. association spokesperson Jahanzaib malik confirmed about calling-off the strike after the agreement. he said that they had initially demanded a six per cent increase in their profit margin, but the government had agreed to a 4.4pc raise. he said that petrol dealers were charging rs3.91 per litre and would now charge rs4.90. he said that the price of petrol would be increased after the government announced the rates for next month.
malik said that agreement would be implemented from next month, adding that the government had vowed to review the profit margin after three months. SUCCESSFUl STRIKE: the Pakistan Petroleum Dealers association’s (PPDa) went on a nationwide strike thursday lamenting low-profit margins, exacerbated by the government’s move to raise taxes and boost revenue under its agreements with the international monetary fund (imf). according to PPDa, the government has so far not made any contact with the association for negotiations. speaking with Profit, PPDa information secretary noman ali Jutt said that the association has vowed to keep petrol pumps closed till their demand of an 6 per cent in profit margin was met, adding that the PPDa will not trust verbal assurances by the government. “the government promised to send a summary to the federal cabinet’s economic coordination committee (ecc) on november 3 while the association had earlier made it clear to that demands must be met by november 17,” Jutt said. he expressed satisfaction at the majority of petrol pumps observing a complete
coronavirus in
Pakistan
CONFIRMED CASES:
1,283,223
LAST UPDATED AT 10:47 AM ON NOVEMBER 25, 2021
DAY'S DEATH TOLL:
NEW CASES:
13
363
RECOVERED:
DEATHS:
1,240,995 28,690 SINDH:
PUNJAB:
474,772
442,714
KPK:
BALOCHISTAN:
179,774
33,458
AJK/GB:
ISLAMABAD:
34,540/10,411
107,554
strike and closing oil supply for consumers across the country. it is pertinent to mention here that large crowds of drivers, with their cars and motorbikes, gathered at petrol stations in main cities, including Lahore and karachi overnight, ahead of the strike which began at 6:00 am on thursday. in Punjab’s provincial capital, petrol pumps remained closed at various places as citizens faced difficulties whereas the district administration claimed that fuel was available at 62 stations in the city. mohammad haseeb, who had come to fill up his car at a Pso petrol pump near cavalry ground, said that there was uncertainty everywhere. “the government is increasing the price of petrol while sellers are insisting on increasing their profits. the common man will be the only one to suffer this loss in the end,” he lamented. Due to the closure of popular petrol pumps Lahore, the business of shops selling petrol illegally flourished and in some areas including nishat colony, nishtar colony, ghaziabad main Bazaar, Bhatta chowk, where petrol was being sold at rs200 to rs250 per liter. “Because i could not get petrol for my motorbike at night due to heavy rush, i was forced to buy a liter of fuel from a shop in the market for rs215 in the morning; the was asking for rs300 and i had to haggle,” ali Butt, a resident of nishat colony, informed. similar scenes were witnessed in Peshawar, quetta, azad kashmir and other cities where most pumps were found closed and the few that remained open witnessed long queues of the vehicles, traffic jams, brawls, and panic buying. on the other hand, energy minister hammad azhar said that the government was open to entertaining legitimate demands but warned that those seeking a nine rupee raise will be disappointed. “such a high raise cannot be granted just to benefit a few companies,” he added.
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PM for VIP treatment to expats keeping Pak economy afloat g
Launches sohni Dharti remittance Programme ISLAMABAD Mian abrar
Prime minister imran khan has emphasised on incentivising overseas Pakistanis and providing them ViP treatment for their remittances. the prime minister said this while addressing the launching ceremony of sohni Dharti remittance Programme for overseas Pakistanis on thursday to reward overseas Pakistanis points against the remittances they send through the legal channels. khan said nine million overseas Pakistanis are immensely contributing to the country’s economy. he said the government appreciates their role in bridging the gap between exports and imports of the country. he thanked the overseas Pakistanis for posing confidence in the bright future of their homeland by sending record high remittances of over $29 billion during the last fiscal year of fy21 and continuing the trend in fy22. he said, “we are determined to extend all possible facilitation to overseas Pakistan to encourage them to send their money through
Tarin to launch Pakistan’s first third party clearing service provider for PSX ISLAMABAD GhulaM abbas
finance minister shaukat tarin will soon officially launch Pakistan’s first Professional clearing member (Pcm) e-clear services, an entity set up by the central Depository company (cDc) under the securities & exchange commission of Pakistan’s (secP) new broker regime. globally called the general clearing member (gcm), Pcm is an international practice of third party clearing service providers for clearing of principal transactions and client transactions on behalf of its clients. the procedure entails that clearing and custodial services are provided to trading members of the exchange by an entity that is normally not a trading member of the exchange itself. according to officials privy to the matter, the launch is a major milestone in the country’s stock market that will result in leveling the playing field, promote transparent corporate structures, enhance confidence of investors, and ensure organised development of the market. it may be mentioned here that secP introduced the new
broker regime under the securities Brokers (Licensing & operations) regulations in 2020, categorising securities brokers into three categories namely trading and clearing, trading and self clearing, and trading only. one of the major requirements for the implementation of the new broker regime was the introduction of an independent third party custodial, clearing and settlement service provider for the clearing and settlement of trades executed by trading only brokers. the effort is towards bringing Pakistan’s capital markets at par with international standards and addressing the chronic issue of misappropriation of customer assets. as per details, around 25 trading only brokers have signed up for the services of the new Pcm whereas by December, the secP’s new brokers regime will be completely implemented and all trading only brokers will start using the services of Pcm by shifting their clearing, settlement and custody functions to Pcm. Prior to the implementation of this regime in Pakistan, all brokerage houses retained custody of investor assets and were subject to the same compli-
ance requirements regardless of their size or capacity. this made it difficult for many small brokers to fully comply with the law and ensure adequate investor protection. under the new regime, brokers who are unable to meet financial reporting requirements, and fail to develop a sound compliance system to meet amL/cft guidelines will not be allowed to have custody of investors’ assets. industry experts said that this introduction of a stringent but advanced regulatory framework for brokerage houses is not only an essential step towards bringing Pakistan’s capital markets at par with the international platforms, but that it is equally relevant to ensure maximum compliance with the amL/cft requirements. they labelled secP’s efforts on this new regulatory framework as a timely step in the right direction. Pcm will aid in enhancing the country’s compliance with the fatf regime and also facilitate investor protection, capital market outreach and strengthening of the brokerage industry through enhanced financial viability of brokerage houses.
banking channels.” he said that overseas Pakistanis can now buy houses and invest in real estate through the roshan Digital initiative. the prime minister said the government is working on a plan to give overseas Pakistanis concessions in taxes as well. the prime minister congratulated the state Bank of Pakistan (sBP), ministry of finance, financial institutions, participating public sector entities (Pses) and all other stakeholders and said without their efforts the launch of this remittance incentive programme would not have been possible. he termed the launch of sDrP as a tribute to the Pakistani workers abroad who have been contributing in the development of the country through sending their hard-earned money back home. he also appreciated the concept of giving incentives through a digital application for sending remittances via official channels. speaking on the occasion, adviser to the Prime minister on finance and revenue shaukat tarin said this programme is a thanksgiving to overseas Pakistanis.
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