Latest news with #Rs460
Express Tribune
10-07-2025
- Business
- Express Tribune
Kisan Ittehad blames smuggling for sugar price hike
Kisan Ittehad President Khalid Hussain Batth has alleged that speculative hoarding, large-scale smuggling, and institutional inaction are driving the recent surge in sugar prices. While addressing a press conference at the Karachi Press Club on Wednesday, Batth claimed that if the prime minister and the president intervened, the retail price of sugar could be brought down to Rs120 per kilogram within hours — without the need for duty- and tax-free imports. He asserted that sugar is currently being sold at around Rs200 per kilogram despite a production cost of no more than Rs120. "Sugar mills purchased sugarcane from farmers at rates ranging between Rs220 and Rs460 per maund. The price hike has no justification," he said. Batth demanded a transparent investigation into sugar mill owners to uncover who bought sugar, in what quantity, and at what price. He claimed that the current crisis has resulted in a financial scandal amounting to Rs114 billion, arising from speculation, smuggling, and now importation. In response to a question, Batth revealed that a court case related to sugar and wheat prices remains pending with no hearings held to date. He further alleged that political figures from major parties, including the PML-N, PPP, and PTI, own significant shares in sugar mills. He claimed that even the families of the prime minister and president are involved in the sugar industry. Batth accused the government of artificially inflating prices due to incompetence and warned that the planned import of 500,000 tons of duty-free sugar would result in substantial losses to the national exchequer. City traders oppose sugar import plan The Wholesale Grocers Association has vehemently opposed the government's decision to import 500,000 tons of sugar, calling instead for an immediate crackdown on hoarders and speculative sugar dealers who are driving up market prices artificially. Chairman of the association, Rauf Ibrahim, told The Express Tribune that dealers and the sugar speculation mafia currently hold stockpiles of approximately 2.6 million tons-enough to meet the country's needs for the next five months. "If swift action is taken against these dealers, wholesale sugar prices could drop to Rs150 per kilogram within just two days," Ibrahim claimed. In a related development, the Federal Board of Revenue (FBR) has issued two new SROs-No. 1216 and 1217-reducing sales tax on white crystal sugar imports from 18% to 0.25%. Additional relief includes exemption from Value Added Tax and a reduced withholding tax rate of 0.25%. According to FBR, the final deadline for importing sugar under these provisions is September 30, 2025.
Express Tribune
19-06-2025
- Business
- Express Tribune
Foreign exchange reserves top $17b
The central bank said in its latest weekly update on Thursday that the country's foreign exchange reserves, held by the SBP, decreased $66 million to $8.15 billion in the week ended January 5, 2024 due to debt repayments. photo: file Listen to article Pakistan's total liquid foreign exchange reserves rose to $17.1 billion as of June 13, 2025, according to data released by the State Bank of Pakistan (SBP) on Thursday. During the week ended June 13, SBP-held reserves increased $46 million, reaching $11.7 billion. Meanwhile, net foreign reserves held by commercial banks stood at $5.3 billion. The increase in reserves is due to continued foreign inflows and central bank's purchases of dollars from local market. This has a dual impact on the economy. On the one hand, it provides cushion against upcoming external payment obligations and strengthens foreign currency reserves. On the other hand, it prevents the rupee from becoming stronger. In fact, the rupee has recently been on a downward trajectory, losing three rupees against the dollar in just one and a half month, reaching an 18-month low. Increasing imports and debt repayments are also the driving factors. This currency decline further erodes the already weak purchasing power of people. The State Bank reported net foreign exchange interventions of $223 million in February 2025, bringing cumulative purchases to $5.3 billion for the first eight months of FY25 (July 2024 to February 2025). On Thursday, the Pakistani rupee recorded a loss against the US dollar, slipping 0.03% in the inter-bank market. By the end of the session, the local currency stood at 283.64, down nine paisa compared to the previous day's close at 283.55. Meanwhile, gold prices in Pakistan declined on Thursday, mirroring a soft trend in the international market where bullion remained largely steady as escalating geopolitical tensions in the Middle East balanced the downward pressure from the US Federal Reserve's hawkish monetary outlook. Meanwhile, platinum prices slipped slightly after touching their highest level since September 2014. In the local market, the price of gold fell Rs460 per tola, settling at Rs358,595, according to data released by the All Pakistan Sarafa Gems and Jewellers Association (APSGJA). Similarly, the price of 10 grams of gold decreased Rs394 to Rs307,437. Internationally, gold prices were little changed as heightened geopolitical tensions offset pressure from the Fed's hawkish stance. Spot gold was down 0.1% at $3,365.79 an ounce at 1340 GMT. US gold futures fell 0.7% to $3,382.80. Interactive Commodities Director Adnan Agar noted that gold prices were in a holding pattern as markets awaited clarity on the Israel-Iran conflict. "Gold is on pause because the geopolitical situation, especially regarding Israel and Iran, remains unresolved. By the weekend, we'll know whether the US will intervene or not," he said. Agar added that platinum had recently gained attention, hitting a 10-year high after lagging behind other precious metals for an extended period. "For a long time, platinum and silver were undervalued compared to gold, which recently reached record highs. Now, as gold pauses, investors are turning to platinum and silver, driving their prices up. Both metals reached multi-year highs just a few days ago," he elaborated.
Business Recorder
19-06-2025
- Business
- Business Recorder
Gold prices drop Rs460 in Pakistan
Gold prices in Pakistan decreased on Thursday in line with their fall in the international market. In the local market, gold price per tola reached Rs358,595 after a decline of Rs460 during the day. Meanwhile, 10-gram gold was sold at Rs307,437 after it fell Rs394, according to the rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Wednesday, gold price per tola reached Rs383,055 after a decline of Rs2,245 during the day. The international rate of gold also decreased on Thursday. The rate was at $3,372 per ounce (with a premium of $20), a decrease of $6, as per APGJSA. Meanwhile, silver price per tola decreased by Rs58 to reach Rs3,820.
Express Tribune
02-06-2025
- Business
- Express Tribune
Chicken prices drop in Peshawar
The price of poultry has dropped significantly, falling from Rs460 per kilogram to Rs380 within a week - a decrease of Rs80 per kilogram. Despite the steep decline in raw chicken prices, the cost of chicken dishes at restaurants and fast-food outlets remains unchanged, drawing criticism from consumers. As Eid-ul-Azha approaches, the poultry market has witnessed a notable dip in prices. However, eateries across the city continue to sell chicken dishes at inflated rates, unchanged since prices peaked earlier this year. Previously, when chicken prices surged to Rs500 per kilogram, restaurant and fast-food operators raised the prices of popular chicken dishes. Now that chicken rates have dropped significantly, the public is questioning why those increased menu prices haven't been revised.
Express Tribune
13-05-2025
- Business
- Express Tribune
Rs500m to be spent on civil defence upgrade
In an effort to enhance emergency preparedness, the Punjab government has approved a Rs500 million modernisation package for the Civil Defence Department, signalling a strategic shift in the province's public safety framework. The decision was finalised during the 27th meeting of the Standing Committee of Cabinet on Law & Order, aligning with broader efforts to reinforce the province's crisis response capabilities amid heightened regional tensions. According to official documents issued by the Finance Department on May 10, a technical supplementary grant will be issued from the Internal Security Fund. Of the total allocation, Rs460 million has been designated for operational equipmentsuch as mine detectors, snake cameras, bomb blankets, electric sirens, and advanced fire extinguisher setswhile Rs40 million will support IT infrastructure upgrades. Punjab Home Secretary Noorul Amin Mengal has launched an ambitious volunteer recruitment campaign, with the goal of registering one million Civil Defence volunteers across the province. The dual strategyupgrading equipment and expanding human resourcesis aimed at building a comprehensive emergency management network capable of responding swiftly and effectively to a wide range of threats.
