In the fiscal year 2023–24, Pakistan reported OMC sales of 15.28 million tons, an 8 percent year-over-year (YoY) decrease. This is the lowest sales volume that Arif Habib Limited has seen in 18 years. June 2024 saw an 8% YoY | 4% MoM increase in sales for the OMC industry, reaching 1.45 million tons. As a result, overall sales for FY24 came to 16.61 million tons, down 8% year over year and the lowest since data from FY06 was available. In June 2024, the consumption of MS gasoline rose by 9% year over year to reach 0.70 million…
Author: Mawadat Fatima
ISLAMABAD: Chief Justice of Pakistan (CJP) Qazi Faez Isa saved the Election Commission of Pakistan (ECP) on Monday during a flurry of interrogation by emphasizing that the commission was an independent body endowed with the constitutional right to hold elections, not a body subservient to the government or the Supreme Court. The CJP noted that ideally, every institution should operate within its own defined realm and that the Supreme Court can only exercise its authority if it is persuaded that the commission has exceeded its constitutional function. A full Supreme Court bench led by the Chief Justice was…
ISLAMABAD: On Monday, the newly established party of former PML-N leaders Shahid Khaqan Abbasi and Misftah Islamil criticized the federal budget for being unreformed and burdensome for the salaried class. The two leaders called for the government to reduce spending, end smuggling, and encourage businessmen to boost exports during a press conference. He claimed that the government has increased taxes, particularly on individuals who already pay various taxes, rather than reducing its own spending. “No strategy has been implemented to increase the tax base and include non-taxpayers in the tax net.” Mr. Abbasi criticized the funding to lawmakers,…
