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Prime Minister Nawaz Sharif has announced a reduction of Rs 9.43 per litre in the price of petrol following a reduction in the international price of petroleum products and constituted a committee to ascertain whether Rs 65 billion reduction in circular debt was due to over billing or recovery of arrears.

Oil and Gas Regulatory Authority (OGRA) has notified new prices of petroleum products that have been reduced in the range of Rs 6.18 to Rs 14.68 as a result of global reduction in fuel prices, Petroleum Ministry officials said. According to a notification issued here on Friday, the authority has reduced the price of petrol by Rs 9.43 per litre from Rs 103.62 per litre to Rs 94.19 per litre and kerosene oil price reduced by Rs 8.16 per litre from Rs 95.68 to Rs 87.52 per litre.
Ministry of Water and Power has proposed to a Cabinet meeting that consumers using 300 to 500 units of electricity may be given a relief of Rs 22 billion. Secretary Water and Power made this proposal during a briefing on over-billing, according to a press release issued after the meeting here on Friday. A special meeting of the Cabinet was held on Friday to take a briefing from the Ministers on the performance of their respective ministries.
In pursuance of International Monetary Fund''s (IMF) recommendations, State Bank of Pakistan (SBP) has adopted International Financial Reporting Standards (IFRS) as its financial reporting framework. The Central Board of Directors of the SBP in its meeting held on October 25, 2014, approved the financial statements and Annual Performance Review on the working of the bank and its subsidiaries for the year ended June 30, 2014.
The State Bank of Pakistan earned a profit of Rs 268.634 billion, up by 14 percent, for the financial year ended June 30, 2014 (FY14), compared to Rs 235.892 billion in the preceding year (FY13). According to SBP Annual Performance Review for the year 2013-14, the increase in profit has been mainly attributable to higher discount, interest/mark-up and/or return earned and increases in other operating income partly offset by the accumulated loss on re-measurement of defined retirement benefits due to revision in International Accounting Standard 19- Employee Benefit.
The Auditor General of Pakistan (AGP) has confirmed that National Savings Schemes missed the investment target by fetching Rs 1024.25 billion against the target of Rs 1025.19 billion during the financial year 2012-13. The Central Directorate of National Savings (CDNS) is an attached department of the Finance division. It is engaged in the sale of various national savings schemes through its field network having 374 National Savings Centers spread across the country.
Auditor General of Pakistan (AGP) has detected 289 cases of financial indiscipline, embezzlement, miscalculation, weak internal control system and overpayment amounting to Rs 947.5 billion in Water and Power Development Authority (Wapda) which deals with hydropower projects.
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