The session, led by Semih Kumluk, Ph.D., Head of AI and Digital at PwC Academy in the Middle East and one of LinkedIn’s Top Voices on Artificial Intelligence (AI), explored how AI can revolutionize the pharmaceutical industry in Pakistan.

The workshop drew participation from key pharma industry officials.

In a conversation with Business Recorder on the sidelines of the event, Kumluk emphasized that AI’s integration offers immediate productivity gains across various sectors, including pharmaceuticals.

“When you use AI to complete a task, studies suggest that you can achieve up to 40% time savings,” he said. “In the pharmaceutical industry, AI allows for more informed decisions by combining available data and running algorithms that generate useful insights for healthcare professionals.”

Kumluk identified data sharing as a major obstacle to fully realizing AI’s potential in Pakistan’s pharmaceutical sector. “Data sharing is not very high at the moment. A dedicated data collection program embedded with AI algorithms could promote greater data exchange and lead to valuable insights.”

He further elaborated on AI’s role in predictive maintenance for pharmaceutical manufacturers, ensuring smoother operations by reducing machine downtimes.

Additionally, AI-driven logistics optimization can streamline supply chains, offering quick and effective solutions to challenges faced by the industry. “From a manufacturing perspective, overall equipment effectiveness can be significantly increased with AI,” Kumluk said.

Kumluk suggested a few immediate steps for Pakistan’s pharmaceutical industry to benefit from AI.

“AI can be applied to sales forecasting and manufacturing operations right away,” he noted. He also advocated for a nationwide data collection program to harness AI’s power, saying, “Data from public health records can provide immense value for future decision-making.”

Speaking at the event, former PPMA Chairman and Managing Director of PharmEvo, M. Haroon Qassim, stressed the importance of staying ahead of technological trends.

“At PPMA, we aim to introduce our professionals to the latest technologies, including AI, to enhance production, marketing, and exports,” Qassim remarked. He further explained that AI is particularly effective in improving efficiencies across the value chain, making Pakistan’s pharmaceutical products more competitive in the global market.

“Cost-effectiveness is a major factor when competing internationally. AI not only improves efficiency but also ensures better quality products at affordable prices for the masses.”

Qassim also urged the government to support the industry by allowing the pharmaceutical sector to retain a larger share of export revenues. “We’ve seen how the IT industry’s export growth was facilitated by allowing them to retain a bigger percentage of their revenues. We want similar support for the pharma sector to help it expand internationally.

“If we focus properly, we can increase pharmaceutical exports from the current $300 million to between $2 billion and $3 billion within the next five years,” Qassim stated.

He emphasized the need for government support to help the industry achieve this target. “We want the government to prioritize the pharmaceutical sector in its trade relations with other countries to facilitate this growth.”

Qassim also pointed out a key challenge faced by the sector: “Currently, we are only allowed to retain 15% of our export revenues by the State Bank. Similar to the IT sector, where we’ve seen significant export growth, we are requesting the government to allow the pharmaceutical industry to retain 35% of its revenues. This will enable us to expand further into international markets and compete more effectively.”

Former PPMA Chairman Dr. Qaiser Waheed highlighted the necessity of adopting digital technologies to remain competitive.

“If any industry or organization doesn’t adapt to the digital transition, it will be left behind,” said Waheed. He emphasized that the pharmaceutical industry, in particular, must embrace AI, robotics, and digital transformation to stay competitive globally.

“The world is moving towards AI, nanotechnology, and other advancements that are improving drug quality and delivery,” Waheed explained. “By adopting these technologies, we will be able to significantly enhance the quality of drugs and healthcare services.”

Syed Jamshed Ahmed, Deputy CEO of PharmEvo, shed light on how AI can address pressing challenges in Pakistan’s healthcare system. “AI can play a transformative role in solving issues such as access to immediate care in rural areas,” Ahmed said.

“For instance, if someone in a remote district like Dadu suffers a heart attack, AI can help medical consultants provide immediate care remotely, potentially saving lives.”

Ahmed also pointed out the shortage of specialized medical professionals in Pakistan, with only 200-250 neurologists serving a population of 250 million. “AI could be used to support these professionals by aiding in diagnostics and consultations. This would allow them to serve a much larger population, making healthcare more accessible to all.”

He added that while the industry is still catching up to global technological trends, workshops like these are helping bridge the gap.

In a LinkedIn post following the workshop, Semih Kumluk provided a broader perspective on AI’s transformative role in the pharmaceutical industry. He outlined several key areas where AI is making a lasting impact, including drug discovery, personalized medicine, and supply chain management.

“AI is now accelerating drug discovery by identifying potential drug candidates much faster than traditional methods,” Kumluk noted. “Additionally, personalized medicine—where treatment plans are tailored to an individual’s genetic profile—will become more common as AI can analyze patient data to predict responses to medications.”

He also highlighted how AI is improving clinical trial processes by helping with patient recruitment and data analysis, thus reducing costs and improving the accuracy of trial results. AI is also enhancing supply chain operations by optimizing resource management, ensuring timely drug delivery, and minimizing waste.

While Kumluk is optimistic about the future of AI in pharma, he also cautioned against potential ethical challenges. “AI raises important questions around data privacy and algorithmic bias. Ensuring AI is used ethically is crucial for maintaining patient trust and advancing the industry responsibly.”

Copyright Business Recorder, 2024

He was speaking at the plenary meeting of the special session of World Economic Forum on the theme of “Rejuvenating Growth”.

He said, “The world will not be in peace unless there is a permanent peace in Gaza.”

As he talked about Gaza, the audience in the hall responded with resounding applause.

He said the conflict in Ukraine brought to the world skyrocketing commodity prices, and Pakistan could not import and procure vital raw materials for industry and agriculture.

“On top of that inflation is breaking the back of developing countries,” he said. Coupled with that, Pakistan faced devastation in 2022 due to huge unimaginable floods.

The prime minister said, “Pakistan is one of those countries which have nothing to do with the reasons leading to climate change. Our contribution to emissions is not even fraction of one percent.”

Due to the catastrophic floods in Pakistan, large swathes of land were submerged, millions of houses and animals were washed away, and stagnant water brought water borne diseases all across the country, he continued. He said his government spent Rs 100 billion from scarce resources for relief and rehabilitation of the flood victims.

“We are grateful to the friendly countries including Saudi Arabia, Gulf countries, the United Kingdom, the United States and many other countries for their support at a difficult time.”

Pakistan’s economy suffered losses of 30 billion dollars because of the floods and then it approached international entities in Geneva and other places and had to borrow loans at expensive rates due to the natural disaster which was not its fault, he mentioned.

“Our country was hit in a way which I had not seen in my life time,” he remarked.

He gave the example of his family to express his determination and resolve to put Pakistan on the road to progress and prosperity.

He said his father and his brothers were sons of a poor farmer in undivided India and they migrated to Lahore, Pakistan at the time of partition.

With the sheer dint of hard work, in 1965 his father and family raised the largest steel engineering company in Pakistan but it was nationalized on January 2, 1972, he said, adding his family stood up and accepted the challenge and in next 18 months set up six new small factories to avoid further nationalization. He said global north and south were dependent on each other and had to work together to face the present challenges.

The prime minister said after taking over reins of the country early this year, he was determined to put things in order.

Talking about the issues facing Pakistan, he said the power sector was in a shambles due to massive electricity theft and an elitist culture was doling out to those who did not deserve it.

He told that for the first time in the country’s history after getting credible input from agencies he removed high level officers who were not functioning well and had grey records.

“Our revenue sector is in tatters and what we receive annually in revenue, we lose four times due to leakages in the system. Unless we plug loopholes we will not recover from our problems in revenue collection,” he explained.

He said there were also problems of inflation and debt trap which was a “death trap”.

He said, “I acknowledge from the core of my heart the support of Saudi leadership for Pakistan for overcoming economic challenges. A friend in need is a friend indeed.”

He appreciated the UK’s Department for International Development for its outstanding support for Pakistan in sectors of health and education in the past.

He said his government was going for deep rooted structural reforms and meaningful austerity.

Pakistan had a very young population - millions of boys and girls - which was not only a challenge but also a great opportunity, he added.

“I want to confirm that the $2-billion deposit from China, which was due on 23 March, is no longer pending,” said Dar, while answering a query raised by Pakistan Peoples’ Party (PPP) Senator Raza Rabbani in Parliament.

“Moreover, the documentation (of this loan) for 2023-24 is also completed” he said.

Earlier, Reuters reported that China is still working on a request by Pakistan to roll over the loan that matured last week, citing a top finance ministry official.

“It is a work in progress,” Reuters quoted the official as saying, on condition of anonymity. “Formal documentation is underway” and a formal announcement will be made, they had added.

But Dar said the report was “totally speculative”.

The rollover was critical for the South Asian nation as its foreign exchange reserves have dipped to just four weeks worth of imports at a time when it is locked in talks with the International Monetary Fund (IMF) to secure bailout funds.

On Thursday, the SBP reported that its foreign exchange reserves have decreased $354 million, clocking in at $4.2 billion as of March 24. This was the first decline after almost one-and-a-half months.

Technical-level talks with IMF are over: Ishaq Dar

Meanwhile, Dar explained that Pakistan conducts two types of business with China.

“One is the SAFE deposit, which is a business between the central bank of China and the central bank of Pakistan (State Bank of Pakistan), which is a sovereign business.”

“The second business is with the commercial banks of China including Industrial and Commercial Bank of China (ICBC), Bank of China, and China Development Bank,” he said.

As Pakistan struggles to avert a default on its obligations, the only help so far has come from longtime ally Beijing.

Earlier this month, Dar confirmed the country’s central bank had received $500 million from ICBC. This transfer was the second disbursement of $500 million for Pakistan as part of a US$1.3b rollover facility from the institution.

China Development Bank had also refinanced a $700-million loan in February, bringing the total facility from Chinese institutions to $2 billion.

As per the data, the REER increased by 0.20% on a yearly basis. On a monthly basis, the REER value declined by 1.34%.

A REER below 100 means the country’s exports are competitive, while imports are expensive. Experts say that a REER close to 100 means that the currency does not favour export competitiveness or imports.

The SBP says a REER index of 100 should not be misinterpreted as denoting the equilibrium value of the currency. “Movement of the REER away from 100 simply reflects changes relative to its average value in 2010 and is unrelated to its equilibrium value,” the central bank said in an explanatory note on the topic.

Pakistan’s REER rises to 17-month high at 100.4 in October

Experts attributed the development to rupee’s depreciation against the US dollar during the month of November, whereas the inflation rate also slowed down to 23.84% in comparison to 26.6% in October.

Market experts say the decrease in REER value makes Pakistan’s exports more competitive.

What is REER?

As per the central bank, REER is an index of the price of a basket of goods in one country relative to the price of the same basket in that country’s major trading partners.

“The prices of these baskets expressed in the same currency using the nominal exchange rate with each trading partner. The price of each trading partner’s basket is weighted by its share in imports, exports, or total foreign trade,” the SBP website says.

During July-October FY23, FDI inflows were $514.5 million against outflow of $166.2 million.

Net FDI during the same period (July-October) of the previous fiscal year amounted to $726.5 million — a decline of $378.2 million.

During October alone, net FDI amounted to $94.9 million, a 62% decrease when compared with the same month of the previous year i.e. $247.3 million.

On a month-on-month basis, FDI was up 13%, in comparison to $84 million clocked in September.

Net FDI falls over 26% in first two months of FY23 29

Meanwhile, during four months of FY23, overall Chinese investment in the country declined sharply by 27%. However, China still remained the largest investing country, accounting for 14.5% of the total share with net FDI of $74.8 million compared with $102 million during the same period last year.

The UAE emerged as the second-largest investor with a net FDI of $69 million, compared with $54 million during the same period last year, an increase of 27.7% and accounting for 13% of the total share.

During 4MFY23, energy sector attracted the major share of investment i.e. 30% ($155.5 million) followed by financial business sector ($97.5 million) and oil & gas exploration ($18.5 million).

The development comes at a time when the country faces a shortage of dollars as it makes efforts to increase foreign exchange reserves through non-debt-creating inflow.

While Pakistan has recently received some $1.5 billion inflows from the Asian Development Bank and the World Bank also announced a $1.3 billion package for the country, investments remain elusive.

Meanwhile, Pakistan’s current account deficit (CAD) shrank by 46.8% during the first four months of this fiscal year (FY23) due to a lower import bill and marginal increase in exports, SBP said on Monday.

“In the coming twelve months, Pakistan has to pay back $22 billion to meet its multilateral and commercial liabilities. The country’s current account deficit is projected to be around $10 billion-12 billion, which needs to be paid back,” Dar said in an interview with a private channel on Monday night.

“However, we have covered half the mileage ... we have secured financial commitments of around $13 billion to $14 billion, which includes commitments from China and Saudi Arabia,” said Dar, adding that he would visit UAE in the coming days.

He said that Pakistan's foreign exchange reserves include deposits from Saudi Arabia and UAE plus swaps from China.

Pakistan has been desperately seeking dollar inflows to meet its balance-of-payments needs. The foreign exchange reserves held by the State Bank of Pakistan (SBP) increased $1.47 billion on a weekly basis, clocking in at $8.91 billion as of October 28, 2022. Meanwhile, total liquid foreign reserves held by the country stood at $14.68 billion. Net foreign reserves held by commercial banks clocked in at $5.77 billion.

On talks with the International Monetary Fund (IMF), the finance minister reiterated that no measures would be taken that are not in public interest. “So far we are on track (with the IMF programme),” he said.

The IMF has expressed serious reservations against the recently-announced financial package of Rs1,800 billion for farmers and supply of electricity to five export-oriented sectors at Rs19.99/ kWh the cost of which has been estimated to be Rs110 billion, as the international lender seeks a reversal of both decisions by or compensate through new tax measures (mini-budget).

In the interview, Dar said that the agri-package was “justifiable” and the government remains in correspondence with the IMF.

On the exchange rate, Dar said market players are involved in speculative trading.

“Looking at the balance sheets of banks, they used to make a profit of less than Rs8 billion to Rs10 billion annually in exchange rate transaction fluctuations, which has risen to over Rs50 billion,” he said.

“There are two means of action, the regulator (SBP) can impose a penalty on such institutions, while the federal government could take fiscal actions. We are considering both of them,” said Dar.

The finance minister added that the SBP would be taking action against such players, the impact of which would be seen in coming days.

The ‘Khyber Pakhtunkhwa Health Systems Strengthening Program' agreement was signed by Secretary, Ministry of Economic Affairs Dr Kazim Niaz and ADB’s Country Director, Pakistan Resident Mission, Yong Ye, read a ministry statement.

An agreement was also signed between the Government of Khyber Pakhtunkhwa and ADB for the implementation of the programme.

The results-based loan programme will help improve the delivery of health services at secondary hospitals by modernising infrastructure and equipment; ensuring clinical protocols, standards, and guidelines are implemented; and improving human resources planning and medicine supply chain management, said the ministry.

Release of $1.5bn by ADB confirmed

The program aims to transform Khyber Pakhtunkhwa’s Secondary Healthcare (SHC) System by upgrading infrastructure of 33 existing SHC facilities, providing quality equipment and ensuring posting and availability of medical, technical, and administrative staff.

It will also help with efficient outsourcing of certain services to the private sector, introducing and enhancing health management information systems including electronic medical records, and introducing quality assurance regimes.

It is estimated that the programme will benefit some 38 million people, including women in need of maternal healthcare services, and will reduce infant and maternal mortality rates.

Last month, ADB approved $1.5 billion in financing to help the government of Pakistan provide social protection, promote food security, and support employment for its people amid devastating floods and global supply chain disruptions.

The loan, provided under ADB’s Building Resilience with Active Countercyclical Expenditures (BRACE) Programme, will help fund the government’s $2.3 billion countercyclical development expenditure program designed to cushion the impacts of external shocks, including the Russian invasion of Ukraine.

Moreover, $475 million were also repurposed from the existing development for rehabilitation and reconstruction of flood-affected infrastructure in Balochistan, Khyber Pakhtunkhwa and Sindh.

The lowest offer on Wednesday was believed to have been submitted by trading house Aston for 120,000 tonnes, they said.

Trading house Solaris is also believed to have matched the lowest price, also offering $373.00 a tonne c&f for 260,000 tonnes, traders said.

Other trading houses are being asked by the state Trading Corporation of Pakistan (TCP) to match the lowest price for the remaining 120,000 tonne volume in the tender, they said.

Traders said they believed Russian wheat would be chosen to supply Pakistan, but technically offers are optional origin with the source country being declared later on shipment.

Offers submitted in the tender have to remain valid until Saturday.

Eight trading houses were initially assessed to be participating and no purchase has yet been reported.

Pakistan gets offers in 500,000 tonne wheat tender

The tender was issued after massive floods in September in Pakistan inundated farmland, damaging crops and sweeping away homes, bridges, roads and livestock, causing an estimated $30 billion of damage.

Shipment in the tender is sought in 2022 in consignments of at least 100,000 tonnes between Nov. 13-Nov. 18, Nov. 21-Nov. 26, Nov. 29-Dec. 4, Dec. 7-Dec. 12 and Dec. 15-Dec. 20.

Shipments must be organised so that all wheat arrives in Pakistan by Jan. 10, 2023.

The finance minister, who is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC, met with Vicky Ford, UK Minister of State for Foreign, Commonwealth and Development Office (FCDO).

The federal minister thanked the UK government for financial support and assistance to meet the challenges posed by floods, which devastated the north and south of Pakistan leading to the deaths of over 1,400 persons while displacing millions.

Dar also appreciated the trade concessions afforded to Pakistan and other developing countries under the Developing Countries Trading Scheme (DCTS), read the statement.

Ford assured of the UK’s continued support for Pakistan during this difficult period. The two sides discussed ways to further deepen bilateral development cooperation.

IMF, World Bank leadership assure Dar of continued support for Pakistan

Moreover, United States Assistant Secretaries, Ramin Toloui and Donald Lu called on Ishaq Dar at Pakistan Embassy to express solidarity with Pakistan over devastating floods and assure continued US support for Pakistan’s relief and recovery efforts, read the statement.

“Other issues of mutual interest were also, discussed,” it added.

The finance minister also led Pakistan’s delegation to a high-level round table on Pakistan’s floods - impact and response, cochaired by Martin Raiser, Vice President of World Bank and Nigel Casey, UK Prime Minister’s Special Representative for Afghanistan and Pakistan.

The Ministry of Finance said that the round table was attended by all major bilateral and multilateral development partners and donors.

Initial findings of Pakistan’s post-disaster need assessment jointly prepared by the World Bank, Asian Development Bank, UNDP, EU and the Government of Pakistan were presented in the round table.

In his concluding remarks, Dar emphasized the need to provide adequate support to Pakistan to meet the challenges of recovery and rehabilitation.

Dar holds ‘very productive’ meeting with IMF’s Deputy MD: MoF

Furthermore, Dar also met Jihad Azour Director of the Middle East and Central Asia Department at the IMF and discussed the implementation of the IMF program. The IMF’s official expressed sympathy for the losses caused by the floods and assured the finance minister of the IMF’s support.

Moreover, Dar held a “very productive” meeting with H.E. Sultan Abdul Rehman Al Murshid, CEO Saudi Fund for Development (SFD), said the statement.

The finance minister conveyed Pakistan’s deep gratitude for the support provided by KSA to Pakistan at all times and welcomed the forthcoming visit of the SFD team to Pakistan. CEO SFD assured of SFD’s continued support to Pakistan, read the statement.

The development was announced by IMF’s Director of the Middle East and Central Asia Jihad Azour during a media briefing on Thursday night.

“We have a program with Pakistan that has been extended and increased in size. This is to help Pakistan deal with the confluence of shocks starting with the Covid crisis where we provided additional flexibility.

“We had recently completed a review that provided Pakistan with $1.2 billion and hopefully we will be fielding a mission in November after the annual meetings to Pakistan in order to start with the authorities preparing for the next review,” the IMF official said.

Azour said that the Fund is waiting for the assessment of the damages that the World Bank and UNDP are conducting “in order to see what are on one hand the repercussions on public finance and the impact on the economy and on the society”.

Responding to a question, Azour urged Pakistan not to give ‘untargeted subsidies’ to consumers as it is a "waste of resources".

“On the issue of subsidy, as in other parts of the world, subsidy that is targeted to support certain items has proved not to be very effective. I would say it has proved to be very regressive,” he said.

“And in our regional economic outlook we are again looking at this issue that is showing that this is not the best way to use the very limited fiscal space that exists.

“Therefore, we are encouraging Pakistan as well as also other countries to move from an untargeted subsidy that is a waste of resources and to dedicate those resources to those who need it,” he added.

Giving an example, Azour said that the "region spends on social protection 2% of GDP and in certain cases what countries are spending on subsidies could be the double of that.

"Therefore, it’s very important to use this moment where challenges are mounting, where increase in prices is hurting, to reallocate the resources for those who need it most," he said.

However, the IMF official elaborated that "this is something that it’s not, I would say, part of the IMF conditionalities, this is part of what is needed in order to provide the right protection for those who need it at the time where inflation is very high".

It is pertinent to mention, Federal Minister for Finance and Revenue Ishaq Dar held key meetings with the top officials of the International Monetary Fund (IMF), World Bank and various financial institutions.

Dar is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC.

The finance minister, who is leading Pakistan’s delegation in the IMF / World Bank’s 2022 Annual meetings being held in Washington DC, met with Antoinette Sayeh, Deputy Managing Director IMF.

Dar apprised the IMF’s official of the damages caused by the unprecedented floods in Pakistan. He shared the Government of Pakistan’s vision for stabilizing the economy and carrying out sustainable and resilient recovery.

Sayeh appreciated the government’s policies and assured of IMF’s continued support to Pakistan.

Dar holds ‘very productive’ meeting with IMF’s Deputy MD: MoF

Furthermore, Dar in his meeting with David Malpass, President World Bank, thanked the global creditor for its continued support in the socio-economic development of Pakistan.

Dar lauded the World Bank for its assistance in rescue and relief operations in the aftermath of the unprecedented devastating floods. As per the statement, President Malpass assured that the bank would continue to work with the government to help Pakistan overcome its socio-economic challenges due to the floods.

Meanwhile, in a separate meeting, the finance minister thanked Martin Raiser, Vice President of South Asia Region (SAR), World Bank for undertaking a visit to Pakistan amid the devastation caused by the floods.

Dar leaves for US to hold negotiations with IMF, World Bank

Dar said that the visit helped in projecting the tremendous damages caused by the devastating floods. Raiser assured that his institution would continue to support Pakistan in overcoming its economic difficulties.

Moreover, Dar also met with Dr Muhammad Sulaiman Al Jasser, President of the Islamic Development Bank (IDB).

During the meeting, the finance minister thanked IDB for its continued engagement with Pakistan. He appreciated that Pakistan and IDB had remained trusted partners for decades. President Al Jasser appreciated the measures being taken by Pakistan’s government to stabilize the economy while providing relief to the flood victims.

The finance minister also held meetings with the leadership of Deutsche Bank and J.P. Morgan, and elaborated upon the government’s vision to stabilize the economy, while also providing relief to the victims of the flood.

“He assured that the incumbent government was committed to completing the IMF’s programme.

“The delegation also met with rating agencies and participated in several events being held during the Annual Meetings,” read the statement.

On Wednesday, the 13-nation OPEC cartel and its 10 Russian-led allies agreed to reduce production by two million bpd from November 2022 to December 2023 at a meeting in Vienna, said Iran’s OPEC Governor Amir Hossein Zamaninia.

It was the biggest cut since the height of the Covid pandemic in 2020. Soon after the announcement, the US retaliated by hinting towards ramping up the rate at which it has released its Strategic Petroleum Reserves (SPR) of oil.

Of the member countries, the greatest cuts have been volunteered by Saudi Arabia and Russia, of about 526,000 bpd each. Other notable cuts are expected from Iraq and UAE, of ~220,000 and 160,000 bpd, respectively.

“The group is motivated to keep prices higher in order to shore up the fiscal revenues of the member countries,” said AKD Securities.

Following the decision, the price of oil shot up and is currently trading above $93 per barrel, as it stabilised near three-week highs.

Meanwhile, the demand for oil is expected to increase in the winters this year, as natural gas prices have increased to levels where usage for power production and heating is no longer viable, the brokerage house said.

Biden ‘disappointed’ with OPEC+’s ‘shortsighted’ output cut

This could translate into high crude oil prices, which would keep the economy of Pakistan under pressure, in the form of higher import bills, as petroleum group imports account for 30% of total imports in FY22, along with inflationary pressures, said the report.

“Hence, higher crude oil prices could prove to be detrimental for Pakistan's economy,” it said.

Furthermore, the report said that 9% and 19% of power generation in FY22 was on furnace oil and RLNG, respectively, the prices of which track international oil prices, hinting at a price jump in these commodities following a rise in demand.

The old ex-depot price of petrol was Rs227.19 per litre while HSD was at Rs244.95 per litre.

Govt reduces petrol price by Rs3.05, jacks up the rate of high-speed diesel by Rs8.95

Kerosene oil saw a reduction of Rs1.67 with the new price now at Rs199.40. The price of light diesel saw a Rs0.43 increase, taking it from Rs191.32 to Rs191.75.

The new rates go into effect from August 16.

Earlier, oil refineries estimated an increase of up to Rs16.48 in the prices of petroleum products.

In a press conference on Saturday, Minister of State for Energy (Petroleum Division) Musaddiq Malik said that the Oil and Gas Regulatory Authority (Ogra) determines the price of petroleum products on the basis of the last 15 days' average and the exchange rate for a letter of credits (LCs) is applicable 16 days back.

“The impact of reduction of oil prices is usually transferred after 15 days, not immediately,” he explained.

Oil refineries’ estimates: POL products’ prices may soar by up to Rs16.48 per litre

Upon arrival at port of Mombasa, PN Ship was received by High Commissioner of Pakistan to Kenya, Pakistan Defence Advisor and host country naval officials, said a Pakistan Navy news release.

During the ship stay at Mombasa, Mission Commander and Commanding Officer of PNS NASR called on Kenyan Principal Secretary for Defence, Deputy Governor Mombasa and Commander Kenyan Navy. During the interactions, matters of mutual interest and enhancement of bilateral cooperation were emphasized.

The Mission Commander conveyed sincere regards of Chief of the Naval Staff Admiral Muhammad Amjad Khan Niazi for the people of Kenya in general and Kenyan Navy in particular.

The Mission Commander also appraised the dignities on deteriorating situation and human rights violations being perpetrated by the Indian Armed forces against innocent people of Illegally Indian Occupied Jammu and Kashmir (IIOJK).

He highlighted the illegality of the Indian annexation of IIOJK and its disputed status as per the resolutions of the United Nations. Earlier, during the deployment, Pakistan Navy Ship NASR encircled African continent and visited Djibouti, Sudan and Benin.

During the visits PN Ship gifted food aid as humanitarian gesture of solidarity and friendship for the people of these countries.

PNS NASR visit to African countries is in line with the Government of Pakistan Engage Africa policy that seeks to explore new avenues of cooperation, strengthening bilateral ties and developing interoperability with African countries.

The event featured 30+ real estate projects, for which Zameen.com is the exclusive sales and marketing partner, including Icon Valley Phase 2, Pace Circle, Sitara Serene Tower, 3-Jays Tower, Residence 15, Zaamin City by Pak State, Zee Avenue, Platinum Homes, Dream Gardens Lahore, and Grand Square Mall. Zameen Development’s projects were highlighted on the occasion as well, including Zameen Quadrangle, Zameen Aurum, and Zameen Opal.

Special ‘Independence Day’ discounts worth millions of rupees were offered to the attendees, while a cake cutting ceremony was also held to commemorate the auspicious occasion. Zameen Project Sales Directors Basil Hafeez, Hafiz Usman Sarwar, Ali Rehan, and Haider Murtaza were also present during the event, along with Senior Marketing Manager Rizwan Kazmi.

Speaking on the occasion, Zameen.com’s Senior Director Chaudhry Laeeque Iftikhar stated that Zameen.com had always delivered the best and most trustworthy projects to the public and that the company would continue to do so in the future. The projects onboarded by Zameen offer potential customers the best facilities in the market and incredible investment opportunities with great returns. He added that the real estate industry played a vital role in the development of the country’s economy and that the success of over 70 other local industries was dependent on the growth of the property sector.

At the conclusion of the event, Zameen.com’s Sales Experts took the time to present a statistical overview of the current market situation, in addition to providing information on safe and secure real estate investment opportunities in the city and beyond. The efforts of Zameen.com in this regard were appreciated by the large crowd of attendees at the event.

Deposits of the Bank as on December 31, 2020 were Rs. 1,099,686 and Profit after tax was Rs. 17,812 million.

According to police officials, the victims have been identified as Ikram Pal (father), his son Shabbir, and his daughter Neha. They said that the motive behind the killings remains unclear at this stage.

Residents said that the bodies were discovered nearly two weeks after the murders had occurred. The crime came to light only after a foul odour began spreading in the neighbourhood, prompting concerned neighbours to alert authorities.

Relatives of the deceased claim that Ikram and his daughter Neha were found bound with ropes, while Shabbir appeared to have suffered severe head injuries. They said the advanced state of decomposition made the recovery process difficult and distressing.

“We had no personal enmity with anyone,” said a relative of the victims, expressing shock and grief over the incident.

Upon receiving information, a police team led by the Station House Officer (SHO) of the Industrial Area Police Station reached the scene and shifted the bodies to the Pakistan Institute of Medical Sciences (PIMS) for autopsy.

Police officials said that a forensic team from the city police has collected evidence from the crime scene, and an investigation is currently underway. Police officials have assured that all possible angles are being explored to determine the cause of the incident and to bring the perpetrators to justice.

“This is a deeply disturbing case. We are committed to conducting a thorough investigation and ensuring that those responsible are held accountable,” they said.

Copyright Business Recorder, 2025