Cricket is not Cricket without Shahid Afridi

Pakistan State Oil Ltd (PSO) held its analyst briefing earlier today to discuss 9MFY25 financial results and future outlook: ·         PSO reported net sales of PkR2,336bn during 9MFY25, down 13%YoY, primarily due to lower average fuel prices and a 7% YoY decline in delivered volumes to 5.3mn tons. ·         However, Unconsolidated net profit rose 14%YoY to PkR15.3bn (vs. PkR13.4bn in 9MFY24), supported by lower finance costs and higher other income.   ·         On a consolidated basis, profitability declined 42%YoY to PkR10.7bn, as falling oil prices and weak refinery margins weighed on overall earnings. ·         Company expanded its footprint by commissioning 67 retail outlets during the period, bringing country-wide total to 3,641 outlets. ·         Company’s future initiatives include: i) EV charging stat...

Ministry asked to get IMF nod for oil tax The Special Investment Facilitation Council (SIFC) has directed the Ministry of Finance to swiftly secure consent of the International Monetary Fund (IMF) for imposing sales tax on petroleum products as the matter has stalled investments of $6 billion in refinery upgrade projects. The government had earlier agreed to remove sales tax exemption on petroleum products to support struggling oil refineries and oil marketing companies. It committed to imposing 5% sales tax on petroleum, but did not include it in the Finance Bill 2025, sparking concerns in the oil industry. The Oil Companies Advisory Council (OCAC) – an industry lobby – had also raised the issue with the federal government for failing to meet the commitment and for continuing the tax exemption. The oil industry claims it has suffered Rs34 billion in losses during the ongoing financial year, which has prompted the government to allow loss recovery through the inland freight equalisati...

• The IMF Executive Board completed the first review under the Extended Fund Facility (EFF) Arrangement, allowing the authorities to draw the equivalent of about $1 billion. The authorities have demonstrated strong program implementation, which has contributed to improving financing and external conditions, and a continuing economic recovery. • Moving forward, policy priorities will include advancing reforms to strengthen competition, raise productivity and competitiveness, reform SOEs, improve public service provision and energy sector viability, and build climate resilience. • The Executive Board also approved the authorities request for an arrangement under the Resilience and Sustainability Facility (RSF), which will support Pakistan’s efforts in building economic resilience to climate vulnerabilities and natural disasters, with access of around $1.4 billion. Washington, DC – May 9, 2025: Today, the Executive Board of the International Monetary Fund (IMF) completed the first revie...