No relief to the masses despit of low oil prices ease globally.
As the government fears loses millions of rupees in Petroleum Development Levy (PDL) and General Sales Tax (GST) due to the cut in the price of petroleum products. Another reason behind for not reduce the fuel price is the IMF loan as International Monetary Fund (IMF) has approved the release of $500 million for Pakistan, the 8th installment of a $6.64 billion loan aimed at supporting inclusive economic growth in the country. The 8th installment of $500, which will be transferred to Pakistan, would help increase foreign exchange reserves of the country which will cross the mark of $19 billion. The Fund approved the release of the new funds after a review of Pakistan's economic performance. The people are killing their children, wives and suicide in different ways.
In the latest painful incident happened in Multan recently a poverty-hit labourer distressed with the domestic issues committed suicide after slaughtering his wife and four kids. The electricity in Pakistan is very costly and masses demanded reduce the tariff at least 50 per cent. It is surprising that the government does not reduce the fuel prices when the prices of crude oil around $37 per barrel globally. The masses called upon the government to announce cut in petroleum prices to pass on the full benefit of reduced oil prices globally. It is generally believed that the reduction would not bring any substantial decrease in inflation, price hike or put an end to the miseries of common people. You know crude oil is the world's most actively traded commodity because it serves various production needs as a primary raw material and energy source, it is often called 'the black gold'.
The list of the most common commodities and the exchanges they are normally dealt through are given below: Crude oil and derivatives: The most commonly traded commodity is crude oil, and its various derivatives such as heating oil and gasoline. These commodities are mostly traded in the New York Mercantile Exchange (NYMEX), ICE Futures, the Dubai Mercantile Exchange (DME) and the Central Japan Commodity Exchange C-COM. Coffee: The second most traded commodity is Coffee (value wise). Coffee is mainly traded through the New York Board of Trade (NYBOT), the Kansai Commodities Exchange (in Osaka, Japan), the Singapore Commodities Exchange (SICOM) and Euronext (London).
Agriculture - Common commodities in agriculture include wheat, corn, maize, oats, rice, soybeans and they are traded in the Chicago Board of Trade (CBOT), the Kansai Commodities Exchange (in Osaka, Japan), the Risk Management Exchange (RMX-in Hannover), the Minneapolis Grain Exchange, the Winnipeg Commodity Exchange (WCE), The Tokyo Grain Exchange (TGE) and Euronext. Animals and Animal Products - Animals and animal products such as live and feeder cattle, beef, frozen and fresh pork bellies, and eggs are mainly traded in the Chicago Mercantile Exchange (CME), Euronext, the Risk Management Exchange (RMX-in Hannover) and the Central Japan Commodity Exchange (C-COM). Cocoa, butter, orange juice and Sugar: Items like cocoa, butter, orange juice and sugar are also commonly traded in the New York Board of trade (NYBOT) and Euronext.
Metals: Metals such as aluminum, nickel, copper, lead and ferrous scrap are mainly traded in the New York Mercantile Exchange (NYMEX), the London Metal Exchange (LME), the Shangai Futures Exchange (SFE), the Central Japan Commodities Exchange, Hedgestreet Exchange (in California), and the Tokyo Commodities Exchange (TOCOM). Precious metals: The other commonly traded commodities are precious metals such as gold, silver and platinum and they are traded in the New York Mercantile Exchange (NYMEX), the Brazilian Mercantile and Futures Exchange (BMF), the Dubai Gold and Commodities Exchange (DGCX), the National Commodity Exchange Limited (in Karachi, Pakistan) and the Tokyo Commodities Exchange (TOCOM). Plastic: Plastic is traded in the London Metal Exchange (LME) and the Dalian Community Exchange (DCE-China) Natural gas: Natural gas is traded in the New York Mercantile Exchange (NYMEX) and ICE Futures.
Bio-fuels: Bio-fuels is another upcoming commodity and is now being traded in the Brazilian Mercantile and Futures Exchange (BMF), the Bursa Malaysia (MDEX), the Chicago Board of Trade (CBOT), the Chicago Mercantile Exchange (CME) and the New York Board of trade (NYBOT) Historically, Crude oil reached an all time high of 145.31 in July of 2008 and a record low of 1.17 in February of 1946. Brent crude prices, an indicator of global oil prices, hit an 11-year low Monday as production remained at record-highs worldwide and data showed rig drilling in the U.S. rose last week. Prices reportedly fell to $36.17 per barrel in trading around midnight EST, the weakest since 2004, as oversupply concerns dampened market sentiment for most of 2015. Earlier this month, oil futures markets took a dive as Organization of the Petroleum Exporting Countries (OPEC) failed to agree on production cuts to counter the oversupply of crude on global energy markets.
Global crude production is outpacing demand following a boom in U.S. shale oil and after a decision by OPEC not to cut production in order to defend market share in 2014. The situation has further worsened with new supplies looming from Iran, after western sanctions are lifted. Iran's Oil Minister Bijan Zangeneh reportedly said that his country has refused to discuss its production after the lifting of sanctions. "It is our right and anyone cannot limit us to do it," Iran's Oil Minister Bijan Zangeneh reportedly said in a Vienna OPEC meeting on Dec. 4. "And we do not expect our colleagues in OPEC to put pressure on us. ... It is not acceptable or fair."
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|Date:||Jan 31, 2016|
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