Business
Pakistan mulls revising NFC award to align with IMF conditions: sources – SUCH TV
The Government of Pakistan is weighing significant revisions to the National Finance Commission (NFC) Award following IMF pressure to curb the federal deficit and address mounting debt.
Official sources said the IMF has recommended changes to the NFC formula to improve fiscal discipline, which may reduce the provincial share of 57.5 percent from the divisible pool.
If provinces resist, the government could push the changes through the 27th Constitutional Amendment.
The population-based share, currently 82 percent, is also under review, with new criteria such as poverty rates, tax performance, and population density being considered.
Provinces may be asked to generate more of their own revenue instead of relying heavily on federal transfers.
Additionally, plans are under discussion to devolve the Benazir Income Support Programme (BISP) and shift responsibility for the Annual Development Plan (ADP) to provincial governments.
These measures are part of IMF’s conditions to cut federal spending and create fiscal space.
Finance Minister of Pakistan Muhammad Aurangzeb recently reviewed the 7th NFC Award data, including provincial tax shares and BISP allocations.
He asked officials to prepare working papers for the next meeting.
The first NFC Award meeting with provinces has been delayed and may now happen in September or October.
Khyber Pakhtunkhwa has written to the Prime Minister of Pakistan to call the meeting soon.
Sources say the federal government of Pakistan may ask provinces to accept a smaller share of funds.
Final plans will need the Prime Minister’s approval before talks with provinces.
IMF pressure shows the strong link between reforms and financial support.
Changing the NFC Award will be politically sensitive, but officials say it is needed to meet IMF conditions and stabilise Pakistan’s economy.
The conflict in the Middle East has rattled financial markets and global energy prices have soared.
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Petrol, Diesel Price On March 4: Check City-Wise Rates Across India Including In Delhi, Mumbai and Chennai.
Petrol, Diesel Prices On March 4.
Petrol and Diesel Prices on March 4, 2026: OMCs update petrol and diesel prices daily at 6 AM, aligning them with fluctuations in global crude oil prices and currency exchange rates. This daily revision promotes transparency and ensures consumers have access to the most up-to-date and accurate fuel prices.
Petrol Diesel Price Today In India
Check city-wise petrol and diesel prices on March 4:
| City | Petrol (₹/L) | Diesel (₹/L) |
|---|---|---|
| New Delhi | 94.72 | 87.62 |
| Mumbai | 104.21 | 92.15 |
| Kolkata | 103.94 | 90.76 |
| Chennai | 100.75 | 92.34 |
| Ahmedabad | 94.49 | 90.17 |
| Bengaluru | 102.92 | 89.02 |
| Hyderabad | 107.46 | 95.70 |
| Jaipur | 104.72 | 90.21 |
| Lucknow | 94.69 | 87.80 |
| Pune | 104.04 | 90.57 |
| Chandigarh | 94.30 | 82.45 |
| Indore | 106.48 | 91.88 |
| Patna | 105.58 | 93.80 |
| Surat | 95.00 | 89.00 |
| Nashik | 95.50 | 89.50 |
Key Factors Behind Petrol and Diesel Rates
Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments.
Oil Marketing Companies (OMCs) update fuel prices daily at 6 am, adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps.
Key Factors Influencing Fuel Prices in India
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Crude Oil Prices: Global crude oil prices are a primary driver of fuel prices, as crude is the main input in petrol and diesel production.
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Exchange Rate: Since India relies heavily on crude oil imports, the value of the Indian rupee against the US dollar significantly affects fuel costs. A weaker rupee typically translates to higher prices.
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Taxes: Central and state-level taxes constitute a major portion of retail fuel prices. Tax rates vary across states, leading to regional price differences.
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Refining Costs: The cost of processing crude oil into usable fuel impacts retail prices. These costs can fluctuate depending on crude quality and refinery efficiency.
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Demand-Supply Dynamics: Market demand also influences fuel pricing. Higher demand can push prices up as supply adjusts to consumption trends.
How to Check Petrol and Diesel Prices via SMS
You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by “RSP” to 9224992249. BPCL customers can send “RSP” to 9223112222, and HPCL customers can text “HP Price” to 9222201122 to receive the current fuel prices.
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March 04, 2026, 07:33 IST
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Gold slumped more than 5%, ending a four-day rally on Tuesday. The metal was weighed down by a stronger dollar and fading prospects of an interest rate cut as inflation concerns intensified against the backdrop of a potentially prolonged conflict in West Asia. Spot gold was down 5.6% at $5,029.59 an ounce whereas prices had hit an over four-week high in the previous session. US gold futures lost 5.1% to $5,041.50.The US dollar, a competing safe-haven asset, rose to an over one-month peak, making dollar-priced bullion less affordable for holders of other currencies. US Treasury yields rose for a second consecutive session.Indian bullion traders and associations are speculating that gold could attain Rs 2 lakh per 10 gm and silver may well scale Rs 3.5 lakh per kg if the conflict does not abate swiftly.Spot silver fell 11.2% to $79.42 an ounce after climbing to a more than four-week high on Monday. As the Iran conflict entered its fourth day, crude oil benchmarks jumped over 8% in response.
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