Month: November 2023

ISLAMABAD: The oil industry is pressing the government to change the way it calculates the exchange rate for petroleum imports, saying the current formula exposes the private sector to huge losses due to exchange rate fluctuations. The industry has asked for a revision based on the ground realities so that it is not exposed to perpetual suffering due to the…

ISLAMABAD: The wrangle between the Power Division and Chairman Senate Standing Committee on Power, Senator Saifullah Abro on ADB’s project of ACSR Bunting Conductor Lot II A over a reported suspicious contract has intensified and the latter has refused to withdraw recommendations of the Committee of October 17, 2023 including the letter written by Secretary Committee. “Letter has been written…

ISLAMABAD: Water and Power Development Authority (Wapda) has challenged National Electric Power Regulatory AUTHOIRTY (NEPRA) decision on hydroelectric tariff determination for FY 2022-23, accusing the power sector regulator of denying justified costs. Wapda had sought increase of Rs 3.95 per unit on the basis of revenue requirement of Rs 123.315 billion for the FY 2022-23 whereas the regulator allowed an…

ISLAMABAD: The federal government has reportedly scrapped the proposed Winter Package for industry across the country after its failure to secure nod from the International Monetary Fund (IMF), well informed sources told Business Recorder. Finance Division had also termed the “shelved” four-month electricity ‘winter package’ for industry on incremental consumption as “vague and in violation of international commitments.” Power Division had…