Day: February 1, 2024

KCCI REJECTS UNEXPECTED HIKE IN PETROLEUM PRICE Hike in petrol price to hit all segments of society, terribly affect industrial production: Iftikhar Sheikh

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KCCI-Import

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh, while rejecting the unexpected hike in price of petroleum, stated that although a hike somewhere in between Rs5 to Rs9 per liter was being expected as prices of petroleum products have increased in the international market but it was highly unfair to blatantly raise petrol price locally by Rs13.55 per liter which would terribly hit all segments of society and intensify the hardships particularly for general public, besides terribly affecting the industrial production as the cost of doing…

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NEPRA mulls record Rs5.62/unit hike in electricity prices

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power-subsidy

Attributed to elevated reference fuel cost, reduced hydropower availability in Dec 2023 ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has deferred its decision regarding the request from power distribution companies (DISCOs) to raise the electricity price by Rs5.6194 per unit, citing fuel charges adjustment (FCA) for December 2023. Earlier, the Central Power Purchasing Agency (CPPA), at the behest of DISCOs, submitted an application to NEPRA seeking an increase in electricity prices under the FCA for December 2023. NEPRA conducted a public hearing on January 31, 2023 (Wednesday), primarily focusing…

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Solar panel PV projects: PPIB seeks fixed interest/ mark-up rate on CDLs

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power-tariff

ISLAMABAD: The Private Power & Infrastructure Board (PPIB) has sought fixed interest/mark-up rate on Cash Development Loans (CDLs) for three solar panel PV projects to be established in South Punjab, official sources told Business Recorder. The PPIB, in a letter to Power Division referred to the acquisition of land for the development of large utility-scale solar PV projects under the Framework Guidelines for fast track solar PV initiative 2022, particularly substitution of expensive imported fossil fuels with solar PV energy. According to the PPIB, framework guidelines stipulate that the land for…

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Pakistan’s power sector lags behind in clean energy transition, study says

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Power-generation

KARACHI: Pakistan’s power sector has been slow to adopt clean and renewable energy sources, ranking 107 out of 120 countries on the global Energy Transition Index (ETI) in 2023, a study by a local rating agency said on Wednesday. The low ETI score of 46.9 reflects a lack of sufficient initiatives to align with the country’s commitment to energy transition efforts, the Pakistan Credit Rating Agency (PACRA) said in its report on the power sector. Pakistan’s power sector has been confronting deep-rooted issues for a long time, with key risks…

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LPG prices increased for Feb 2024

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LPG-plant

ISLAMABAD: The caretaker government Wednesday increased the price of a domestic 11.8-kilogram liquefied petroleum gas (LPG) cylinder by Rs13.76 for February 2024, as per a notification from the Oil and Gas Regulatory Authority (Ogra). The LPG prices have witnessed an increase of Rs1.16/kg, rising from Rs256.43/kg in January to Rs275.59 in February. In a statement, the regulator said: “The LPG producer price is linked with Saudi Aramco-CP and US$ dollar exchange rate. As compared to the previous month Saudi Aramco-CP has increased by 1.6 percent. The average Dollar exchange rate…

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