The federal government on Sunday increased the price of petrol by Rs7.45, taking the rate to Rs265.61 per litre. The price of high-speed diesel (HSD) has been raised by Rs9.56 per litre to Rs277.45. The new prices take effect from July 1, 2024. In the previous review, the government had decreased the petrol price by R10.2 per litre and the diesel price…
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Mari Petroleum Company Limited (MPCL) has announced the reappointment of Faheem Haider as Managing Director/CEO for another three-year term, starting August 12, 2024. This decision, confirmed by a notice to the Pakistan Stock Exchange, reflects the Board’s strong confidence in Haider’s leadership. With a wealth of experience in the global oil and gas sectors, Haider has been instrumental in guiding…
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LAHORE: The senior vice chairman of the Oil Marketing Association of Pakistan (OMAP) met with the Prime Minister to address critical challenges facing oil marketing companies. Key issues highlighted included foreign exchange losses on imports and the rampant smuggling of petroleum products. In an interview with Business Recorder, Tariq emphasized the major concerns discussed, such as the need for sales…
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ISLAMABAD: The federal government has amended the Finance Bill to raise the petroleum levy (PL) to Rs70 per litre on petrol, high-speed diesel (HSD), and high octane blending component (HOBC), from the previous maximum limit of Rs60 per litre. This increase aims to generate Rs1,281 billion for the fiscal year 2024-25, Rs201 billion more than the projection made by the…
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ISLAMABAD: Amid strong protests by opposition MPs, the government passed the Federal Budget 2024-25 in the National Assembly on Friday. The approval, which came ahead of crucial talks with the International Monetary Fund (IMF), includes several amendments but also increases taxes, offering no relief to taxpayers. The Finance Bill 2024, with a total outlay of Rs18.877 trillion, sailed through the…
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At SNEC 2024, held from June 13th to 15th, GoodWe unveiled its intelligent and versatile solutions for residential, commercial and industrial (C&I), and utility-scale solar applications. A standout was a brand-new all-in-one 261kWh cabinet tailored for businesses, addressing the increasing demand for C&I energy storage. The booth also drew significant attention with its one-stop solution for residential use and high-capacity…
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KARACHI: The Sindh provincial government has directed electricity distribution companies, including K-Electric, to cease load-shedding from 10 pm to 6 am daily amid the current severe heatwave. Energy Minister Syed Nasir Hussain Shah and Local Government Minister Saeed Ghani issued the directive during a meeting at the provincial energy department. The meeting, attended by Energy Secretary Musaddiq Ahmed Khan and…
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ISLAMABAD: Amid an economic downturn, Pakistan is considering reducing its long-term liquefied natural gas (LNG) imports next year by renegotiating terms with Qatar to alleviate financial and technical burdens. This was revealed during a public hearing by the National Electric Power Regulatory Authority (Nepra) on a request from the Central Power Purchasing Agency (CPPA), which is seeking an additional Rs3.41…
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Karachi: Chief Minister Sindh, Syed Murad Ali Shah, chaired a high-level meeting regarding the Energy Department, attended by Energy Minister Syed Nasir Hussain Shah, Local Government Minister Saeed Ghani, Chief Secretary Asif Haider Shah, Principal Secretary to the CM Agha Wasif, Energy Secretary Musaddiq Khan, Finance Secretary Fayaz Jatoi, and other relevant officials. In the meeting, the Chief Minister instructed…
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The power tariff in Pakistan is expected to increase by Rs3.41 per unit due to the monthly fuel adjustment (MFA), according to media reports. The National Electric Power Regulatory Authority (NEPRA) is scheduled to review an application from the Central Power Purchasing Agency (CPPA) requesting this hike. The CPPA has attributed the proposed increase to the higher costs incurred during…
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