LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on Prime Minister Shehbaz Sharif to urgently address the critical challenges facing the petroleum industry. In a letter dated September 5, 2024, OMAP Chairman Tariq Wazir Ali highlighted several pressing issues, including the impact of the zero-rated sales tax policy, which has resulted in Rs 65 billion of held funds,…
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LAHORE: The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has condemned the continuous increase in power tariffs under fuel adjustment charges, citing its detrimental impact on production costs and trade. BMP Chairman Mian Anjum Nisar emphasized that these hikes are making electricity unaffordable, potentially fueling power theft. In a meeting held on Sunday,…
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PESHAWAR: The Water and Power Development Authority (Wapda) is formulating a strategy to initiate construction work on the Chashma Lift Canal (CLC) Project, according to Shafiq Khan Betni, General Manager of Wapda North. The update was shared during a meeting with Khyber Pakhtunkhwa Governor Faisal Karim Kundi at the Governor House. The GM announced that a special directorate has been…
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ISLAMABAD: Korea-South East Power Company (KOEN) has called on the National Electric Power Regulatory Authority (Nepra) to determine tariffs for its hydropower projects under the Power Generation Policy 2015. KOEN emphasized that the Government of Pakistan (GoP) and its regulatory bodies must maintain the integrity of their policies to attract and retain foreign investment. During a recent Senate Standing Committee…
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Pakistan faces immense challenges in addressing its climate crisis, with the World Bank estimating a need for $348 billion by 2030 to meet climate adaptation and mitigation goals. Of this, $152 billion is allocated for adaptation and resilience, while $196 billion is needed for decarbonization. The nation’s 2021 Nationally Determined Contributions set an ambitious goal of reducing projected emissions by…
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Chinese and Pakistani engineers celebrate the starting of first unit wet testing of Suki Kinari Hydropower Project in Mansehra district of Khyber Pakhtunkhwa province, Pakistan, June 16, 2024. The first unit of the China-built Suki Kinari Hydropower project in northwest Pakistan was started up and formally entered the wet testing phase on Sunday. (Photo: Xinhua)Pakistan and China are deepening cooperation…
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ISLAMABAD: A task force, formed by the prime minister to address capacity payments to Independent Power Producers (IPPs), has proposed transitioning from the current capacity-based payment model to a take-and-pay system. This change aims to relieve electricity consumers from paying for non-operating power plants, sources revealed on Friday. According to insiders, capacity payments currently make up 70% of the total…
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ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has approved an additional charge of Rs1.75 per unit for state-owned distribution companies (DISCOs) and K-Electric, effective over the next three months, to recover Rs43.23 billion through quarterly tariff adjustments. This increase, set for the fourth quarter of FY 2023-24 (April-June 2024), comes after a public hearing on August 26, presided…
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ISLAMABAD – In a significant move aimed at curbing public expenditure, the federal government has imposed a comprehensive ban on specific spending, including the purchase of new vehicles and state-funded medical treatment abroad. This follows a Finance Division notification issued this week, as the government grapples with economic pressures and criticism over its fiscal policies. The austerity measures are part…
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ISLAMABAD – For the fourth consecutive fortnight, petrol and high-speed diesel (HSD) prices are expected to decrease by approximately Rs10 per litre starting from September 15, thanks to a recent drop in international oil prices. However, the final reduction could be smaller if the government increases the petroleum levy to offset revenue shortfalls. Informed sources report that international petrol and…
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