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Month: September 2024

DISCOs Suffer 16% Power Losses Amid Widespread Electricity Theft in FY 2023-24

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power-gride

ISLAMABAD: The National Assembly was informed on Thursday that Distribution Companies (DISCOs) across Pakistan recorded 16% electricity losses during the fiscal year 2023-24, amidst 84,362 reported incidents of power theft nationwide. Authorities arrested 291 individuals and dismissed 47 DISCO employees for their involvement in facilitating the theft. According to a written response presented during the Question Hour, DISCOs registered 7,068…

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Pakistan Secures IMF Deal for $7 Billion Loan, Plans Stricter Tax Measures on Existing Filers

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pak-imf

ISLAMABAD: Pakistan announced on Thursday that it has resolved all outstanding issues with the International Monetary Fund (IMF), paving the way for a $7 billion loan approval later this month. Finance Minister Muhammad Aurangzeb confirmed that the IMF board is set to finalize the deal by September 25, 2024, marking the start of a 37-month program aimed at stabilizing the…

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NEPRA Fines K-Electric Rs10 Million for Safety Lapse

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circular-debt-K-electric-ceo

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs10 million for a safety lapse that led to the death of a person within its service area during the fiscal year 2022-23. NEPRA also directed KE to pay Rs3.5 million in compensation to the victim’s family and provide a job to the next of kin. KE was…

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Major Cut in Fuel Prices: Rs47.54 per Litre Decrease Since May

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Petrol-price

Minister for Petroleum Division, Musadik Masood Malik, informed the National Assembly that since May, petroleum prices in Pakistan have dropped by Rs47.54 per litre. Malik explained that while Pakistan purchases fuel at international market rates, it benefits from discounts on the premium, particularly under an agreement with Kuwait for diesel. Malik also highlighted that friendly nations sometimes offer extended payment…

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FPCCI highly disappointed on monetary policy and cut in cut in interest rate only 2 percent

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state-bank

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the business, industry and trade community of Pakistan is disappointed with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation. While we appreciate the rate cut by 200 bps or 2 percent, this is too little, too late in the context of price data…

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Saudi Aramco says will launch first branded gas station in Pakistan by year end

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Aramco-new

ISLAMABAD: Saudi oil giant Aramco said on Wednesday it would launch its first branded retail gas station in Pakistan by the end of the year, having already completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO) in May. Aramco is a global integrated energy and chemicals company that produces approximately one in every eight…

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SCCI Files Petition Against IPP Contracts in Peshawar High Court

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power-subsidy

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has filed a writ petition in the Peshawar High Court, challenging the agreements with Independent Power Producers (IPPs). The petition calls for a forensic audit of all IPP contracts, aiming to address the issue of excessive payouts and bring relief to power consumers. The plea opposes the renewal of existing IPP…

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Government Expands Probe into IPPs Amid Resistance from Power Producers

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Power-generation

ISLAMABAD: The government has intensified its investigation into the operations of Independent Power Producers (IPPs) as some plant owners resist efforts to renegotiate their contracts. These producers argue they are merely fulfilling the terms of their agreements. The probe is focused on reducing capacity payments, a significant financial burden that the government is aiming to alleviate. Background discussions with officials…

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Afghanistan Begins Work on Long-Delayed TAPI Gas Pipeline

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TAPI-gas

KABUL: Afghanistan announced the commencement of work on its segment of the $10 billion Turkmenistan-Afghanistan-Pakistan-India (TAPI) gas pipeline, as officials gathered at a border ceremony in Turkmenistan on Wednesday. The project, which has faced repeated delays due to security concerns in Afghanistan, is expected to boost regional economies by delivering 33 billion cubic meters of natural gas annually. Afghan Prime…

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ECC Prioritizes Gas Supply for Industry, Reviews Key Economic Proposals

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Oil-and-Gas

ISLAMABAD: The Economic Coordination Committee (ECC) of the federal cabinet, chaired by Finance Minister Muhammad Aurangzeb, has revised the gas supply priority list, placing industrial processes on par with the domestic and commercial sectors. The decision aims to prioritize gas for industries while lowering the priority for captive power users and the CNG sector. The Ministry of Energy had submitted…

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