ANKARA: Turkey has raised its special consumption tax on fuel by 6%, according to a presidential decree published in the Official Gazette on Tuesday. The move comes as the government aims to manage inflation while maintaining fiscal stability. The tax adjustment, implemented every six months based on the producer price index (PPI), reflects a cumulative five-month PPI increase of 7.12%.…
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ISLAMABAD: The Ministry of Economic Affairs and the Asian Development Bank (ADB) signed a $200 million loan agreement on Tuesday to upgrade Pakistan’s power distribution infrastructure. The signing ceremony took place at the Ministry of Economic Affairs, with Secretary Dr. Kazim Niaz representing Pakistan and Deputy Country Director Asad Aleem signing on behalf of the ADB. The project focuses on…
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ISLAMABAD: The State of the Industry Report 2024, released by the National Electric Power Regulatory Authority (NEPRA), reveals critical inefficiencies in Pakistan’s power sector, exacerbating high electricity costs and impacting consumers nationwide. Despite an installed generation capacity of 45,888 MW, underutilization remains a significant issue, with only 33.88% utilization recorded for FY 2023-24. Consumers bear the financial burden of 66.12%…
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ISLAMABAD: Electricity tariffs for January 2025 will slightly increase compared to December 2024, even as fuel costs decline. The adjustment stems from early tariff rebasing and changes to peak and off-peak timings, according to the National Electric Power Regulatory Authority (Nepra). At a public hearing led by Nepra Chairman Waseem Mukhtar, the Central Power Purchasing Agency (CPPA) proposed a negative…
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ISLAMABAD: The government has announced a hike in the prices of petrol and high-speed diesel (HSD), effective immediately, for the fortnight ending January 15. Petrol now costs Rs255.66 per litre, a 56-paise increase, while HSD has risen by Rs2.96 per litre to Rs258.34. In contrast, the Oil and Gas Regulatory Authority (OGRA) has reduced the price of liquefied petroleum gas…
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