Author: Admin

Govt to Scrap Gas Cross-Subsidies by 2026; Balochistan Tariff Dispute Deepens

Admin
Gas-Sale

ISLAMABAD: The federal government is preparing to phase out cross-subsidies for residential gas consumers by 2026, replacing them with a direct, income-based subsidy model aligned with the Benazir Income Support Programme (BISP). This reform is part of ongoing negotiations with the International Monetary Fund (IMF) under the Resilience and Sustainability Facility. During a recent cabinet briefing, the Petroleum Division disclosed that advisory firm KPMG has been hired to develop the new subsidy framework, and a dedicated task force is actively working on implementation. Currently, over Rs150 billion in cross-subsidies are…

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JSCL Merges Quality Energy Solutions with Energy Infrastructure Holding

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New-Project10

KARACHI: Jahangir Siddiqui and Company Limited (JSCL) has announced the merger of its subsidiaries—Quality Energy Solutions (Private) Limited and Energy Infrastructure Holding (Private) Limited—marking a strategic consolidation in its energy portfolio. In a notice to the Pakistan Stock Exchange (PSX) on Wednesday, JSCL confirmed that the Securities and Exchange Commission of Pakistan (SECP) has approved the merger, effective from May 31, 2025. JSCL, incorporated on May 4, 1991, under the former Companies Ordinance, 1984, operates as a public unquoted company. Its core activities include managing strategic investments, securities trading, and…

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Planning Ministry Resists ECC’s Rs50bn Power Subsidy Directive

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Subsidy-Project

ISLAMABAD: The Ministry of Planning, Development and Special Initiatives has declined to implement the Economic Coordination Committee’s (ECC) directive to allocate an additional Rs50 billion in subsidies to power consumers over a three-month period, citing legal and budgetary constraints under the Public Finance Management (PFM) Act, 2019. According to sources, the Planning Ministry referred to correspondence from the Finance and Power Divisions, asserting that Public Sector Development Program (PSDP) funds are strictly designated for approved development projects. Although the Federal Cabinet had approved the reallocation on July 8, 2024, the…

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Hubco Seeks Extended Bank Guarantees to Safeguard Coal Power Projects

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New-Hubco

KARACHI: Hub Power Company (Hubco), Pakistan’s largest independent power producer, is seeking an extension of \$51 million in bank guarantees to ensure the continued operation of its coal-fired power plants amid evolving energy sector dynamics and rising solar adoption. In a notice to the Pakistan Stock Exchange, Hubco announced its plan to extend the duration of these guarantees—previously short-term—until 2034. The extended backing aims to cover future loan repayments and potential penalties, helping secure the financial stability of its two 330-megawatt plants that run on locally mined coal. The move…

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Industry Sounds Alarm Over Rising Fuel Prices

Admin
Petrol-Diesel

KARACHI: Business leaders have raised serious concerns over the recent hike in petroleum product prices, warning that it will cripple industrial activity, drive up production costs, and erode the global competitiveness of Pakistani exports. The government has raised petrol prices by Rs5.36 and high-speed diesel (HSD) by Rs11.37 per litre, bringing the new rates to Rs272.15 and Rs284.35, respectively. Junaid Naqi, President of the Korangi Association of Trade and Industry (KATI), said that soaring input costs, including fuel, electricity, and gas, coupled with excessive taxation, are making it impossible for…

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