KARACHI: The oil sector is facing a severe liquidity crunch as the rupee’s sharp depreciation has shrunk its credit lines and made it harder to import crude oil and petroleum products, industry sources said on Monday. The sector also fears a possible shortage of fuel in the country if banks do not increase their lending limits for oil imports, which…
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ISLAMABAD: The Senate Standing Committee on Power on Monday joined public criticism of the “unprecedented electric bills” and directed the Power Division to provide lists of electricity defaulters and outstanding dues to all the distribution companies (Discos). The meeting of the panel presided over by Senator Saifullah Abro discussed the unprecedented electric bills that have led to nationwide protests. On…
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• Petrol price likely to increase by Rs9/litre due to rupee depreciation, global price hike• Finance ministry to review relief proposals over inflated bills due to IMF accord ISLAMABAD: While the caretaker government struggles to find a solution to ‘electricity price shock’ against the backdrop of countrywide protests, a potential petroleum price shock looms over the horizon later this week, that…
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After a long break, Pakistan has relaunched a programme for oil and gas exploration, exploitation and development activities, onshore and offshore, aiming at recovering the untapped indigenous hydrocarbon resources. Petroleum, a vital economic sector, is heavily dependent on oil and gas imports to meet the ever-growing demand based on growth in population and increasing urbanisation, and the issues of national…
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LONDON: The Chief Investment Officer (CIO) of Al-Jomaih and a Director at Karachi-Electric (KE) Shan Abbas Ashary has firmly contradicted the assertion of Infrastructure and Growth Capital Fund SPV21 (IGCF) that it has become K-Electric’s majority shareholder. In an interview here, Shan Abbas Ashary said the claim is entirely incorrect and baseless. Ashary stated that both Al-Jomaih Power and Denham…
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ISLAMABAD: Pakistan power sector’s Transmission & Distribution (T&D) losses have risen to Rs520.3 billion with the highest-ever deficit incurred in the Peshawar Electric Power Supply Company (PESCO) to the tune of Rs153.8 billion, in just one financial year. The cash bleeding power sector’s accumulated losses have crossed the defence spending of the country in the last two financial years, and…
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Interim govt for three or six months cannot be taken seriously by investors and diplomats ISLAMABAD: It seems that the caretaker cabinet is setting its eyes on the future instead of just steering the country through next general elections. There are two statements made by caretaker Minister of Commerce and Industries Gohar Ejaz, which make me think this way. He…
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ISLAMABAD: The caretaker Prime Minister Anwaar-ul-Haq Kakar has directed the Power Division that concrete steps should be taken in the next 48 hours to reduce the excess electricity bills. The first round of the emergency meeting on the increase in electricity bills was held on Sunday and the second would be held today (Monday). The prime minister was given a…
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ISLAMABAD: Former finance minister Miftah Ismail has claimed that without seeking permission from the International Monetary Fund (IMF), the incumbent government could not extend relief to masses who are feeling the heat of the inflated electricity bills. Following mass protests against the exorbitant electricity bills across the country, the former minister said the caretaker government would seek IMF approval before…
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ISLAMABAD/ LAHORE :Caretaker Prime Minister Anwaarul Haq Kakar on Sunday instructed relevant authorities to formulate concrete measures within the next 48 hours aimed at reducing burden on the masses amid a public outcry over astronomical electricity bills. The prime minister had called an emergency meeting, which lasted for nearly two hours, in a bid to address the complaints about excessive…
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