Author: Admin

Turkey Increases Fuel Tax by 6% Amid Inflation Control Efforts

Admin
Fuel-Tax

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%. Despite the hike, Finance Minister Mehmet Simsek assured that recent tax measures on fuel and tobacco are designed not to affect Turkey’s inflation goals for 2025. Fuel taxes often impact…

Read More

Pakistan Secures $200 Million ADB Loan to Modernize Power Distribution

Admin
Asian-bank

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 enhancing the capacity of three key distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO). It will introduce advanced metering infrastructure,…

Read More

NEPRA Highlights Persistent Challenges in Pakistan’s Power Sector

Admin
New-NEPRA

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% unutilized capacity, leading to elevated tariffs. NEPRA underscores the urgent need for operational reforms, particularly in addressing transmission and distribution losses, which climbed to 18.31%, far exceeding the allowed 11.77%.…

Read More

Power Tariff Set to Rise Despite Lower Fuel Costs

Admin
Power-sector

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 fuel cost adjustment (FCA) of 63 paise per unit for November. This replaces the Rs1.14 per unit negative FCA from December, resulting in a net increase of 51 paise per…

Read More

Petrol, Diesel Prices Increase; LPG Gets Cheaper

Admin
petrol-price

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 (LPG) by Rs4.01 per kilogram, lowering the cost of an 11.8kg cylinder to Rs2,953.36 from Rs3,000.79 in December. The Ministry of Finance attributed the price adjustments to recent international market…

Read More