ISLAMABAD: The government on Wednesday approved a staggering 51% increase in electricity tariffs, forcing millions of poor households to bear an additional cost of Rs580 billion in this fiscal year. The hike, effective from July, is the highest in terms of percentage for lower-income groups. A total of 32.5 million consumers, primarily households, will face this unprecedented increase due to…
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ISLAMABAD: Pakistan is on track to secure a staff-level agreement (SLA) for an International Monetary Fund (IMF) bailout exceeding $6 billion this month, having fulfilled all the lender’s requirements in its annual budget, the state minister for finance announced to Reuters. The country has introduced stringent revenue targets in its budget to gain IMF approval for the loan, crucial for…
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Monitoring Cell Established to Manage Fuel Supply During Strike ISLAMABAD: The Pakistan Petroleum Dealers Association (PPDA) announced on Wednesday that negotiations with provincial and federal governments and other stakeholders had reached an impasse, prompting a nationwide shutdown of petrol stations starting July 5. PPDA Chairman Abdul Sami Khan stated, “They asked us to call off the strike and promised to…
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IDEAS 2024 is scheduled from Nov 19-22 at Expo KARACHI Sindh Chief Minister Syed Murad Ali Shah has said that IDEAS is a shared platform for global peace, stability and prosperity. It is [IDEAS] is an event that provides enhanced opportunities for commercial exchange between delegates, trade visitors, defence officials and manufacturers from within Pakistan and abroad,” he said. This…
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Pakistan Karachi, 03 July, 2024: Shell Pakistan Limited (SPL) launches Pakistan’s first-ever recycled plastic retail site, Malik Service Station at Shahrah-e-Faisal, Karachi. This initiative aligns with SPL’s commitment towards sustainability; and promotes circular economy and environmentally friendly practices. The organization collaborated with Dabeer Hemani and Syed Ali Naqi, cofounders of Concept Loop, and Shell Tameer alumnus to bring this vision…
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ISLAMABAD: Prime Minister Shehbaz Sharif has directed the Petroleum Division and Finance Division to prepare a comprehensive plan to sell minority stakes, including management control, in state-owned enterprises (SoEs) within the oil and gas sector to a Gulf Cooperation Council (GCC)-based strategic investor, according to sources close to the Petroleum Minister. In a meeting on June 25, the prime minister…
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KARACHI: Petroleum demand in Pakistan has hit an 18-year low, with consumption falling to 15.3 million tonnes in the fiscal year 2023-24, which ended on June 30. Despite this decline, the government has collected an estimated Rs1 trillion in petroleum development levy (PDL) over the year. The drop in demand is attributed to the PDL of Rs60 per litre on…
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ISLAMABAD: The Pakistan Petroleum Dealers Association (PPDA) has announced a countrywide strike on July 5 to protest the 0.5% advance turnover tax introduced in the latest budget. Despite the government’s acknowledgment of the error and assurance of the tax’s withdrawal, the PPDA remains steadfast in its protest plans. In response, the government has instructed oil marketing companies (OMCs) to maintain…
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Karachi: In response to the increasing deaths due to extreme heatwaves and rising electricity bills in Karachi, the Edhi Foundation has decided to transition its mortuaries to solar energy. Speaking to Independent Urdu, Edhi Foundation head Faisal Edhi stated that the decision was prompted by the sharp increase in electricity bills and persistent load-shedding. The foundation has installed an 18…
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