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The federal government on Tuesday imposed 2.5 per cent of the sales tax on petrol. According to the issued notification, the sales tax of 5.44 per cent has been imposed on diesel. The sales tax rate on kerosene has been increased to 8.3 per cent and on light diesel to 2.7 per cent. Under the sales tax notification, the price of petroleum products will remain stable till January 31. Earlier on Jan 16, the taxes, duties, margin and levies of Rs31.57 were imposed on the per liter prices of petroleum…

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Federal Minister of Energy Mr. Hammad Azhar received World Bank’s Country Director for Pakistan Mr. Najy Benhassine at his office in Islamabad today. The meeting also reviewed progress about the World Bank funded ongoing projects in the energy sector. Mr. Najy Benhassine appreciated the energy sector reforms undertaken by the Government. Appreciating World Bank’s support in economic development of Pakistan, Minister Hammad Azhar said Pakistan values its partnership with the World Bank and other financial institutions. Minister Hammad Azhar lauded the World Bank’s role in support of various development initiatives…

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To celebrate the achievements of NEPRAs licensees in the area of Corporate Social Responsibility (CSR), NEPRA organized the first ever CSR Award Ceremony at NEPRA Headquarters today. The ceremony was chaired by Chairman NEPRA, Mr. Tauseef H. Farooqi and was attended by large number of NEPRA Professionals and licensees, including, K-Electric, Pakistan Atomic Energy Commission (PAEC), Water and Power Development Authority (WAPDA) and ENGRO etc. Mr. Farooqi in his opening remarks presented his vision about NEPRA’s drive of “Power with Prosperity (PwP)” in addition to its two other drives “Power…

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The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even further because of tight supplies. “These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones. Oil posted a fourth-straight gain last week, its longest rising streak since October, amid signs consumption will hold up despite the spread of the omicron variant of the coronavirus. At…

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Pakistan’s oil and food import bill surged 73 per cent to $14.97 billion in the July-December period compared to $8.67bn a year ago owing to higher international prices and massive depreciation of the rupee. The share of these products in the total import bill also rose to 37pc during the six-month period, data released by the Pakistan Bureau of Statistics (PBS) showed on Monday. A steady increase in the import bill of these two sectors has widened the trade deficit and raised fears about the country’s food security. The total…

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