PESHAWAR: Khyber Pakhtunkhwa’s southern region witnessed a significant reduction in gas theft and line losses, which dropped from Rs8.8 billion in FY20 to Rs3.17 billion in FY24. However, approximately Rs8.684 million worth of natural gas continues to be stolen daily in the districts of Karak, Hangu, and Shakardara, resulting in monthly losses of Rs264.66 million. The consistent decline in losses…
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KARACHI: The oil marketing companies (OMC) sector reported sales of 1.28 million tons in December 2024, reflecting a 3% year-on-year (YoY) increase but a sharp 19% decline compared to November, attributed to seasonal fluctuations, according to Maaz Azam, Research Head at Optimus Capital Management. In the first half of FY2024-25 (1HFY25), OMC sales rose by 4% YoY to 8.03 million…
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KARACHI: Industrialists have strongly criticized the recent hike in petrol and diesel prices, calling it contradictory to the government’s economic transformation agenda. They urged Prime Minister Shehbaz Sharif to intervene and roll back the increases to align with the “Uraan Pakistan” initiative. As per a notification by the finance ministry, the price of high-speed diesel (HSD) was raised by Rs2.96…
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MOSCOW: Russian gas exports through Soviet-era pipelines via Ukraine officially ceased on New Year’s Day, marking a historic end to Moscow’s decades-long dominance over Europe’s energy supply. The gas flow, which persisted even amidst nearly three years of war, stopped at 0500 GMT after Ukraine declined to renew a transit agreement, according to Russian energy giant Gazprom. While the halt…
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Islamabad: The Ministry of Energy (Power Division) has urged all provinces to implement the revised Energy Conservation Building Code-2023 (ECBC-2023) to address Pakistan’s escalating energy crisis. In a letter dated January 1, 2025, Federal Minister for Energy Sardar Awais Ahmed Khan Leghari emphasized the critical role of energy-efficient building designs in reducing the nation’s power consumption, which is predominantly driven…
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Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that FPCCI and Balochistan Board of Investment & Trade (BBoIT) will be jointly organizing Balochistan Summit 2025 on January 27-28, 2025 in Islamabad – aimed at promoting business, investment, joint ventures industrialization and trade promotion activities in Balochistan on an international-scale. It is pertinent to note that top civilian and military leadership…
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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…
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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…
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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…
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ISLAMABAD: The federal cabinet has approved the sale of a 15% stake in the Reko Diq copper-gold project to Saudi Arabia for $540 million (approximately Rs150.27 billion) under the Inter-Governmental Commercial Transactions Act. This landmark deal underscores deepening economic ties between Pakistan and the Kingdom. The Kingdom of Saudi Arabia (KSA) will acquire the stake in two phases. In the…
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