ISLAMABAD: The Economic Coordination Committee (ECC), led by Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb, approved the natural gas sale pricing proposals presented by the Petroleum Division. The meeting, held at the Finance Division on Sunday, included key attendees such as Petroleum Minister Musadik Masood Malik, Power Minister Sardar Awais Ahmad Khan Leghari, Minister of State for Finance…
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9% Gas Rate Increase for Industrial Captive Power Units Rs133 Billion Relief Blocked for Other ConsumersISLAMABAD: In response to the International Monetary Fund’s (IMF) demands, the government announced a 9% increase in gas rates for industrial captive power units starting July 1. Additionally, it blocked a 15% (Rs133 billion) relief in average gas rates for other consumers despite lower international…
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LAHORE: The senior vice chairman of the Oil Marketing Association of Pakistan (OMAP) met with the Prime Minister to address critical challenges facing oil marketing companies. Key issues highlighted included foreign exchange losses on imports and the rampant smuggling of petroleum products. In an interview with Business Recorder, Tariq emphasized the major concerns discussed, such as the need for sales…
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ISLAMABAD: The federal government has amended the Finance Bill to raise the petroleum levy (PL) to Rs70 per litre on petrol, high-speed diesel (HSD), and high octane blending component (HOBC), from the previous maximum limit of Rs60 per litre. This increase aims to generate Rs1,281 billion for the fiscal year 2024-25, Rs201 billion more than the projection made by the…
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ISLAMABAD: Amid strong protests by opposition MPs, the government passed the Federal Budget 2024-25 in the National Assembly on Friday. The approval, which came ahead of crucial talks with the International Monetary Fund (IMF), includes several amendments but also increases taxes, offering no relief to taxpayers. The Finance Bill 2024, with a total outlay of Rs18.877 trillion, sailed through the…
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KARACHI: The Sindh provincial government has directed electricity distribution companies, including K-Electric, to cease load-shedding from 10 pm to 6 am daily amid the current severe heatwave. Energy Minister Syed Nasir Hussain Shah and Local Government Minister Saeed Ghani issued the directive during a meeting at the provincial energy department. The meeting, attended by Energy Secretary Musaddiq Ahmed Khan and…
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ISLAMABAD: Amid an economic downturn, Pakistan is considering reducing its long-term liquefied natural gas (LNG) imports next year by renegotiating terms with Qatar to alleviate financial and technical burdens. This was revealed during a public hearing by the National Electric Power Regulatory Authority (Nepra) on a request from the Central Power Purchasing Agency (CPPA), which is seeking an additional Rs3.41…
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The power tariff in Pakistan is expected to increase by Rs3.41 per unit due to the monthly fuel adjustment (MFA), according to media reports. The National Electric Power Regulatory Authority (NEPRA) is scheduled to review an application from the Central Power Purchasing Agency (CPPA) requesting this hike. The CPPA has attributed the proposed increase to the higher costs incurred during…
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KARACHI: Industrialists in Hyderabad are urging the government to address a severe LPG shortage caused by the Sui Southern Gas Company’s (SSGC) failure to supply gas to eateries, food streets, and domestic users. The shortage has led to the closure of numerous LPG shops, exacerbating the crisis. Adeel Siddiqui, President of the Hyderabad Chamber of Commerce and Industry (HCCI), emphasized…
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ISLAMABAD: Vitol Trading Company, the world’s largest energy trading enterprise, has secured a tender from Pakistan’s government-owned LPG company. This marks a significant shift from Pakistan’s historical reliance on LPG supplies from its sanctioned neighboring country, which often involved illegal shipments and forged documents. The dependence on these illicit products has undermined real competition and exposed Pakistan to considerable risks.…
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