Month: June 2020

KARAK: People on Monday blocked oil supply from Kohat division on the call of a jirga comprising lawmakers to protest denial of basic rights to the resource-rich region. Separate processions comprising hundreds of vehicles led by Jamiat Ulema-i-Islam-Fazl lawmakers from Karak, Mian Nisar Gul Kakakhel and Malik Zafar, and MPA from Kohat, Shah Dad Khan marched to the protest site near Rangeenabad Chowk, on the border between Karak and Kohat districts. The speakers on the occasion resolved that their protest would continue till a 14-point charter of demands was realised.…

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The Punjab government has added the services of ride-hailing apps to its sales tax net through the Finance Bill 2020, tabled by provincial Finance Minister Makhdoom Hashim Jawan Bakht on Monday. Previously, the ride-hailing apps were giving tax under the rent-a-car services category and were paying 16% tax, however, now they will have to pay only 4% tax under the Punjab Sales Tax on Services Act 2012. The total number of services under the tax net in Punjab has now increased to 69. Other than ride-hailing apps, no new tax…

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With a slump in demand on account of Covid-19, Pakistan’s installed capacity of electricity would jump to 41,335 Megawatt (MW), adding more woes on account of power tariff increase due to higher capacity payments and lower plant utilisation factors. According to energy experts, most of the power plants would remain idle due to low demand of electricity in Pakistan following coronavirus-fuelled economic recession. This situation would lead to additional burden of capacity payments in the form of hike in electricity rates. According to Covid-19 Responsive Annual Plan 2020-21, Pakistan’s power…

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The recently released Economic Survey 2019-20 has noted that the use of coal in Pakistan’s energy mix is currently negligible and the government is focused on increasing its contribution to 30% by the year 2030. According to the report, Sindh has an estimated 185 billion tons of coal reserves in Lakhra, east of Indus, and Thar. Based on official figures, Pakistan has the potential to generate 100,000 megawatts of electricity for the next several decades from Thar coal alone, which can result in annual savings of up to $1 billion…

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Oil prices rose on Tuesday, with Brent crude rising above $40 a barrel as the International Energy Agency (IEA) increased its oil demand forecast for 2020 and as record supply cuts supported. Brent crude LCOc1 rose $0.77, or 1.94%, at $40.49 a barrel by 0918 GMT. US oil CLc1 gained 61 cents, or 1.64%, to $37.73 a barrel. In its monthly report on Tuesday, the IEA forecast oil demand at 91.7 million barrels per day (bpd) in 2020, 500,000 bpd higher than its estimate in May’s report, citing higher-than-expected consumption…

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