Month: January 2021

ISLAMABAD: After recent surge in power tariff by Rs1.95 per unit and twice increase in prices of petroleum products in the current month, January, now the government is set to further increase the prices of petrol by Rs1.03 to whopping Rs110.23 per litre and diesel (high speed diesel) by Re0.95 per litre to Rs114.14 per litre. The Petroleum Division has submitted a summary to the Economic Coordination Committee (ECC), scheduled to meet on Wednesday (today), seeking the raise in margins of oil marketing companies (OMCs) on motor spirit (petrol) by…

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ISLAMABAD: Amid falling international market, Pakistan on Wednesday received significantly cheaper bids for three cargoes of liquefied natural gas (LNG) to be delivered in March under an urgent tendering process. The state-run Pakistan LNG Limited (PLL) had last week cancelled bids for LNG deliveries in March for three windows as prices in the international spot market started to crash. For replacement, the PLL went for a revised urgent tender on January 22 with deadline of January 26. The revised bids attracted 26 to 38 per cent cheaper rates when compared…

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The government is considering establishing a separate electric vehicle (EV) board, similar to the Engineering Development Board (EDB), in a bid to promote environment-friendly vehicles in the country. In that regard, Federal Minister for Science and Technology Chaudhry Fawad Hussain met Prime Minister Imran Khan to discuss his ministry’s role in promoting EVs in Pakistan. He apprised the premier of the stance taken by his ministry along with many other ministries for setting up a separate board for EVs, which was an immediate requirement for the success of battery-powered transport…

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Some of the major fiscal and external sector economic indicators of Pakistan deteriorated in the first half of current fiscal year, but authorities believe that economic recovery will still continue, albeit, at a slower pace. The finance ministry on Tuesday released its monthly Economic Updates and Outlook report for January. The ministry used a mix of five and six-month indicators. The monthly bulletin showed that Pakistan’s budget deficit widened over 21% in absolute terms, exports decreased 4.8%, foreign investment dipped 72% and agriculture sector credit shrank 2.4%. On the other…

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ISLAMABAD: After an exercise of around six months, an energy audit of inefficient power plants has come to a halt as textile and other industries have obtained a stay order from Sindh High Court. In July last year, the Cabinet Committee on Energy (CCOE) had authorised National Energy Efficiency & Conservation Authority (NEECA) to conduct energy efficiency audit of captive power plants. The government has also recently decided to disconnect gas supply to captive power plants and shift them on the national grid. Following decision of CCOE, NEECA started the process of…

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