Year: 2021

ISLAMABAD: The country’s two gas utilities — SNGPL and SSGCL — have demanded up to 220 per cent increase in the prescribed prices of gas with effect from July 1 to meet estimated revenue requirement (ERR) during the fiscal year 2021-22. In formal petitions filed with the Oil and Gas Regulatory Authority (Ogra), the Lahore-based Sui Northern Gas Pipelines Limited has demanded that its prescribed price for the next fiscal year be increased by Rs1,416 per unit defined in million British thermal unit (mmbtu), including the previous year’s outstanding recovery…

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ISLAMABAD: The federal cabinet on Friday approved the promulgation of an ordinance aimed at preparing a legal path to increase power tariff by a minimum Rs5.65 per unit from now till October to collect a whopping Rs884 billion from consumers. It was the second emergency summary that the federal cabinet had approved through circulation to save the International Monetary Fund Programme from collapsing again. Earlier, the cabinet also gave nod to immediately imposing the Rs140 billion worth of additional taxes as part of a host of prior conditions set by the IMF.…

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Importers have reportedly misled the government over the prices of imported liquefied petroleum gas (LPG) to manage approval of the proposed LPG policy to make additional windfall gains at the cost of the national exchequer. Due to monopoly of LPG importers in the LPG Policy, locally produced LPG companies like Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Pak Arab Refinery Limited (Parco) are facing hit in revenues. Since the government of Pakistan is a major shareholder in these companies, therefore any loss to these companies…

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ISLAMABAD: Ministry of Energy (MoE) is reportedly preparing a new oil refining and marketing policy as $15 billion new investment is said to be waiting in the wings, well-informed sources told Business Recorder. The issue of existing refineries is very serious as they faced financial losses of approximately Rs 50 billion during the last two years. Refineries faced inventory losses due to rupee devaluation and then Covid-19 put additional financial pressure on them. Presently, the margins of refineries remain negative. The government wants that refineries should upgrade themselves, which needs…

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The federal cabinet on Saturday decided to cap maximum retail price of the Russian and Chinese Covid vaccine injections, being imported by the private sector amid a sharp increase in coronavirus cases and in the absence of a wider government-funded vaccination programme. The cabinet approval came through a circulation of the health ministry summary. It came on the day when Prime Minister Imran Khan was tested positive for Covid-19, said Special Assistant to Prime Minister on Health Dr Faisal Sultan. The premier had got his jab on Thursday. The government…

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