Federal cabinet okays third tax amnesty

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The federal cabinet Tuesday formally approved a summary moved by the finance ministry, paving the way to promulgate an ordinance to offer a third tax amnesty scheme to industrialists. The finance ministry circulated a summary among the federal cabinet members on Monday for their approval of the scheme through the Income Tax Amendment Ordinance 2022. Under the amnesty, the government…

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Germany to break free from Russian gas with two LNG terminals

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This was announced by German Chancellor Olaf Scholz at a special session of the Bundestag on 27 February 2022 addressing Russia’s attack on Ukraine. As informed, the LNG terminals are planned to be located in Brunsbüttel and Wilhelmshaven. Currently, there are several liquefied natural gas terminals in Europe, however, none of them are located in Germany. Security of energy supply Scholz also…

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OLIVE TS, HDPPL sign ‘Services Agreement’

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OLIVE Technical Services; a wholly owned subsidiary of Fauji Fertilizer Company (FFC) and Hydro China Dawood Power (Pvt) Ltd (HDPPL) signed a Services Agreement on Monday 28th February, 2022 at Gharo, Pakistan. Under this agreement, OLIVE Technical Services shall carry out detailed End of Warranty Inspection Services for 49.5 MW Wind Power Plant of HDPPL located at Gharo, Sindh, Pakistan.…

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Finance ministry says geopolitical risk threatens economic stability

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Finance ministry on Monday said an escalated conflict between Russia and Ukraine could keep inflationary and balance of payment pressures in the economy for longer as the crisis would likely further increase energy costs and commodities prices. “The main risk for Pakistan’s economy is that these developments [Russia-Ukraine conflict] may further delay the downward correction in inflation and improvement in…

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LPG price increases by Rs318.74 per 11.8-kg cylinder

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The oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of March, increasing the commodity price by Rs318.74 per 11.8-kilogram cylinder. According to the notification, the authority increased the locally produced LPG price by Rs 27.01 per kilogram. After the revised price, the LPG cylinder would be sold in…

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Pakistan’s new National Security Policy: Test lies in implementation

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Pakistan’s recently announced national security policy is undoubtedly a “paradigm shift” from the country’s traditional military-dominated strategy to economic security, nonetheless, experts say the real challenge will be in putting the ambitious plan into action. Islamabad announced its first-ever national security policy in January, prioritizing economic security over military security, though the South Asian nuclear state will stick to its…

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Pakistan: Power Regulator says tariff to be increased by Rs 5.95 per unit

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P Islamabad [Pakistan], February 28 (ANI): Pakistan’s Power Regulatory Authority on Monday said that it is likely to increase the power tariff by PKR 5.95 per unit underthe monthly fuel adjustment plan.The Central Power Purchasing Agency (CPPA) filed a petition and urged an increase of Rs 6.10 for the month of January 2022 under monthly fuel adjustment however before the…

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Energy challenge

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WITH global gas prices soaring to new highs in the aftermath of the ongoing military conflict between Russia and Ukraine, Pakistan’s energy chaos is going to aggravate. The government is left with no choice but to either buy expensive LNG — if and when available — in order to meet the fuel requirements of the country’s power sector and industry,…

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Latest Petrol Prices in Pakistan – 1 March 2022

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The Government has announced a massive reduction in the Petrol Prices in Pakistan from 1 March 2022 on the directives of Prime Minister Imran Khan to provide relief to general public amid the rising inflation rate in the country. The announcement was made by Prime Minister Imran Khan during his address to the nation on Monday. According to the announcement, Petrol Price in Pakistan has been…

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