Day: April 27, 2022

The country’s overall fiscal deficit during the first three quarters of the current fiscal year – July-March 2021-22 – stood at Rs2,565 billion or four percent of the GDP, according to the Finance Ministry. According to consolidated fiscal operation released by the Finance Ministry on Tuesday, fiscal deficit was recorded at Rs2,565 billion during the first nine months of the current fiscal year subsequent to expenditure of Rs8,439.7 billion against revenue collection of Rs5,874 billion. Provincial surplus was recorded at Rs599 billion and primary deficit at negative by Rs447.161 billion…

Taking cognizance of the reports on diesel non-availability, the Oil and Gas Regulatory Authority (OGRA) has moved its enforcement teams along law enforcement agencies and district management in different regions to inspect and unearth illegal oil storages. It is reiterated that anyone found in hoarding or stocking oil illegally shall be dealt under the law of the land. The chief secretaries have already been informed to advise the deputy commissioners for increasing vigilance on any such illegal activities and take immediate punitive actions. Moreover, the DCOs have also been informed…

t least six oil vessels are at anchor or adrift, waiting to be unloaded as an import surge strains handling capacity at the Port Qasim, potentially adding to the ongoing diesel crisis in the country, officials said on Tuesday. Diesel availability is disturbed as waiting time of vessels is affecting stocks of petroleum products,” an oil sector source told The News. “These are paying huge costs in demurrages.” The source said out of six vessels, carrying diesel, petrol, and furnace oil, currently waiting to berth at the port, four belong…

Mr Sharif ordered that even high loss-making areas be provided with full power supply during this period, even though he was alerted that it would have an additional impact on tariff. It is expected that the power sector will start receiving about 700 mmcfd of LNG instead of about 500 mmcfd at present. Secondly, the prime minister also asked the finance ministry to provide funds to the power sector as per agreed timelines to facilitate urgent maintenance and repairs and payments to fuel suppliers and independent power producers (IPPs). The…

Pakistan International Airlines (PIA) Chief Executive Officer (CEO) Air Marshal Arshad Malik has completed his tenure after being appointed at the slot in 2018. He would be replaced by Air Vice Marshal Aamir Hayat. The PIA through its Twitter handler made the announcement saying that Malik completes his tenure as the CEO and bids farewell with a wish for a great and prosperous future for PIA and Pakistan. A spokesman for PIA said that they had issued advertisement for the appointment of new CEO of the national flag carrier. Air…

Russia cut off natural gas to NATO members Poland and Bulgaria on Wednesday and threatened to do the same to other countries, dramatically escalating its standoff with the West over the war in Ukraine. European leaders decried the move as “blackmail.” A day after the U.S. and other Western allies vowed to speed more and heavier weapons to Ukraine, the Kremlin used its most most essential export as leverage against two of Kyiv’s staunch backers. Gas prices in Europe shot up on the news. The tactic could eventually force targeted nations to…