Month: June 2022

Rs7.90 per unit: NEPRA to announce hike in power base tariff today

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The National Electric Power Regulatory Authority (NEPRA) is all set to announce today (Thursday) the increase in electricity base tariff by Rs7.90 per unit for the next budgetary year 2022-23. It will be effective from July 1, 2022 after the nod of the federal government. This increase in base tariff will help the incumbent government help restore the $6 billion IMF program. The Fund has linked its program’s revival with doing away with subsidies in POL products and increase in tariff, ensuring full recovery of electricity cost in the tariff.…

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Advocacy group slams blanket removal of energy subsidies

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A blanket removal of energy subsidies and tax reforms are inconsistent with the climate strategy of the International Monetary Fund (IMF) as the global lender claims to support favourable tax regimes and spending policies for climate-vulnerable countries. Addressing a press conference on Wednesday, members of a coalition of civil society organisations working on the country’s energy transition to renewable sources said the IMF hasn’t yet taken concrete measures or provided specific assistance for countering the climate-change impact under its extended fund facility (EFF) loan programmes. “The present climate emergency has…

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Rising Energy Prices Could Tip World Into 1980s-Style Recession

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oil

Rising energy prices and boxing Russian crude oil out of the global market risks a global recession, Bank of America’s head of global commodities and derivatives research Francisco Blanch warned in a recent research note. “Can the global economy continue to expand with tightening oil supplies? Our estimates suggest that the world can handle a total disruption of just about 2mn b/d of Russian oil without risking a global recession,” the note cautioned. In 2023, BoA sees oil demand approaching pre-Covid levels—but only if Russia’s crude oil and condensate production…

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Miftah says ‘difficult to imagine buying Russian oil’

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Russia is under sanctions and has not responded to the letter written to it by the previous government, but we have asked either Ukraine or Russia, whichever country can sell us wheat, we would be happy to buy wheat from them,” said Ismail in an interview with CNN. Ismail said the previous PTI government wrote a letter to the Russian Federation, “which was never responded to”. “Russia has also not offered us any oil. I mean it is difficult for me to imagine buying Russian oil.” If Russia offers Pakistan…

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EVs to adversely impact economy

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The promotion of electric vehicles (EVs) will have a negative impact on the local auto industry and the national economy, remarked Indus Motor Company (IMC) Chief Executive Officer Ali Asghar Jamali. In a statement issued on Tuesday, the IMC chief said that hybrid electric vehicles (HEVs) were an immediate solution, as they consume less foreign exchange by cutting the oil import bill besides reducing carbon emissions (CO2). Moreover, there would be no infrastructure investment. Elaborating further, he said HEVs include “cleaner emissions as compared to the internal combustion engines as…

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