Day: September 26, 2022

SHC seeks Nepra’s comments on JI plea against fuel adjustment charges

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The Sindh High Court (SHC) on Wednesday directed the National Electric Power Regulatory Authority (Nepra) to file comments on a petition filed by the Jamaat-e-Islami (JI) against ‘illegal’ load-shedding, lack of power generation and collection of different taxes by the K-Electric (KE) from its consumers through the electricity bills. Hearing the JI petition with regard to the collection of fuel adjustment charges, a division bench of the SHC headed by Justice Syed Hasan Azhar Rizvi observed that the high court was aware about the miseries of citizens due to power…

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India pays double price for LNG after Russian deliveries cancelled

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GAIL India, the largest gas distributor in the country, purchased three LNG cargoes last week for over $40 per million British thermal units (mmbtu), traders familiar with the matter told Bloomberg. Those are record prices for any LNG cargo to be delivered to India, more than doubling the prices paid last year. It’s also a sign the country is struggling to fill the hole in Russian supplies, as competition with energy-strapped Europe has driven natural gas prices to sky-high levels. India has become one of Russia’s largest fuel customers since the invasion…

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FY22 KE net profit declines YoY

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K-Electric has posted a net profit of Rs 8.52 billion for the fiscal year 2022 against Rs 11.99 billion during fiscal year 2021. The Board of Directors of K-Electric approved the financial results for the company on September 20, 2022 for the year ended June 30, 2022. According to KE, the Earnings Per Share (EPS) remained 0.31 rupees per share in FY22 as compared to EPS of 0.43 rupees in FY21. Driven by prudent policies, the Company’s key areas of operations showed strength. T&D losses further reduced from 17.5% to…

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Banned items that landed till Aug 18th: ECC takes step to clear consignments stuck at ports

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The Economic Coordination Committee (ECC) of the Cabinet Wednesday directed that the consignments of previously banned items that landed in Pakistan till 18th August 2022 may be released at the rate of surcharge to clear consignments stuck at ports. Federal Minister for Finance and Revenue Miftah Ismail presided over the ECC meeting virtually on Wednesday which considered a summary of the Ministry of Commerce on clearance of consignments stuck at ports. The Commerce Ministry had proposed that a direction may be passed that the consignments of previously banned items that…

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What is the proposed G7 Russian oil price cap?

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On 2 September 2022, the Group of Seven (G7) finance ministers released a statement that confirmed the future implementation of a price cap on Russian-origin crude oil and petroleum products (the Price Cap). Under the proposed measure, the provision of services related to the maritime transport of Russian-origin crude oil and petroleum products will be prohibited unless the products are purchased at or below a certain price (to be determined). The Price Cap also has the support of the European Commission, although all 27 EU member states are yet to…

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