Month: June 2023

Rs6tr deficit budget to be unveiled today

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deficit-budget

ISLAMABAD: A draft of the federal budget with over Rs6 trillion deficit has been prepared that will be presented in the cabinet on Friday (today) for its approval and later in the day in parliament. It carries a proposal of imposing new taxes worth Rs700 billion. The total outlay of the budget is expected to be Rs14.5 trillion. The government employees are likely to receive a boost of 30% in their ad hoc relief allowances as well as a 20% hike in pensions. It has also been suggested that the…

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Tapi project to strengthen regional cooperation: PM

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Tapi-project

ISLAMABAD: Calling acquisition of energy a real challenge in the present era, Prime Minister Shehbaz Sharif on Thursday expressed confidence that the Turkmenistan-Afghanistan-Pakistan-India (Tapi) gas pipeline project would usher in an era of regional cooperation, development and prosperity. “Tapi is an important project for the prosperity of the entire region,” the PM said while addressing the signing ceremony of Tapi joint implementation plan. He said the project was of utmost importance for the development of the four countries and the region. On the occasion, the prime minister witnessed the signing…

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Gas consumption deflates 8.61 percent in 9MFY23

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Gas-consumption

LAHORE: Average natural gas consumption reduced by 8.61 percent to 3,258 million cubic feet per day (mmcfd) year-on-year in July-March 2023 (9MFY23) period against 3,565 mmcfd use recorded in the corresponding period last year.According to Economic Survey 2023 released by the government, total consumption of indigenous gas and imported Regasified Liquefied Natural Gas (RLNG) stood at 2,627 mmcfd and 631 mmcfd, respectively, during Jul-Mar FY2023. System or indigenous gas supply during the period contracted by 75mmcfd or 2.85 percent to 2,627 mmcfd while availability of imported RLNG reduced by 232…

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Pakistan’s additional refining capacity to cut petroleum imports

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petroleum-imports

KARACH: Pakistan’s import of petroleum products will fall with domestic value-addition due to the country’s enhancing refining capacity, the Economic Survey for fiscal 2022-23 indicated on Thursday. The survey stated that the total demand for petroleum products remained at 23.1 million tonnes during FY2022. However, this year witnessed a decline in demand to 13.1 million tonnes during July-March FY2023 from 16.7 tonnes in July-March FY2022. It attributed the declining trend to a decrease in demand for furnace oil, high-speed diesel, motor spirit, and High Octane Blended Component (HOBC), which comprises…

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Govt slashes RLNG Govt slashes RLNG prices up to 5.2pc for June 2023 up to 5.2pc for June 2023

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ISLAMABAD: The government on Thursday cut the re-gasified liquefied natural gas (RLNG) prices for both the Sui companies by up to $0.714 per MMBtu (or 5.22 percent) for the month of June, 2023. RLNG price for the Sui Northern Gas Pipelines Limited (SNGPL) consumers has been reduced by $0.6816 per MMBtu, while for Sui Southern Gas Company (SSGC) clients, prices have been decreased by $0.714 per MMBtu from the previous month (May 2023).According to the notification issued by Oil and Gas Regulatory Authority, RLNG weighted average sale provisional price has…

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