Month: July 2023

Base tariff hike in FY24: Govt to collect over Rs3.2tr extra from power consumers

Admin
KE’S- 7-YEAR- INVESTMENT-ROADMAP

ISLAMABAD: The government is set to collect an additional staggering amount of over Rs3.2 trillion from power consumers, beginning July 2023, as it intends to raise the power base-tariff by approximately Rs7 per unit for the Financial Year 2023-24, according to official sources of the Power Division. Interestingly, the International Monetary Fund (IMF) Executive Board is scheduled to convene on July 12, 2023, to discuss a nine-month Standby Arrangement. This meeting will serve as the final step in solidifying the agreement outlined in the IMF Staff Level Agreement. Subsequently, it…

Read More

Pakistan needs refinery upgrade to benefit from Russian oil discount

Admin
crude

KARACHI: Pakistan is losing out on the opportunity to pass on the benefits of discounted crude oil from Russia due to the old processing technology of its current refineries, industry officials said. The country has five refineries, out of which one was established before partition and two were set up sixty years back. The other two that rely on old technology and the one where the government holds 60 percent share, have not been able to attract any new investments for many decades. Pakistan imported discounted Russian crude oil last…

Read More

Money laundering unveiled in solar panel imports

Admin
solar-panel

PCA South uncovered over invoicing worth Rs69.50b at the import level KARACHI: Startling revelations have emerged regarding the commercial activities of solar panel importers, exposing a staggering case of over invoicing and money laundering. The Directorate of Post Clearance Audit Customs South has published a report shedding light on this illicit practice. According to the report, the audit conducted by PCA South uncovered over invoicing worth a whopping Rs69.50 billion at the import level. This alarming revelation points to the movement of black money out of the country, raising serious…

Read More

Barter Trade with Russia, Iran and Afghanistan FPCCI Calls for the Resolution of Teething Problems President FPCCI

Admin
fpcci-afghanistan

Karachi Irfan Iqbal Sheikh, President FPCCI, has expressed his profound satisfaction that FPCCI’s years of relentless policy advocacy initiatives for the barter trade with Russia, Iran and Afghanistan has borne fruits. We have pitched barters trade, border markets and currency swap mechanisms very diligently in tens of top-level meetings with the concerned ministries and relevant governmental institutions over the past three-and-a-half years, he added. It is pertinent to note that FPCCI conducted a high-profile and well-attended interactive session across its headquarters and regional offices on SRO. 642 (I) / 2023;…

Read More

Nepra set to hike base tariff

Admin
Nepra-tariff

ISLAMABAD: In order to ensure smooth approval of $3 billion loan by the IMF Executive Board, the National Electric Power Regulatory Authority (NEPRA) is set to increase electricity base tariff for the ongoing financial year 2023-24. The regulator, according to one of the top officials, has worked out three options for the increase in base tariff, including jacking a base tariff by less than Rs8 per unit, less than Rs7 (Rs6.90) per unit and less than Rs6 per unit. The tariff department has recommended increasing Rs6.90 per unit but the…

Read More