Day: September 18, 2023

Future of Discos: Govt advised to take stakeholders into confidence

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CDMP-SBA

Annual financial loss of Discos is around Rs 600 billion on account of losses and under recovery ISLAMABAD: The country’s prime intelligence agency has reportedly proposed to the government to take all relevant stakeholders on board in deciding the future of power Distribution Companies (Discos) to ensure a transparent, successful and sustainable transition, well informed sources in Finance Ministry told Business Recorder. The Intelligence Agency, which played a key role in renegotiation of Agreements with Independent Power Producers (IPPs) and deal with Turkish company M/s Karkey, has offered its comments on…

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Power theft crackdown shows results: minister

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Caretaker-Minister

ISLAMABAD: Caretaker Minister for Energy, Power, and Petroleum, Muhammad Ali, stated on Saturday that the government’s strict drive against power theft was delivering promising outcomes, and there would be no compromises in the fight against these illicit activities. In an interview with a private news channel, he emphasised that effective measures were being implemented to enhance the power supply system, with the eradication of power theft being a top priority. Ali affirmed that the government was taking practical steps to ensure an uninterrupted gas supply during the winter season, highlighting…

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Output to reach 50,000 bpd: OGDCL

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Oil-and-Gas

ISLAMABAD: State-run hydrocarbon exploration firm Oil and Gas Development Company Limited (OGDCL) is targeting to boost crude oil production to 50,000 barrels per day (bpd) to meet more consumer demand, which will help curtail imports as Pakistan is facing a dearth of US dollars. Soon after assuming charge as OGDCL Managing Director, Ahmed Hayat Lak formed a working group on production optimisation to ramp up energy output by optimally utilising modern technologies. This dedicated group is putting greater emphasis on individual wells and fields to increase oil and gas production…

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Power sector’s sustainability linked with tough moves

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Waseem-Mukhtar

LAHORE: National Elec­­­tric Power Regulatory Authority (Nepra) Chair­man Waseem Mukhtar has said there was no other option but to take some harsh decisions to make the power sector sustainable. Talking to the media after attending an energy conference on Saturday, the power sector regulator head said the situation has reached a point where such decisions have be­­come imperative for the government and people should support the government. “If we have to make this sector sustainable and stop any further increase in tariff, there are only [three] ways: stop power theft,…

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Fuel price hike likely to ‘disrupt’ SBP inflation range

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petrol-price

KARACHI: The unexpected massive increase in petrol and diesel prices was widely felt as inflationary at the retail level and the State Bank of Pakistan (SBP) may have to review its decision of leaving the key interest rate unchanged. Many analysts believe that the inflation would be in the range of 30-31 per cent in the ongoing month which is against the SBP’s expectation to bring it down to 20-22pc. After keeping its policy rate unchanged at 22pc by the central bank on Sept 14, the government increased the petroleum prices by over Rs26…

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