• Dastgir reveals plan to dole out Rs315bn to ‘equalise’ K-Electric tariff with rest of country• Minister claims IMF okay with budgeted Rs894bn power package LAHORE: In a bid to offset the burden shouldered by power consumers due to the line losses of distribution companies (Discos), the government has decided to introduce a ‘budgeted’ subsidy to the tune of Rs151 billion to provide relief to customers across the country, except Karachi. For the port city, however, a Rs315bn package has been prepared that is aimed at making tariffs uniform by…
Read MoreYear: 2023
Authorities on high alert as cyclone nears Sindh’s coastline
KARACHI: The Pakistan Meteorological Department (PMD) on Sunday said Cyclone Biparjoy over east central Arabian Sea had further intensified into an “extremely severe cyclonic storm (ESCS)”. It added that it had moved northward during the last 12 hours and was now near latitude 18.1N and longitude 67.5E. The PDMA said the cyclone was at a distance of about 760km south of Karachi, 740km south of Thatta and 840km southeast of Ormara. It continued that the system was “most likely to track further northward until June 14 morning”. Then, it would…
Read MoreHeavier Russian crude to give 50pc FO; POL price cuts not likely
KARACHI: Russian crude oil will produce more furnace oil (FO) than high speed diesel (HSD), which would not reduce the prices of petroleum products domestically, The News learnt on Monday. According to the oil industry players, arrival of the first cargo of Russian crude oil has been celebrated from the top level of the government to the media. However, the anticipated reduction in the prices of petroleum products, particularly diesel and petrol in the near future would not be possible. Pakistan Refinery Limited (PRL) received the first cargo of Russian…
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Rs6tr deficit budget to be unveiled today
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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