Year: 2023

PSO allowed Rs3.21 per litre exchange rate adjustment

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pso

ISLAMABAD: As the maximum petroleum levy (PL) on petrol can not exceed Rs 60 per litre without parliamentary approval, the state-owned Pakistan State Oil (PSO) was allowed a downward rupee exchange rate adjustment of Rs 3.21 per litre with effect from December 1-15, 2023. The rupee was allowed to depreciate by Rs 10.96per dollar for PSO on November 16, 2023 and was raised by Rs 3.21 per litre for the first half of December. On November 16, 2023, Oil Marketing Association of Pakistan (OMAP) expressed serious concern at the calculation…

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Solar panel, allied equipment manufacturing: Govt decides to identify, plug policy gaps

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solar-panels

ISLAMABAD: An inter-ministerial meeting has decided to convene a meeting with local manufacturers of solar panels, glass, inverters, etc., to identify the policy gaps in Solar Panel and Allied Equipment Manufacturing Policy 2023 and prepare the roadmap for its implementation. The meeting presided over by Joint Secretary (LED), Ministry of Industries and Production was attended by representatives from the Special Investment Facilitation Council (SIFC), Ministry of Finance, Commerce, Energy (Power Division), Science and Technology, Board of Investment, Federal Board of Revenue and EDB. Neelofur Hafeez, Joint Secretary (LED), MoI&P briefed…

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Climate change poses risk of 20% GDP erosion in Pakistan

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climate-change

World Bank says women, educated populace more concerned about climate change impacts ISLAMABAD: Pakistan’s GDP is anticipated to experience a decline of 18 to 20 per cent by the year 2050 due to the escalating impact of severe weather-related events, environmental degradation, and rampant air pollution, the World Bank has warned. In its report, titled ‘Climate Silence in Pakistan,’ the WB has cautioned about the serious repercussions of climate change on the nation which are already evident through erratic weather patterns and devastating floods that have ravaged the country. A…

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Integrated energy planning project: caretaker federal minister reviews progress

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Power-control

ISLAMABAD: The Minister of Planning, Development and Special Initiatives reviewed progress on the Integrated Energy Planning (IEP) project for sustainable development and termed it would help in tackling the energy crisis in the country. The Caretaker Minister for Planning, Development and Special Initiatives, Muhammad Sami Saeed, on Thursday, chaired a meeting to progress on the Integrated Energy Planning (IEP) project. The IEP is an effective and appropriate tool for realizing the government’s vision of developing a sustainable, cost-efficient energy sector that meets the country’s strategic, socioeconomic needs and rapidly growing…

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FCCL commissions Greenfield Cement Plant at DG Khan

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fauji-fertilizer

ISLAMABAD: Fauji Cement Company Limited (FCCL) has successfully commissioned its Greenfield Cement Manufacturing Plant on Thursday, having production capacity of 6,500 tons per day of clinker at Shadan Lund, District Dera Ghazi Khan. With commencement of operation of new line, the total cement production capacity of the company has increased to 10.6 million tons per annum and establishes Fauji Cement Company’s position as the third largest cement producer in the country. The Greenfield Project has been completed within a record time of 13 months. This project includes state of the…

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