Month: February 2024

Power Division Claims Success in Freezing Circular Debt at Rs2.310 Trillion

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power-gride

The Power Division declared a significant achievement in freezing the circular debt at Rs2.310 trillion as of December 21, 2023, during a meeting of the Senate Standing Committee on Power chaired by Senator Azam Nazeer Tarar. In a detailed briefing, the Power Division secretary outlined the measures taken to achieve this target, including efficiency improvements in managing the power sector and addressing technical and commercial losses. Additionally, the division reported recovering Rs85.7 billion through an anti-theft drive initiated in August 2023. The ministry emphasized that addressing circular debt was vital…

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Government Considers Lowering Tariffs for Solar Net Metering

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IMF-board

In response to concerns over excessive fuel cost adjustments burdening consumers, the government hinted at plans to reduce the net metering tariff for rooftop solar power units. This initiative, discussed during a meeting of the Senate Standing Committee on Power, follows previous unsuccessful attempts over a year ago to implement similar measures. During the session chaired by Senator Azam Nazeer Tarar, Power Secretary Asad Rehman Gilani acknowledged recent fuel cost adjustments as unfair to consumers. He attributed the higher costs to increased insurance and tanker charges due to Middle East…

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Electricity Bills Set to Soar as Record Fuel Costs Trigger Unprecedented Surge

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free-power

In a severe blow to already struggling electricity consumers, the Central Power Purchasing Agency (CPPA) is pushing for a staggering increase of Rs7.13 per unit in fuel charges for the upcoming bills. This move, aimed at generating an additional Rs57 billion for power distribution companies (Discos), marks the highest-ever increase in fuel cost adjustment (FCA) in history, raising concerns about the forecasting capabilities of the power sector bureaucracy. The proposed increase in FCA, which is nearly 96% higher than the pre-fixed fuel cost, comes amidst a backdrop of already heightened…

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FPCCI urges Sindh Police for decisive action against land mafia for growth of businesses, industries

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New-fpcci

The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has urged the police to take decisive action against land mafias in Sindh for the growth of industries, and businesses and to attract new investment to the province.Riffat Mukhtar Raja, Inspector General of Sindh Police, visited the FPCCI Head Office in Karachi and met the top leadership of business and industrial fraternities.The IG was accompanied by top officers of Sindh Police including, Khadim Hussain Rind, Additional IG Karachi; Syed Pir Muhammad Shah, DIG Establishment; Iqbal Dara, DIG Traffic and Syed…

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Joint Venture Agreement between Pakistan Mineral Development Corporation and Miracle Saltworks Collective Inc. for Export Quality Pink Rock Salt Crushing & Packaging Facility

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Mineral-Development-Corporation

Islamabad, Pakistan – February 20, 2024: Pakistan Mineral Development Corporation (PMDC) and Miracle Saltworks Collective Inc. (MSCI) Cement Historic Joint Venture for Pink Rock Salt Crushing and Packaging Facility in Pakistan under the facilitation of SIFC. The official signing ceremony took place at Marriott Hotel, Islamabad on February 20, 2024, with the honorable presence of His Excellency Anwaar-ul-Haq Kakar, The Prime Minister of Pakistan as Chief Guest. Minister for Energy Mr. Muhammad Ali, Secretary Petroleum Division Momin Agha and Other dignitaries also witnessed the occasion. In a landmark move towards…

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