Day: April 6, 2024

CM Sindh Leads Critical Review of Sindh Solar Energy Project

Admin
Solar-Energy

Karachi: A comprehensive progress review meeting of the Sindh Solar Energy Project (SSEP) was held under the leadership of Chief Minister Syed Murad Ali Shah. The meeting was attended by key officials including Energy Minister Nasir Shah, Mayor Karachi Murtaza Wahab, Principal Secretary to CM Sindh Agha Waqar, Chairperson of P&D Najm Shah, Energy Secretary Kazim Jatoi, and Treasury Secretary Fiaz Jatoi. During the briefing, Energy Minister Nasir Shah informed Chief Minister Murad Ali Shah about the SSEP, which has been initiated with a collaboration of 26.86 billion rupees from…

Read More

Tax-to-GDP Ratio Should Be Increased Through Broadening of Tax Base Atif Ikram Sheikh

Admin
Atif-Ikram

Karachi: Atif Ikram Sheikh, President FPCCI, has emphasized that, while FPCCI supports the efforts to increase tax-to-GDP ratio, it has to be achieved through broadening of tax base and simplification of the taxation system – rather than further squeezing the already taxed. The only pragmatic approach to achieve tax-to-GDP ratio of 15 percent in the next 5 years is to add 1.5 to 2 million new taxpayers in the tax-net, he added. Atif Ikram Sheikh maintained that the tax and FBR reforms should not be attempted in a consultation-less manner…

Read More

Govt to reconsider privatisation of LNG plants

Admin
LNG

Ministerial group cites challenges, risks in circular debt-plagued power sect ISLAMABAD: The Ministerial Group has cautioned against the privatisation of two LNG power plants, citing concerns about the current investment climate. The government’s intention to privatise these plants, established during the Pakistan Muslim League-Nawaz’s tenure with an LNG contract signed with the government of Qatar, is under scrutiny. Sources reveal that the apex committee of the Special Investment Facilitation Council (SIFC) directed the consideration of privatising two RLNG (Re-Gasified Liquefied Natural Gas) Power Plants. The committee constituted a Ministerial Group…

Read More

Ministry of Foreign Affairs Urges Progress on IP Gas Pipeline Project

Admin
gas-pipeline

The Ministry of Foreign Affairs (MoFA) has advised the Petroleum Division to expedite the Iran-Pakistan (IP) gas pipeline project without delay, citing its significance as a crucial energy initiative, according to informed sources reported by Business Recorder. MoFA’s recommendation predates recent comments by US Assistant Secretary of State for South and Central Asia Donald Lu opposing the IP project. During an inter-ministerial meeting at MoFA, the Petroleum Division representative highlighted that both the Federal Cabinet and the Cabinet Committee on Energy (CCoE) have endorsed the Ministerial Oversight Committee’s (MOC) recommendations,…

Read More

OMCs Increase HOBC Price by Rs10/Litre from April 1, 2024

Admin
petrol-price

Oil Marketing Companies (OMCs) have announced a Rs10 per litre hike in the price of Hi-Octane Blending Component (HOBC) effective from April 1, 2024. Despite this increase, the Petroleum Levy (PL) on HOBC remains at Rs50 per litre, maintaining a lower levy compared to low-grade motor gasoline, which incurs a PL of Rs60 per litre. The international price of petrol 95 Ron has held steady at approximately $98.96 per barrel over the last fortnight, marking a slight increase from $93.96 per barrel before March 16, 2024. Notably, the pricing of…

Read More