Month: May 2024

PPL Partners with DEW to Explore Mineral Resources in Balochistan

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New-PPL

KARACHI: Pakistan Petroleum Limited (PPL), a state-owned oil and gas producer, is diversifying its business by entering into a joint venture with Degan Exploration Works (DEW) to explore and develop mineral resources in Balochistan, according to a statement released on Friday. “We are pleased to announce that Pakistan Petroleum Limited (PPL), as part of its business diversification efforts, is expanding its mining portfolio by entering into a JVA with Degan Exploration Works to explore and develop the mineral resources in exploration license EL-207, in district Chagai, Balochistan,” PPL said in…

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Fuel Prices Expected to Drop in June

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Petroleum-prices

ISLAMABAD: Fuel prices in Pakistan are expected to decrease once more, with the federal government likely to announce a reduction in petrol prices by Rs 4.50 per litre for the first half of June. The price of high-speed diesel (HSD) is also anticipated to fall by around Rs 4 per litre. The official announcement of the new prices will be made at midnight on May 31, 2024, with the new rates taking effect on June 1, 2024. This expected price drop is driven by a significant decrease in international oil…

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K-Electric Seeks Rs 10.69/unit Hike in Base Tariff for Seven Years

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NEPRA-KE

ISLAMABAD: K-Electric has submitted a petition seeking a 76% increase in its base tariff, raising it by Rs 10.69 per unit to Rs 44.69 per unit under the Multi-Year Tariff (MYT) mechanism for the period from FY 2023-24 to 2029-30. The current base tariff stands at Rs 34 per unit. The proposed adjustment includes the following components: Cost of power EPP component: Rs 18.88 per unitCost of power CPP component: Rs 12.54 per unitTransmission charges: Rs 3.48 per unitDistribution charge: Rs 3.84 per unitOperations & Maintenance (O&M): Rs 0.42 per…

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Federal Government to Enhance Security for Power Installations in KP After CM’s Threats

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power-gride

ISLAMABAD: The federal government has decided to tighten security measures for vital electricity distribution installations in Khyber Pakhtunkhwa (KP), ensuring the safety of Peshawar Electric Supply Company (Pesco) and Tribal Areas Electric Supply Company (Tesco) staff and property. This move follows threats made by the KP chief minister, which have recently gone viral. On May 15, 2024, the Power Division sent a letter to Prime Minister Shehbaz Sharif, reporting that the KP chief minister had summoned the CEO of Pesco and issued threats if load shedding was not ended or…

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Govt May Consider Sharing Debt Servicing, Power Circular Debt with Provinces

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circular-debt

Government Left with Only 42.5% from Divisible Pool as Interest Payments and Circular Energy Debt Become Unsustainable ISLAMABAD: The federal government is considering sharing debt servicing and electricity circular debt with the provinces, following the provinces’ refusal to revisit their share under the NFC Award. Finance ministry officials revealed a consensus that provinces should assist with debt servicing and electricity circular debt after their share in the divisible pool was increased to 57.5% under the 2010 NFC Award. Currently, the federal government retains only 42.5%, which is increasingly unsustainable due…

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