The Muttahida Quami Movement Pakistan has submitted a resolution to the Sindh Assembly calling upon the federal government to review its agreements with independent power producers (IPPs).
The resolution in question was submitted to the secretariat of the Sindh Assembly by the Leader of Opposition in the Sindh Assembly, Ali Khursheedi and MPA of MQM Pakistan, Najam Mirza on Wednesday.
KARACHI: The oil sector anticipates a substantial Rs25 billion annual increase in operating costs and a staggering Rs250 billion burden for refinery upgrades due to the recent sales tax exemption. Industry representatives voiced their concerns to journalists on Tuesday, highlighting that the exemption, introduced by the Finance Act 2024, poses significant financial challenges. The policy, effective July 1, 2024, exempts essential fuels like petrol, high-speed diesel, kerosene, and light diesel oil from sales tax. While designed to benefit consumers, it inadvertently increases operational costs for the oil industry and complicates…
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ISLAMABAD: The Senate Committee on Petroleum was informed on Tuesday that the circular debt in the gas sector has surged by Rs1,700 billion over the past decade, now totaling Rs2,897 billion. During a meeting chaired by Senator Umar Farooq at the Parliament House, petroleum officials attributed the debt escalation to the failure to increase gas tariffs from 2013 to 2023. They noted that the debt’s growth has halted following a triple hike in gas prices. The committee was informed of an annual Rs800 billion gap between the official purchase and…
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ISLAMABAD: Prime Minister Shehbaz Sharif has instructed the Ministry of Power to develop a comprehensive plan to reduce electricity costs for industries, aiming to boost the country’s exports. During a meeting of the National Export Development Board (NEDB) on Tuesday, the Prime Minister noted that domestic exports exceeded USD 30 billion last fiscal year, with IT exports surpassing USD 3.2 billion. He emphasized the need to address exporters’ issues promptly and requested a report within two weeks. He also announced his intention to chair NEDB meetings every one and a…
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ISLAMABAD: The federal government is considering reducing the Return on Equity (RoE) for public sector power projects, including hydro and nuclear plants, while encouraging Independent Power Producers (IPPs) to adopt similar measures, informed sources told Business Recorder. This initiative emerged amidst pressure from the business community, notably from former Minister for Commerce Gohar Ijaz, who reportedly debated the issue with the current Minister for Power, Sardar Awais Leghari. Nationwide, the business community is rallying against the high rates of return and exorbitant capacity payments made to power plants. In response,…
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