Month: August 2024

Petrol, diesel prices likely to decrease from 15th Aug

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Petroleum-prices

Pakistan may see a significant reduction in fuel prices in the coming days, with cuts of up to Rs12 per litre expected across various petroleum products, according to industry sources Preliminary calculations suggest that the price of petrol could decrease by over Rs9 per litre, while high-speed diesel (HSD) may see a reduction of up to Rs8.50 per litre. Kerosene oil is also likely to become cheaper, with a potential price cut exceeding Rs12 per litre. The Oil and Gas Regulatory Authority (OGRA) is set to finalise the pricing adjustments…

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Solar Panel Prices in Pakistan Hit Record Low Due to Excess Supply

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Solar-Panel

Solar panel prices in Pakistan have dropped to a historic low, with the per-watt cost now ranging between Rs. 30 and Rs. 32. This significant decrease in prices is largely attributed to the oversupply in the local market and a decline in international rates. Earlier this year in April, the per-watt price was around Rs. 39 to Rs. 40. By May, prices had slightly decreased, and solar panels that were being sold at Rs. 80 per watt two years ago are now available for just Rs. 37 per watt. The…

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Government to Extend Financial Close Date for Kohala Hydropower Project by Three Years

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Karot-Hydropower

ISLAMABAD: The government has decided to extend the Financial Close (FC) date for the 1124-MW Kohala Hydropower Project, a key initiative under the China-Pakistan Economic Corridor (CPEC), by three years, starting from October 1, 2024. This extension, granted under the Letter of Support (LoS), will also include a waiver of the extension fee, subject to certain conditions. The decision was made during a meeting of the PPIB’s Projects Committee, chaired by the Additional Secretary of Planning. The project, developed by China Three Gorges Corporation’s subsidiary, faced delays due to land…

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PM Shehbaz to Unveil Economic Liberalisation Plan on August 14

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Shahbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif is set to reveal a new economic plan on August 14, aiming to drive real-time export-led growth and dismantle longstanding economic barriers. The plan, developed by a task force in collaboration with Oxford University’s Professor Stefan Dercon, focuses on economic liberalisation and reducing government intervention in subsidies. Key elements of the “Home-grown Economic Plan” include phasing out tariff protections and subsidies, encouraging local producers to compete globally, and prioritising export expansion over import restrictions. The plan seeks to overcome structural challenges and shift Pakistan’s economy…

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Government Considers Price Equalisation Levy to Sustain Gas Sector

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oil price

ISLAMABAD: The government is contemplating the introduction of a price equalisation levy on wellhead gas as part of a broader initiative to reform the petroleum sector. The proposed surcharge aims to cross-subsidise protected residential consumers and key industrial sectors, potentially relieving a burden of Rs10-15 billion annually from the federal budget, which is currently allocated to subsidies within the gas sector. This measure is part of the Integrated Energy Plan spearheaded by the Prime Minister’s Office, in collaboration with international lending agencies, to transform the country’s inefficient gas companies into…

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