Month: August 2024

Ex-Minister Dr. Gohar Ejaz Criticizes IPPs for Holding Pakistan’s Economy Hostage

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Gohar-Ejaz

FAISALABAD: Former caretaker federal minister and chairman of the think tank on economic policy and business development, Dr. Gohar Ejaz, has intensified his criticism of Independent Power Producers (IPPs), accusing them of holding Pakistan’s economy hostage. Speaking at a press conference following a gathering of business leaders at the Faisalabad Chamber of Commerce and Industry on Friday, Dr. Ejaz argued that while patriotic business communities strive to elevate Pakistan to the world’s fifth-largest economy, IPPs are burdening the nation with exorbitant electricity costs. Dr. Ejaz highlighted that electricity prices globally…

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Government Explores Financing Options for Diamer-Bhasha Hydropower Project

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Bhasha-Dam

ISLAMABAD: The federal government is currently exploring various financing strategies for the Diamer-Bhasha Hydropower Project, as development partners have shown reluctance to commit the required $10 billion—comprising $8 billion for the project itself and an additional $2 billion for the transmission line. This was the key outcome of an inter-ministerial meeting held on August 19, 2024, at the Prime Minister House, chaired by Minister for Economic Affairs and Establishment, Ahad Cheema. Concerns were raised by members of the Federal Cabinet regarding the project’s future viability due to its significant financing…

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Experts Advocate for Thar Coal Utilization to Reduce Imports and Stabilize Energy Costs

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Thar-Coal

ISLAMABAD: At a seminar titled “Leveraging Indigenous Coal Resources for Sustainable Energy in Pakistan,” experts emphasized the strategic importance of utilizing Thar coal to reduce dependency on imported fuels, stabilize energy costs, and enhance energy security. Organized by the US Pakistan Centre for Advanced Studies in Energy (USPCAS-E) at NUST, the seminar highlighted the need for a balanced approach to Pakistan’s renewable energy ambitions, integrating local coal resources to maintain a stable energy baseload. Dr. Majid Ali, an Associate Professor at USPCAS-E, presented a whitepaper advocating for the conversion of…

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Power Minister Urges Provinces to Lead in Providing Electricity Subsidies

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Shehbaz-Sharif

Days after Prime Minister Shehbaz Sharif assured a “significant cut” in electricity prices, Power Minister Awais Laghari stated on Friday that it is still too early to confirm when this relief will be implemented. During an interview with Voice of America’s Urdu service, Mr. Laghari refrained from giving a specific timeline for the tariff reduction, emphasizing that discussions are ongoing about the timing and method of offering this relief. While the minister’s remarks may dampen immediate expectations, he called on provincial governments to take the initiative, similar to Punjab’s recent…

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Petrol, Diesel Prices Set for Third Consecutive Reduction

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petrol-price

ISLAMABAD: The prices of major petroleum products, including petrol and high-speed diesel (HSD), are set to drop for the third consecutive fortnight, with an expected reduction of around Rs5-6 per litre starting September 1. This decrease is primarily due to lower international market rates. Informed sources reported a decline in the international prices of petrol and HSD by $2 to $2.30 per barrel over the last fortnight. With the final exchange rate and existing tax rates taken into account, petrol and HSD prices are anticipated to fall by Rs5 to…

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