Month: October 2024

Refineries Face Tax Adjustment Ban, Increased Costs Following New Amendment

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Refineries-Face

KARACHI: The government has barred oil refineries from adjusting input tax on crude oil purchases against sales tax on refined products, such as petrol, high-speed diesel, light diesel oil, and kerosene—a restriction that is expected to drive up refining costs. In its quarterly report to the Pakistan Stock Exchange (PSX) for the period ending September 30, 2024, Pakistan Refinery Limited (PRL) noted that the Finance Act 2024 classified certain petroleum products as exempt from sales tax, preventing refineries from offsetting input tax costs. The amendment, PRL reported, poses a challenge…

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WAPDA Chairman Reviews Progress on Tarbela 5th Extension Project

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WAPDA-Chairman

ISLAMABAD: WAPDA Chairman Lt Gen Sajjad Ghani (Retd) reviewed ongoing developments at the 1,530 MW Tarbela 5th Extension Project during an extensive site visit on Tuesday, as per a press release. The chairman inspected crucial project areas, including the raised intake structure, tunnel, and powerhouse construction sites, and observed the ongoing work. In an on-site briefing, the chairman was updated on key project milestones, including the completion of temporary support work in the tunnel, paving the way for construction on the connecting tunnel. Equipment installations, such as draft tubes for…

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Gas Utilities Propose Up to 54% Tariff Hike to Cover Revenue Shortfall

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Gas-IMF

ISLAMABAD: The two major gas utilities in Pakistan—Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company Limited (SSGCL)—have requested an increase of up to 54% in prescribed gas prices to address revenue shortfalls for the current fiscal year (FY25). The Oil and Gas Regulatory Authority (OGRA) will conduct public hearings for these proposals, with SNGPL’s hearing set for November 5 and SSGCL’s for November 8. SNGPL has applied for a 3.66% hike, translating to an additional Rs64.16 per mmBtu, while SSGCL is seeking a significant 53.5% increase, or…

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Equitable energy access urged amid solar surge

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solar surge

ISLAMABAD: The rapid growth of rooftop solar systems is transforming Pakistan’s energy landscape but also creating disparities for lower-income electricity consumers who remain dependent on the traditional grid. To address this, ensuring equitable energy access for all consumers is crucial. This concern was the focal point of a session titled “Navigating the Solar Surge: Ensuring Equitable Energy Access in Pakistan’s Power Sector,” hosted by the Institute of Policy Studies (IPS), Islamabad. The session featured insights from IPS Chairman, Khalid Rahman, senior IPS associate, Ameena Sohail, Amreli Steels head of energy…

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Pakistan, China Committed To Expeditious Completion Of CPEC-2: Ishaq Dar

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Ishaq-Dar

Deputy Prime Minister And Foreign Minister Mohammad Ishaq Dar says Pakistan and China are committed to the expeditious completion of CPEC-2. Addressing China’s Development And Global Leadership Conference, Ishaq Qar said CPEC is a gift for Pakistan from China and the mega project has transformed Pakistan’s economy by enhancing infrastructure. He said Pakistan and China have stood with each other in times of peace and disaster and Pakistan aims to expand CPEC to incorporate AI, trade and eco-friendly energy. Dar said China will become super economic power soon after it…

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