Year: 2024

NEPRA Fines K-Electric Rs10 Million for Safety Lapse

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circular-debt-K-electric-ceo

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs10 million for a safety lapse that led to the death of a person within its service area during the fiscal year 2022-23. NEPRA also directed KE to pay Rs3.5 million in compensation to the victim’s family and provide a job to the next of kin. KE was ordered to deposit the fine within 15 days and submit proof of compliance within two months. The ruling came after a show cause notice was issued to KE following 33…

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Major Cut in Fuel Prices: Rs47.54 per Litre Decrease Since May

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Petrol-price

Minister for Petroleum Division, Musadik Masood Malik, informed the National Assembly that since May, petroleum prices in Pakistan have dropped by Rs47.54 per litre. Malik explained that while Pakistan purchases fuel at international market rates, it benefits from discounts on the premium, particularly under an agreement with Kuwait for diesel. Malik also highlighted that friendly nations sometimes offer extended payment periods for fuel. He emphasized that fuel prices in Pakistan are directly tied to global markets and the exchange rate of the dollar to the rupee. Since the current government…

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FPCCI highly disappointed on monetary policy and cut in cut in interest rate only 2 percent

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state-bank

Karachi: Atif Ikram Sheikh, President FPCCI, has apprised that the business, industry and trade community of Pakistan is disappointed with the monetary policy as it continues to be based on a heavy premium vis-à-vis core inflation. While we appreciate the rate cut by 200 bps or 2 percent, this is too little, too late in the context of price data – domestically & internationally, he added. Mr. Atif Ikram Sheikh pointed out that core inflation clocked at 9.6 percent in Pakistan during August 2024 as per government’s own available data…

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Saudi Aramco says will launch first branded gas station in Pakistan by year end

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Aramco-new

ISLAMABAD: Saudi oil giant Aramco said on Wednesday it would launch its first branded retail gas station in Pakistan by the end of the year, having already completed the acquisition of a 40 percent stake in Gas & Oil Pakistan Ltd. (GO) in May. Aramco is a global integrated energy and chemicals company that produces approximately one in every eight barrels of the world’s oil supply. GO, one of Pakistan’s largest retail and storage companies, is involved in the procurement, storage, sale and marketing of petroleum products and lubricants. “We…

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SCCI Files Petition Against IPP Contracts in Peshawar High Court

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power-subsidy

PESHAWAR: The Sarhad Chamber of Commerce and Industry (SCCI) has filed a writ petition in the Peshawar High Court, challenging the agreements with Independent Power Producers (IPPs). The petition calls for a forensic audit of all IPP contracts, aiming to address the issue of excessive payouts and bring relief to power consumers. The plea opposes the renewal of existing IPP agreements and the signing of new contracts, urging the court to implement recommendations from the Senate Standing Committee on Power regarding the excess profits made by IPPs reliant on RFO…

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