Year: 2024

NEPRA Approves Rs1.75 per Unit Tariff Hike for DISCOs, K-Electric

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NEPRA-KE

ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has approved an additional charge of Rs1.75 per unit for state-owned distribution companies (DISCOs) and K-Electric, effective over the next three months, to recover Rs43.23 billion through quarterly tariff adjustments. This increase, set for the fourth quarter of FY 2023-24 (April-June 2024), comes after a public hearing on August 26, presided over by NEPRA Chairman Waseem Mukhtar. DISCOs had initially requested an additional Rs1.9 per unit, citing lower-than-expected sales during the period, partly due to load shedding in certain areas like…

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Govt Imposes Strict Austerity Measures: Ban on Vehicle Purchases, Overseas Medical Treatment

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Vehicle-Purchases

ISLAMABAD – In a significant move aimed at curbing public expenditure, the federal government has imposed a comprehensive ban on specific spending, including the purchase of new vehicles and state-funded medical treatment abroad. This follows a Finance Division notification issued this week, as the government grapples with economic pressures and criticism over its fiscal policies. The austerity measures are part of the government’s broader strategy to secure a $7 billion bailout package from the International Monetary Fund (IMF) while addressing concerns about unchecked public sector expenditures. Recent actions have included…

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Petrol, Diesel Prices Set for Fourth Consecutive Cut: Rs10 per Litre Drop Expected

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ISLAMABAD – For the fourth consecutive fortnight, petrol and high-speed diesel (HSD) prices are expected to decrease by approximately Rs10 per litre starting from September 15, thanks to a recent drop in international oil prices. However, the final reduction could be smaller if the government increases the petroleum levy to offset revenue shortfalls. Informed sources report that international petrol and diesel prices have dropped by around $5 per barrel in the past two weeks, with petrol prices falling to below $76 per barrel and HSD to around $83 per barrel.…

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Major Oil and Gas Reserves Found in Pakistani Waters: A Game Changer for the Energy Sector

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oil price

KARACHI – In a potentially transformative development for Pakistan’s energy sector, significant oil and gas reserves have been discovered in the country’s territorial waters. A senior security official revealed that a three-year survey conducted in collaboration with a “friendly country” confirmed the presence of these substantial deposits. The discovery, hailed as a potential game-changer for the nation’s economy, could reduce Pakistan’s reliance on imported fuel and open up vast new opportunities in the energy sector. Survey and CollaborationThe official, speaking on condition of anonymity, explained that the survey was carried…

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NA Informed of Rs296 Billion Net Hydel Profit Payments to Provinces Over 10 Years

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Bhasha-Dam

ISLAMABAD: The National Assembly was informed on Thursday that a total of Rs296 billion has been paid to Khyber-Pakhtunkhwa, Punjab, and Azad Jammu and Kashmir (AJK) in net hydel profit over the last decade. Responding during the question hour, Minister for Water Resources Musadik Malik detailed that Rs216 billion had been paid to Khyber-Pakhtunkhwa, Rs73.45 billion to Punjab, and Rs6.4 billion to AJK. He also noted that outstanding balances amount to Rs36 billion for KP, Rs72 billion for Punjab, and Rs379 million for AJK as of March 2024. Malik explained…

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