Day: June 17, 2025

Sindh Allocates Rs25bn for Solarisation to Cut Power Costs: Nasir Hussain Shah

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Nasir-Shah

KARACHI, June 17, 2025 — Sindh Energy Minister Syed Nasir Hussain Shah announced on Monday that the provincial government has allocated Rs25 billion in the new budget to reduce electricity costs through widespread solarisation, aiming to provide relief to low-income and underprivileged households. Shah credited Pakistan Peoples Party (PPP) Chairman and the Chief Minister for championing the initiative, saying it reflects the party’s vision of ensuring affordable and even free electricity where possible. The Energy Department, he noted, is actively working to distribute solar panels and implement solar energy solutions…

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IMF Rejects \$6bn Refinery Upgrade Plan; SIFC to Draft New Proposals

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New-IMF

ISLAMABAD, June 17, 2025 — In a major setback for Pakistan’s energy sector, the International Monetary Fund (IMF) has rejected the government’s proposals for \$6 billion in refinery upgrade projects aimed at producing cleaner Euro-V standard petrol and diesel, prompting the Special Investment Facilitation Council (SIFC) to call an emergency meeting on Wednesday to formulate revised proposals. Senior officials from the Petroleum Division confirmed that new proposals would be discussed, although they warned these may lead to an escalation in project costs, ultimately to be borne by petroleum consumers. To…

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Audit Body Accuses Power Division of Withholding Key NEP, NE-Plan Documents

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Sale-Taxes

ISLAMABAD, June 17, 2025: The Directorate General of Audit (Power) has accused the Power Division of failing to provide essential documents related to the National Electricity Policy (NEP) 2021 and the National Electricity Plan (2023–27), hindering the progress of a special audit. In a letter addressed to the Secretary Power, Director Audit (Power) Meesam Abbas Khawaja stated that he was assigned the special audit task on June 2, 2025, and had issued three formal requisitions requesting the necessary records. However, no relevant documents or supporting evidence have been submitted to…

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No Hike in Petroleum Levy, But Consumers Face Oil Price Surge

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petrol-price

ISLAMABAD, June 17, 2025: The federal government has ruled out any increase in the Petroleum Development Levy (PDL), but warned that consumers will have to bear the impact of surging global oil prices triggered by escalating tensions in the Middle East. The announcement was made during a briefing to the National Assembly Standing Committee on Finance and Revenue, chaired by MNA Naveed Qamar, on Monday. Finance Secretary confirmed that while the government aims to collect Rs1.486 trillion in PDL during FY2025-26, no further hike is planned despite global volatility. Finance…

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Pakistan, US Edge Closer to Trade Deal Amid Ongoing Tariff Negotiations

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USA-Pakistan

ISLAMABAD, June 17, 2025: Pakistan and the United States have made significant progress in their bid to resolve longstanding trade issues, particularly the reciprocal tariffs imposed during President Donald Trump’s earlier term, as top officials from both nations held a virtual meeting on Monday. Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick led the talks, which focused on enhancing bilateral trade, investment, and economic cooperation. The Ministry of Finance, in a statement issued Tuesday, said both sides reaffirmed their commitment to a mutually beneficial trade deal and agreed…

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