Day: June 18, 2026

KARACHI: Wafi Energy Pakistan Limited (WEPL), formerly known as Shell Pakistan Limited, has reported a sharp rise in profitability, posting a 148 percent increase in profit after tax for the latest financial period, alongside key leadership reappointments. The company announced that Ghassan Al Almoudi has been reappointed as Chairperson for another three-year term with effect from June 16, 2026. In addition, the board has approved the reappointment of Zubair Shaikh as Chief Executive Officer for the same tenure, ensuring continuity in strategic leadership and corporate governance. WEPL reported a profit…

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ISLAMABAD: Electricity consumers across the country may face another rise in monthly bills as power distribution companies (DISCOs) have requested the National Electric Power Regulatory Authority (NEPRA) to approve a positive fuel cost adjustment (FCA) of Rs0.82 per unit for May 2026. According to the petition, the requested increase of Rs0.8173 per unit is higher than the reference fuel cost of Rs8.4315 per unit already approved by the regulator. The adjustment is attributed to higher electricity generation costs during the month under review. If approved, the additional charge will be…

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ISLAMABAD: Pakistan’s long-delayed $6 billion refinery upgradation programme has come under fresh pressure after the Oil and Gas Regulatory Authority (OGRA) proposed reducing the deemed duty incentive on High-Speed Diesel (HSD) from 7.5 percent to 5 percent for refineries that failed to sign Implementation Agreements (IAs) by the October 22, 2024 deadline. The refinery sector has strongly opposed the move, warning that it could weaken the financial viability of long-planned modernisation projects and discourage future investment in the downstream petroleum sector. According to officials, the proposal has been included in…

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ISLAMABAD: The Federal Board of Revenue (FBR) has collected around Rs620 billion from electricity consumers through sales tax and withholding tax on power bills, the National Assembly Standing Committee on Finance and Revenue was informed on Wednesday. Officials told the committee that the FBR applies 18 percent General Sales Tax (GST) on electricity consumption, while withholding tax is charged on bills exceeding Rs100,000 per month, contributing to total recoveries of approximately Rs620 billion. The briefing also highlighted growing parliamentary debate over the government’s proposed Retailers Fixed Scheme, with PPP MNA…

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ISTANBUL: A commemorative photo exhibition marking the 150th birth anniversary year of Quaid-e-Azam Muhammad Ali Jinnah, the founder of Pakistan, was inaugurated at the historic Rami Library in Istanbul, showcasing his life, political struggle, and enduring legacy. The event was attended by distinguished dignitaries, including Ambassador of Pakistan to Türkiye Yousaf Junaid, Deputy Governor of Istanbul Mehmet Sülün, Eyüpsultan Kaymakam Dr. Arslan Yurt, Rami Library Director Ali Çelik, along with diplomats, academics, media representatives, and members of the Pakistani diaspora. The exhibition was jointly organized by the Pakistan Embassy in…

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