ISLAMABAD: Pakistan has not received oil on concessional rates or loan basis from any country over the past five years, the Petroleum Division confirmed in a report submitted to the National Assembly. The clarification came in a written response to a query by MNA Naveed Aamir, who asked for details of countries that had extended concessional oil to Pakistan during this period. The Petroleum Division categorically stated that no such arrangement had been made. In another reply, Minister for Petroleum Ali Pervaiz Malik informed the House that Pakistan currently imports…
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Dasu Hydropower Project Cost Surges to Rs1.7 Trillion Amid Delays, Mismanagement
ISLAMABAD: The cost of Pakistan’s Dasu Hydropower Project (Stage-I) has skyrocketed to a staggering Rs1.7 trillion ($6.2 billion), making it the country’s most expensive hydropower scheme to date. The Central Development Working Party (CDWP), chaired by Planning Minister Ahsan Iqbal, referred the revised proposal to the Executive Committee of the National Economic Council (ECNEC) for final approval—pending cost rationalisation and responses from WAPDA. Originally approved at Rs486 billion in 2014, the project’s cost has jumped by 240%, raising the per-megawatt cost from Rs236 million to Rs804 million. By comparison, the…
Read MoreGovt Cuts Circular Debt by Rs9bn in Six Months, Energy Ministry Tells National Assembly
ISLAMABAD: The Ministry of Energy informed the National Assembly on Friday that Pakistan’s circular debt has decreased by Rs9 billion in the first half of the current fiscal year, attributing the improvement to the government’s targeted reforms. In a written response to the House, the ministry reported that circular debt stood at Rs2,393 billion as of June 2024, and had reduced to Rs2,384 billion by December. It credited improved recovery rates from power distribution companies (Discos) and implementation of strategic reforms for the progress. As part of its 2025–2029 roadmap,…
Read MorePetrol, Diesel Prices Expected to Drop by Rs10 per Litre Amid Global Oil Decline
ISLAMABAD: Consumers in Pakistan may receive a much-needed reprieve as petrol and diesel prices are expected to decrease by approximately Rs10 per litre for the upcoming fortnight ending April 30, driven by a drop in international oil prices. This potential reduction is contingent on the government maintaining current tax rates. However, officials indicate that the government may limit the decline to prevent a sharp rise in demand. At the same time, local refineries are lobbying for the reintroduction of General Sales Tax (GST) on petroleum products. Sources report that the…
Read MoreInverex Leads Pakistan’s Green Revolution with Electric Vehicles and Next-Gen Solar Innovations
Inverex, a frontrunner in Pakistan’s solar energy sector, is making a groundbreaking leap into the electric vehicle (EV) market—becoming the first Pakistani solar company to do so. This strategic move reinforces Inverex’s mission to promote clean energy and reduce the country’s dependence on fossil fuels. The landmark announcement was made during an exclusive event in Kuala Lumpur, Malaysia, where Inverex unveiled its latest innovations to a packed audience of clean energy stakeholders, including Pakistani dealers, installers, contractors, and renewable energy advocates. The company showcased a wide range of cutting-edge products…
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