Author: Admin

Energy Update Extends Warm Wishes to China and Solar Industry on Lunar New Year

Admin
Solar-Industry

Energy Update Extends Warm Wishes to China and Solar Industry on Lunar New Year January 30, 2025 KARACHI: On the joyous occasion of the Chinese Spring Festival and the Year of the Snake, Energy Update extends its heartfelt greetings to the people of China, President Xi Jinping, and the global solar industry, especially Chinese solar companies and partners who have been instrumental in driving the renewable energy revolution worldwide. China’s remarkable leadership in clean energy and solar technology continues to inspire nations striving for a sustainable future. The China-Pakistan Economic…

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Pakistan Faces Rs5 Trillion Annual Loss in Maritime Sector Due to Underutilization and Malpractices

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Maritime-Sector

ISLAMABAD: Pakistan’s maritime sector suffers an annual loss of nearly Rs5 trillion ($18 billion) due to underutilized ports, tax evasion, fraudulent practices, and inefficiencies in trade and value addition, according to a high-level task force report. The report, presented to the prime minister, highlights that: Underutilized ports account for a staggering Rs3.19 trillion loss.Tax evasion in the maritime sector costs Rs1.12 trillion annually.Malpractices and fake billing lead to a Rs313 billion shortfall.Restrictions on transshipment result in Rs70 billion in missed revenue.Lack of warehousing and value addition costs Rs196 billion.Misuse of…

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Minister Warns of Gas Price Misuse, Calls for Transparent Mechanism

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Gas-OGDCL

ISLAMABAD: A key cabinet minister has raised concerns over the potential misuse of cheaper industrial gas for power generation, cautioning that captive power plant (CPP) owners might exploit loopholes or seek legal stay orders to avoid the recent price hike. Minister of State for Finance, Ali Pervaiz Malik, has urged the government to introduce a transparent mechanism to prevent industries from using Rs2,150/MMBtu industrial gas instead of the newly raised Rs3,500/MMBtu gas meant for CPPs. He warned that the current system allows for such manipulation. This development follows revelations that…

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Govt Eyes Rs55bn Windfall from Gas Tariff Hike for CPPs

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OGRA-GAS

ISLAMABAD: The government is set to collect over Rs55 billion in prior year adjustments (PYA) during FY25, following a Rs500/MMBtu increase in gas tariffs for captive power plants (CPPs), aligning with IMF-mandated reforms. The tariff hike from Rs3,000/MMBtu to Rs3,500/MMBtu has pushed the weighted average gas tariff to Rs1,722/MMBtu, with an expected annual average of Rs1,689/MMBtu, according to Hamdan Ahmed, an analyst at Optimus Capital Management. The Oil and Gas Regulatory Authority (OGRA) has also based its revenue estimates on an assumed oil price of $81.8/bbl, higher than the FYTD25…

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Petroleum Prices Likely to Rise Again Amid Global Market Trends

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Petrol-Diesel

ISLAMABAD: Petrol, high-speed diesel (HSD), and kerosene prices are expected to increase by up to Rs6 per litre on February 1, driven by rising international oil prices. According to sources, petrol prices could see a Rs2-3 per litre hike, while HSD and kerosene may rise by around Rs6 per litre based on the latest calculations. The increase follows a $2 per barrel surge in Brent crude prices over the past fortnight. HSD prices in the global market have risen by over $2.50 per barrel, whereas petrol prices saw a 50-cent…

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