Author: Admin

Government to Reduce Petroleum Prices from August 1

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Petroleum-prices

ISLAMABAD: The federal government is set to implement substantial reductions in the prices of petrol and high-speed diesel (HSD) effective August 1, 2024. According to oil marketing companies (OMCs), the price of petrol is expected to decrease by Rs6 per liter, while HSD will see a reduction of Rs11.50 per liter. Additionally, kerosene oil and light diesel oil (LDO) are anticipated to drop by Rs6.10 per liter and Rs5.50 per liter, respectively. This price cut follows a decline in international oil prices, with petrol prices falling from $89.50 to $87.50…

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Government Announces Rs 50 Billion Subsidy for Low-Income Households

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Musadik-Malik

ISLAMABAD: Federal Minister for Petroleum Musadik Malik announced a Rs 50 billion energy subsidy package on Tuesday, aimed at low-income households consuming up to 200 units of electricity. This initiative will benefit 86 percent of households, ensuring they retain last year’s power tariff. Additionally, Rs 600 billion has been allocated for the Benazir Income Support Programme (BISP) to assist the poor. The recent budget also includes development projects worth Rs 1,200 billion. Minister Malik highlighted the country’s economic progress, noting a bullish trend in the stock exchange and a rise…

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President and Commonwealth Secretary Discuss Climate Challenges

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Asif-Zardari

ISLAMABAD: President Asif Ali Zardari emphasized the need for stronger cooperation with the Commonwealth in addressing climate change, education, parliamentary exchanges, and disaster preparedness during a meeting with Commonwealth Secretary-General Patricia Scotland at Aiwan-i-Sadr on Tuesday. President Zardari highlighted the severe impact of erratic weather patterns on Pakistan, particularly the extensive damages from the 2022 floods. He mentioned the Sindh government’s initiative to build two million flood-resilient houses and the planting of over two million mangroves to combat climate change effects. Ms. Scotland acknowledged Pakistan’s significant climate challenges and its…

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NEPRA Faces Criticism as K-Electric Seeks Rs5.50 per Unit FCA Hike

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NEPRA-KE

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) faced severe criticism from political and business circles in Karachi on Tuesday after K-Electric requested an additional fuel cost adjustment (FCA) of Rs5.45 per unit for May and June. The private power utility demanded an additional FCA of Rs2.53 per unit for May and Rs2.92 per unit for June, amounting to a total financial impact of Rs10.036 billion. Led by Chief Financial Officer Aamir Ghaziani, K-Electric’s team pointed out that consumers of other ex-Wapda distribution companies had already been subjected to an…

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Macroeconomic stability must before taking growth-oriented steps: Aurangzeb

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macroeconomic

KARACHI: Federal Minister for Finance & Revenue Muhammad Aurangzeb has said that efforts were being made to attain macroeconomic stability for sustainable growth because if the government, without attaining macroeconomic stability, takes growth-oriented steps which was done in the past, it would face balance of payment issue so there was no choice but to take difficult decisions for macroeconomic stability which, when achieved, would reduce the burden on business community as well as salaried class.Speaking at a meeting during his visit to the Karachi Chamber of Commerce & Industry (KCCI)…

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