Category: Highlights

OMAP Urges Prime Minister’s Intervention to Address Petroleum Industry Challenges

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crude-oil

LAHORE: The Oil Marketing Association of Pakistan (OMAP) has called on Prime Minister Shehbaz Sharif to urgently address the critical challenges facing the petroleum industry. In a letter dated September 5, 2024, OMAP Chairman Tariq Wazir Ali highlighted several pressing issues, including the impact of the zero-rated sales tax policy, which has resulted in Rs 65 billion of held funds, straining oil marketing companies’ (OMCs) cash flows. Additional concerns include delayed sales tax refunds, unresolved foreign exchange losses, and the smuggling of Iranian petroleum products, which are eroding industry profits…

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Towards Green Energy: Leveraging CPEC for Pakistan’s Climate Goals

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New-CPEC

Pakistan faces immense challenges in addressing its climate crisis, with the World Bank estimating a need for $348 billion by 2030 to meet climate adaptation and mitigation goals. Of this, $152 billion is allocated for adaptation and resilience, while $196 billion is needed for decarbonization. The nation’s 2021 Nationally Determined Contributions set an ambitious goal of reducing projected emissions by 50%, with 15% coming from domestic resources and 35% contingent on international support. Key to this effort is Pakistan’s green energy transition, requiring $101 billion by 2030, with an additional…

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NEPRA Approves Rs1.75 per Unit Tariff Hike for DISCOs, K-Electric

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NEPRA-KE

ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has approved an additional charge of Rs1.75 per unit for state-owned distribution companies (DISCOs) and K-Electric, effective over the next three months, to recover Rs43.23 billion through quarterly tariff adjustments. This increase, set for the fourth quarter of FY 2023-24 (April-June 2024), comes after a public hearing on August 26, presided over by NEPRA Chairman Waseem Mukhtar. DISCOs had initially requested an additional Rs1.9 per unit, citing lower-than-expected sales during the period, partly due to load shedding in certain areas like…

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Govt Imposes Strict Austerity Measures: Ban on Vehicle Purchases, Overseas Medical Treatment

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Vehicle-Purchases

ISLAMABAD – In a significant move aimed at curbing public expenditure, the federal government has imposed a comprehensive ban on specific spending, including the purchase of new vehicles and state-funded medical treatment abroad. This follows a Finance Division notification issued this week, as the government grapples with economic pressures and criticism over its fiscal policies. The austerity measures are part of the government’s broader strategy to secure a $7 billion bailout package from the International Monetary Fund (IMF) while addressing concerns about unchecked public sector expenditures. Recent actions have included…

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NA Informed of Rs296 Billion Net Hydel Profit Payments to Provinces Over 10 Years

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Bhasha-Dam

ISLAMABAD: The National Assembly was informed on Thursday that a total of Rs296 billion has been paid to Khyber-Pakhtunkhwa, Punjab, and Azad Jammu and Kashmir (AJK) in net hydel profit over the last decade. Responding during the question hour, Minister for Water Resources Musadik Malik detailed that Rs216 billion had been paid to Khyber-Pakhtunkhwa, Rs73.45 billion to Punjab, and Rs6.4 billion to AJK. He also noted that outstanding balances amount to Rs36 billion for KP, Rs72 billion for Punjab, and Rs379 million for AJK as of March 2024. Malik explained…

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