Category: Highlights

Budget 2024-25: Power, Defence, and Election Expenses Exceed Allocations

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Budget-2024-25

ISLAMABAD: During the fiscal year 2023-24, at least 38 government departments exceeded their allocated budgets, necessitating additional funds through supplementary and technical grants, according to the Finance Division’s details of current expenditure. Key Departments Exceeding Allocations: Power Division: Spent Rs769.7 billion against an allocation of Rs450.5 billion, requiring an additional Rs319.1 billion.Defence Services: Allocated Rs1.8 trillion, but expenditures reached Rs1.835 trillion, necessitating an extra Rs31.5 billion.Defence Division: Required Rs20 billion against an allocated budget of Rs6 billion.Election Expenses: Spent over Rs39 billion against an allocation of Rs7.7 billion, mainly due…

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Latest Petrol Price In Pakistan

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The government on Friday slashed the prices of petrol and high-speed diesel (HSD) for the next fortnight by Rs10.2 and Rs2.33, respectively. In a notification, the finance ministry said the prices of petroleum products had seen a mixed trend in the international market in the last fortnight. It said Ogra had worked out the consumer prices based on the international market price variations. It said the new petrol price was Rs258.16 per litre and that of HSD was Rs267.89. The Prime Minister’s Office termed the reduction a gift from the…

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Unresolved Tariff Issues Hinder US Investment in Pakistan’s Wind Projects

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wind-energy

ISLAMABAD: A delegation from the United States Treasury Department, led by Assistant Secretary Brent Neiman, addressed critical power sector challenges during their visit to Islamabad, focusing on issues such as circular debt and tariffs for wind projects. The delegation’s two-day visit aims to assess Pakistan’s economic situation, the potential for a new IMF program, and the overall business and investment environment. Sources indicate significant disputes between Washington and Islamabad regarding wind project tariffs. The US has communicated that until the tariff issues for the existing five wind power projects are…

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ECC Approves Rs9 Billion for Clearing OMCs’ Price Differential Claims

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ECC-PSO

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has approved the release of Rs9 billion to clear outstanding price differential claims of Oil Marketing Companies (OMCs), including Pakistan State Oil (PSO). The decision was made during an ECC meeting chaired by Finance Minister Muhammad Aurangzeb. The Petroleum Division’s proposal to allocate Rs9 billion for the payment of these claims was approved, addressing the financial backlog faced by the OMCs. The ECC meeting also sanctioned several Technical Supplementary Grants (TSGs) amounting to around Rs244 billion for various ministries and divisions.…

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500 MW Floating Solar Energy Project To Be Setup At Keenjhar LakeGO Energy and Sindh Transmission & Dispatch Company (STDC) sign MoU

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mou

Karachi 13 June 2024: GO Energy and Sindh Transmission & Dispatch Company (STDC) today signed a MoU for the transmission evacuation of a 500 MW Floating Solar Project at Keenjhar Lake, Sindh, Pakistan. The Honourable Syed Nasir Hussain Shah, Minister for Energy, Government of Sindh was the Chief Guest at the signing ceremony held in Karachi today. Other dignitaries present at the occasion included Mr. Musaddiq Ali Khan, Secretary Energy, Government of Sindh, Mr. M. Saleem Shaikh, CEO Sindh Transmission & Dispatch Company, Mr. Ammar Ali, CEO, GO Energy &…

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