Category: Highlights

Ogra Proposes Significant Gas Price Hike to Fulfill IMF Conditions

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OGRA

In response to the IMF’s requirements and to meet a mid-February deadline, the Oil and Gas Regulatory Authority (Ogra) has proposed substantial increases in gas tariffs, aiming to extract an additional Rs100 billion from consumers over the next four months. This move follows a significant tariff hike in November, as part of the government’s commitment to the IMF. Notably, Ogra streamlined its public hearing process, holding only one session each in Lahore and Karachi for Sui Northern Gas Pipelines Ltd (SNGPL) and Sui Southern Gas Company Ltd (SSGC) respectively, excluding…

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Oil/gas sector in limelight as KSE-100 gains over 850 points

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IMF-board

The Pakistan Stock Exchange (PSX) saw interest in the oil and gas sector as the benchmark KSE-100 index gained over 850 points during trading on Tuesday. At 2pm, the benchmark index was hovering at the 63,855.95 level, an increase of 853.04 points or 1.35%. Index-heavy stocks including OGDC and PPL were trading in the positive, amid reported developments on the government’s circular debt plan. Business Recorder reported that the caretaker government’s team on Monday formally interacted with the International Monetary Fund (IMF) through a video call to seek the latter’s support for…

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Heavy rain continues to lash Karachi for second day

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Heavy rain lashed several parts of Karachi for the second consecutive day on Sunday. Gulistan-i-Jauhar, Gulshan-i-Iqbal, DHA, Clifton, II Chundrigar Road, Saddar, and Lyari were among the localities where moderate to heavy rainfall coupled with cold winds were reported. According to the Karachi Traffic Police, rainwater had accumulated on University Road, Ziauddin Road, Haqqani Chowk, Denso Hall and Lighthouse. It added that rainwater had also accumulated at Dow University, Tibet Chowk, Ankalsaria Chowk, Shershah Road, Guru Mandir, Jahangir Road, Ayesha Manzil, Five-Star Chowrangi, Hyderi, Shafiq Mor and Qayyumabad. The cold weather, which…

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Caretaker Federal Finance Minister briefs FPCCI leadership on interim govt’s steps to stabilize economy

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fpcci-afghanistan

Karachi Caretaker Federal Finance Minister, Dr Shamshad Akhter, visited the head office of the Federation of Pakistan Chamber of Commerce & Industry (FPCCI) to brief top leaders of Karachi’s business community on the measures taken by the interim government to stabilize the economy, control exchange rate volatility and restructure FBR.FPCCI President, Atif Ikram Sheikh, told the briefing that the business community supports the restructuring plan of the Federal Bureau of Revenue as visualized by the Federal Caretaker Minister for Finance & Revenue. The underlining principle of separation of tax policy…

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Solar Scandal Unveiled: Central Suspect Nabbed in 73 Billion Rupees Tax Evasion Drama at Karachi Court

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FBR-Solar

Karachi: In a riveting turn of events, a central figure in the solar panel import scandal, defrauding taxes amounting to a staggering 73 billion rupees, was apprehended in a dramatic fashion at the Customs Court in Karachi. The suspect, identified as Rabb Nawaz, orchestrated a daring evasion operation, hiding within the court premises for several hours before finally being captured.Despite relentless attempts to secure bail discreetly, Nawaz remained present in court even after the judge had departed. His arrest is expected to catalyze further investigations into the extensive solar panel…

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