Category: Latest News

Oil Industry Urges PM to Reject Windfall Tax, Clear Rs66 Billion Outstanding Claims

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ISLAMABAD: Pakistan’s oil industry has voiced strong opposition to a proposed windfall tax on inventory gains in the upcoming federal budget and expressed concern over delays in the payment of outstanding Price Differential Claims (PDCs), warning that the sector is facing severe liquidity pressures. In a letter addressed to Prime Minister Shehbaz Sharif, the Oil Companies Advisory Council (OCAC), which represents more than 30 oil marketing companies (OMCs) and refineries, sought an urgent meeting to discuss issues affecting the financial sustainability of the downstream petroleum sector. OCAC Chairman Asif Iqbal…

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Revived JJVL Gas Plant to Save Pakistan $200 Million Annually in Foreign Exchange

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ISLAMABAD: Pakistan is poised to save nearly USD 200 million annually in foreign exchange following the revival of the long-dormant Jamshoro Joint Venture Limited (JJVL) gas processing plant, a major energy infrastructure project restored with the facilitation of the Special Investment Facilitation Council (SIFC) after remaining inactive for almost five years. The reopening of the plant is being hailed as a significant milestone in the government’s efforts to strengthen energy security, reduce import dependence, and revive strategically important industrial assets. JJVL, Pakistan’s first gas processing facility equipped with advanced Ortloff…

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Govt Forms High-Level Task Force to Develop National Waste-to-Energy Policy

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ISLAMABAD: In a significant step towards sustainable waste management and clean energy development, the federal government has constituted an 18-member high-level task force to formulate a comprehensive national Waste-to-Energy (WtE) policy aimed at addressing regulatory gaps and attracting investment in the sector. According to an official notification issued by the Power Division, the task force has been established on the directives of the Prime Minister to review the existing policy and regulatory framework and propose measures for the development of waste-to-energy projects across Pakistan. Federal Minister for Power, Sardar Awais…

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IMF Proposes GST Hike to 19%; Solar Panels and Electric Vehicles May Become Costlier

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ISLAMABAD: The International Monetary Fund (IMF) has proposed increasing Pakistan’s standard General Sales Tax (GST) rate from 18 percent to 19 percent in the Federal Budget 2026-27 as part of efforts to boost tax revenues and address persistent revenue shortfalls. However, Pakistani authorities have strongly opposed the proposal, arguing that an increase in GST would fuel inflation and place an additional burden on consumers already struggling with rising living costs. According to sources, the IMF has recommended the one-percent GST increase to help the government achieve a tax revenue target…

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Protected Electricity Consumers to Continue Receiving Subsidies, Says Awais Leghari

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ISLAMABAD: Federal Minister for Energy (Power Division) Awais Leghari has clarified that the government is not abolishing electricity subsidies for protected consumers, dismissing reports suggesting otherwise as misleading and contrary to facts. Speaking on the government’s ongoing power sector reforms, the minister said that the number of protected consumers has increased significantly over the past four years, rising from 9.5 million to 21.5 million. Currently, around 29.57 million domestic consumers—representing nearly 86 percent of total household electricity users—are receiving subsidized electricity. Leghari noted that the volume of electricity subsidies has…

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