Category: Latest News

Emerging OMCs Demand Equal Regulatory Treatment, Cite Rs150bn Investment

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New-oil

LAHORE: Pakistan’s emerging oil marketing companies (OMCs) have raised strong objections over what they describe as unfair regulatory practices and unequal treatment compared to larger, more established players in the petroleum sector. In a letter addressed to Petroleum Minister Ali Pervaiz Malik, the Oil Marketing Association of Pakistan (OMAP) outlined the challenges faced by new entrants, despite their substantial investments and growing contributions to the national petroleum landscape. According to OMAP, emerging OMCs have collectively invested Rs150 billion in the sector — Rs81 billion in storage infrastructure, representing nearly 50%…

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Govt Acknowledges Governance Failures as SOE Losses Hit Record Rs5.9 Trillion

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New-Project1

ISLAMABAD: In an unusually candid assessment, the federal government on Friday admitted to persistent governance failures and low transparency in state-owned enterprises (SOEs), with cumulative losses soaring to a record Rs5.9 trillion by December 2024. The admission came through a statement issued by the Ministry of Finance following a meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs), chaired by Finance Minister Muhammad Aurangzeb. The statement pointed to widespread operational inefficiencies, misaligned business strategies, and weak compliance with legal obligations under the SOEs Act. Highlighting the alarming state of public…

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ECC Approves Up to 50% Hike in Gas Charges to Meet IMF Targets

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Gas-IMF

ISLAMABAD: In a significant move to align with International Monetary Fund (IMF) requirements, the Economic Coordination Committee (ECC) of the federal cabinet has approved a gas tariff hike of up to 50% for consumers across various categories, effective from July 1. The decision, made during an ECC meeting chaired by Finance Minister Muhammad Aurangzeb, includes a 50% increase in fixed charges for domestic consumers. Protected households will now pay Rs600 per month, up from Rs400, while non-protected users will see charges rise from Rs1,000 to Rs1,500. The ECC also abolished…

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PNSC Targets \$700 Million Freight Revenue with Green Fleet Expansion

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New-PNSC

ISLAMABAD: The Pakistan National Shipping Corporation (PNSC) is set to expand its cargo fleet to 34 vessels over the next three years, aiming to boost annual freight earnings to \$700 million. The initiative is part of a comprehensive strategy to modernise Pakistan’s maritime and logistics sectors and position the country as a regional shipping hub. The announcement came during a high-level meeting chaired by Federal Minister for Maritime Affairs Muhammad Junaid Anwar Chaudhry. Officials revealed that PNSC currently handles 11% of the country’s cargo by volume and 4% by value.…

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Business Leaders Slam Gas Tariff Hike, Warn of Impact on SMEs and Exports

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OGRA-GAS

KARACHI: Chairman of the Businessmen Group (BMG) Zubair Motiwala and President of the Karachi Chamber of Commerce and Industry (KCCI) Muhammad Jawed Bilwani have strongly opposed the Economic Coordination Committee’s (ECC) recent decision to increase gas tariffs, calling the move irrational and harmful for the industrial sector, particularly small and medium enterprises (SMEs). In a joint statement on Friday, the business leaders termed the tariff hike unjustified in the current energy market context. They pointed out that global Brent crude prices have fallen and the SNGPL system is facing a…

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