Category: Recent Post

The Petroleum Division is said to have recommended recovery of financial losses of billions of rupees from power consumers due to purchase of expensive RLNG or its non-availability for the power plants, well informed sources told Business Recorder. “Volume and pricing of RLNG is ring-fenced whereby RLNG consumers have to bear the full cost of supply. Any tariff differential and/or any other liquidity damages due to downward deviation from the indicated power demand should be borne by power purchaser/ IPPs or passed on to the electricity sector consumers,” said the…

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The Council of Common Interests (CCI) decided on Monday to include hydel power in the renewable energy targets and directed the Power Division to finalise the “wheeling” policy so that it could be rolled out immediately. Chairing the 48th meeting of the CCI, Prime Minister Imran Khan directed the Power Division to employ technology-based solutions at the distribution companies level to save the paying consumers from the inconvenience of load-management in low recovery grids. The meeting was attended the chief ministers Usman Buzdar of Punjab, Murad Ali Shah of Sindh,…

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With Pakistan suffering an “unprecedented dry” year, both the dams have started depleting fast before getting filled properly, as national inflows drop exceptionally and water planners now fear this dry cycle will continue and extraordinarily impact the Rabi crops. Although the Indus River System Authority (Irsa) was able to fill Tarbela Lake on Sept 1 after some jugglery with the supplies, the optimum level survived only for 24 hours before beginning to slide. Mangla Dam never went even close to the filling stage — it got stuck at 1,204 feet…

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The government has asked all six oil refining facilities in the country to provide full details of Deemed Duty (DD) collected on petroleum products since its inception two decades ago along with third party audits of its utilisation. In a letter, the Petroleum Division has asked managing directors of six major refineries — Pak Arab Refinery Ltd, National Refinery Ltd, Pakistan Refinery Ltd, Byco, Attock Refinery Ltd and Enar Petroleum Refining Facility — to provide within two days the “yearly break up of DD collected by each refinery and its…

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The Competition Commission of Pakistan (CCP) is said to have initiated a probe into the shadowy affairs of M/s Hascol as the company allegedly presented tailored accounts for acquisition of M/s Vitol Dubai Limited, well-informed sources told Business Recorder. “CCP has the power to scrap or change the merger’s approvals of M/s Hascol Petroleum Limited and M/s Vitol Dubai Limited in terms of Section 11(14) of the Act, if it is found that there were discrepancies in the data/ accounts provided by the firm,” the sources added. The CCP granted…

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