Category: Recent Post

LAHORE: On the eve of World Water Day being observed around the world on Monday under the theme for 2021, “Valuing Water”, the Water and Power Development Authority (Wapda) has pledged to add 11 million acre feet water to the gross storage of the country by completing eight mega water conservation and electricity generation projects in as many years. “Cognisant of the value of water for survival of life as well as progress and prosperity of human beings, we are committed to optimal utilisation of the precious resource of water…

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ISLAMABAD: The country’s two gas utilities — SNGPL and SSGCL — have demanded up to 220 per cent increase in the prescribed prices of gas with effect from July 1 to meet estimated revenue requirement (ERR) during the fiscal year 2021-22. In formal petitions filed with the Oil and Gas Regulatory Authority (Ogra), the Lahore-based Sui Northern Gas Pipelines Limited has demanded that its prescribed price for the next fiscal year be increased by Rs1,416 per unit defined in million British thermal unit (mmbtu), including the previous year’s outstanding recovery…

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ISLAMABAD: The federal cabinet on Friday approved the promulgation of an ordinance aimed at preparing a legal path to increase power tariff by a minimum Rs5.65 per unit from now till October to collect a whopping Rs884 billion from consumers. It was the second emergency summary that the federal cabinet had approved through circulation to save the International Monetary Fund Programme from collapsing again. Earlier, the cabinet also gave nod to immediately imposing the Rs140 billion worth of additional taxes as part of a host of prior conditions set by the IMF.…

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Importers have reportedly misled the government over the prices of imported liquefied petroleum gas (LPG) to manage approval of the proposed LPG policy to make additional windfall gains at the cost of the national exchequer. Due to monopoly of LPG importers in the LPG Policy, locally produced LPG companies like Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL) and Pak Arab Refinery Limited (Parco) are facing hit in revenues. Since the government of Pakistan is a major shareholder in these companies, therefore any loss to these companies…

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ISLAMABAD: Ministry of Energy (MoE) is reportedly preparing a new oil refining and marketing policy as $15 billion new investment is said to be waiting in the wings, well-informed sources told Business Recorder. The issue of existing refineries is very serious as they faced financial losses of approximately Rs 50 billion during the last two years. Refineries faced inventory losses due to rupee devaluation and then Covid-19 put additional financial pressure on them. Presently, the margins of refineries remain negative. The government wants that refineries should upgrade themselves, which needs…

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