Category: Shortcode

Pakistan Secures $200 Million ADB Loan to Modernize Power Distribution

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Asian-bank

ISLAMABAD: The Ministry of Economic Affairs and the Asian Development Bank (ADB) signed a $200 million loan agreement on Tuesday to upgrade Pakistan’s power distribution infrastructure. The signing ceremony took place at the Ministry of Economic Affairs, with Secretary Dr. Kazim Niaz representing Pakistan and Deputy Country Director Asad Aleem signing on behalf of the ADB. The project focuses on enhancing the capacity of three key distribution companies: Lahore Electric Supply Company (LESCO), Multan Electric Power Company (MEPCO), and Sukkur Electric Power Company (SEPCO). It will introduce advanced metering infrastructure,…

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Power Tariff Set to Rise Despite Lower Fuel Costs

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Power-sector

ISLAMABAD: Electricity tariffs for January 2025 will slightly increase compared to December 2024, even as fuel costs decline. The adjustment stems from early tariff rebasing and changes to peak and off-peak timings, according to the National Electric Power Regulatory Authority (Nepra). At a public hearing led by Nepra Chairman Waseem Mukhtar, the Central Power Purchasing Agency (CPPA) proposed a negative fuel cost adjustment (FCA) of 63 paise per unit for November. This replaces the Rs1.14 per unit negative FCA from December, resulting in a net increase of 51 paise per…

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Petrol, Diesel Prices Increase; LPG Gets Cheaper

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petrol-price

ISLAMABAD: The government has announced a hike in the prices of petrol and high-speed diesel (HSD), effective immediately, for the fortnight ending January 15. Petrol now costs Rs255.66 per litre, a 56-paise increase, while HSD has risen by Rs2.96 per litre to Rs258.34. In contrast, the Oil and Gas Regulatory Authority (OGRA) has reduced the price of liquefied petroleum gas (LPG) by Rs4.01 per kilogram, lowering the cost of an 11.8kg cylinder to Rs2,953.36 from Rs3,000.79 in December. The Ministry of Finance attributed the price adjustments to recent international market…

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Saudi Arabia Acquires 15% Stake in Reko Diq for Over Rs150 Billion

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Reko-Diq

ISLAMABAD: The federal cabinet has approved the sale of a 15% stake in the Reko Diq copper-gold project to Saudi Arabia for $540 million (approximately Rs150.27 billion) under the Inter-Governmental Commercial Transactions Act. This landmark deal underscores deepening economic ties between Pakistan and the Kingdom. The Kingdom of Saudi Arabia (KSA) will acquire the stake in two phases. In the first phase, a 10% stake will be purchased for $330 million, with the remaining 5% acquired in the second phase for $210 million. Following the cabinet’s approval, formalities for the…

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Nationwide Crackdown on Power Theft Targets Losses, Protects Consumers

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Nationwide-Crackdown

KARACHI: Power theft in Pakistan is causing widespread harm, with its financial burden either passed on to consumers as higher tariffs or added to the country’s growing circular debt, warns safety organisation Mehfooz Pakistan. This systemic issue threatens future generations while also straining the power sector. To address theft-related losses, power distribution companies are often forced to impose outages, even when electricity generation exceeds demand, disproportionately penalising law-abiding consumers. Mehfooz Pakistan, in a statement issued Monday, called for urgent measures to curb these practices. In December 2023, an ordinance amended…

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