Category: Shortcode

PM Shehbaz Focuses on Reducing Electricity Prices to Boost Economy

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Shahbaz-Sharif

Emphasizes the need for affordable electricity for agriculture and industry growth.Criticizes politicization of electricity pricing, citing inefficiencies and corruption in the FBR and energy sector.Requests China to reprofile Pakistan’s debt to secure IMF bailout. ISLAMABAD: In response to Jamaat-i-Islami’s (JI) 48-hour ultimatum to reduce electricity prices, Prime Minister Shehbaz Sharif announced on Friday that the government is committed to providing relief to energy consumers. He urged against politicizing the issue, stating that doing so disrespects the public. During a cabinet meeting, the Prime Minister highlighted that reducing electricity prices is…

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High Capacity Payments Threaten Economy: APTMA

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Nepra-Price

High Capacity Payments Threaten Economy: APTMA August 2, 2024 KARACHI: The All Pakistan Textile Mills Association (APTMA) has blamed Independent Power Producers (IPPs) for the country’s high electricity tariffs, stating that exorbitant capacity payments to IPPs have jeopardized Pakistan’s economy. Addressing a press conference at the APTMA house in Karachi, Zahid Mazhar, Chairman of APTMA Southern Zone, criticized measures in the Federal Budget FY25 as being anti-exports, which he warned could lead to deindustrialization and a significant drop in exports. Mazhar highlighted that the textile sector, which contributes 55% to…

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Private Sector Profits from Cheap Russian Oil, Public Left Out: Petroleum Minister

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Musadik-Malik

ISLAMABAD: Minister for Petroleum, Dr. Musadik Masood Malik, has accused the private sector of reaping substantial profits from the import of discounted Russian oil without passing the benefits to the general public. This claim was made during a recent meeting led by Minister for Planning, Development, and Special Initiatives, Ahsan Iqbal, to finalize the agenda for an upcoming high-level meeting in Moscow. Dr. Malik noted that the December 2022 visit significantly strengthened bilateral relations, focusing on energy cooperation. However, he expressed concerns that the cheaper Russian oil, intended to benefit…

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Visa-Free Entry for Chinese Citizens from August 14: PM

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Visa-Chines

ISLAMABAD: Prime Minister Shehbaz Sharif announced that from August 14, 2024, Chinese citizens will be granted visa-free entry to Pakistan. He highlighted the mutual benefits of relocating Chinese industries to Pakistan through joint projects during a meeting with a high-level 12-member Chinese delegation led by Minister Wang Fukang. Prime Minister Sharif emphasized the significance of joint projects for both nations, expressing confidence in the positive outcomes of the delegation’s visit. He noted that recent meetings with Chinese leadership have spurred high-level delegations to Pakistan, enhancing cooperation in industry, agriculture, special…

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OMCs Allowed to Import to Address Deficit

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oil and gas

ISLAMABAD: Pakistan, being a net importer of crude oil and refined products, lacks sufficient feedstock to fully utilize its refining capacity, necessitating the import of crude oil, according to industry experts. This response comes amidst news that Pakistan State Oil (PSO) has lost 5% of its market share to Gas & Oil Pakistan Limited (GO). Experts explained that the country’s refineries cannot produce enough gasoline and diesel to meet national demand, prompting oil marketing companies (OMCs) to import refined products. To manage this, the Oil and Gas Regulatory Authority (OGRA)…

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