Category: Shortcode

Proposed Power Tariff Hike of Rs2.63/unit Under Review by NEPRA

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Nepra-Price

ISLAMABAD: Electricity consumers may soon face an additional financial burden with a proposed power tariff increase of Rs2.63 per unit due to the Fuel Charges Adjustment (FCA) for electricity consumed in June 2024. The Central Power Purchasing Agency (CPPA), representing distribution companies (DISCOs), has requested this hike in a formal application to the National Electric Power Regulatory Authority (NEPRA). The application details that the reference fuel charges collected from consumers for June were Rs7.1403 per unit, while the actual cost per unit was Rs9.7710. In response, NEPRA has scheduled a…

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US Ambassador Affirms Commitment to Pakistan in Climate Management and Education

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US-Ambassador

ISLAMABAD: US Ambassador Donald Blome underscored the United States’ commitment to supporting Pakistan in various areas, including climate management and education, at an international conference titled ‘Strengthening Pakistan-US Relations’ hosted by the Institute of Strategic Studies Islamabad (ISSI) in collaboration with Beaconhouse National University (BNU) Lahore. Appreciating Pakistan’s contribution to counterterrorism, Ambassador Blome highlighted the enduring partnership between the US and Pakistan, emphasizing the importance of economic collaboration, renewable energy, and addressing regional threats. He praised Pakistan’s dynamic young population and the nation’s economic opportunities, noting significant US investments in…

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Oil Industry Fears Rs250bn Burden from Sales Tax Exemption

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oil and gas

KARACHI: The oil sector anticipates a substantial Rs25 billion annual increase in operating costs and a staggering Rs250 billion burden for refinery upgrades due to the recent sales tax exemption. Industry representatives voiced their concerns to journalists on Tuesday, highlighting that the exemption, introduced by the Finance Act 2024, poses significant financial challenges. The policy, effective July 1, 2024, exempts essential fuels like petrol, high-speed diesel, kerosene, and light diesel oil from sales tax. While designed to benefit consumers, it inadvertently increases operational costs for the oil industry and complicates…

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Gas Sector Circular Debt Hits Rs2.897 Trillion, Senate Panel Informed

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Gas-Prices

ISLAMABAD: The Senate Committee on Petroleum was informed on Tuesday that the circular debt in the gas sector has surged by Rs1,700 billion over the past decade, now totaling Rs2,897 billion. During a meeting chaired by Senator Umar Farooq at the Parliament House, petroleum officials attributed the debt escalation to the failure to increase gas tariffs from 2013 to 2023. They noted that the debt’s growth has halted following a triple hike in gas prices. The committee was informed of an annual Rs800 billion gap between the official purchase and…

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Government Aims to Reduce Return on Equity for Public Sector Power Projects

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Power-generation

ISLAMABAD: The federal government is considering reducing the Return on Equity (RoE) for public sector power projects, including hydro and nuclear plants, while encouraging Independent Power Producers (IPPs) to adopt similar measures, informed sources told Business Recorder. This initiative emerged amidst pressure from the business community, notably from former Minister for Commerce Gohar Ijaz, who reportedly debated the issue with the current Minister for Power, Sardar Awais Leghari. Nationwide, the business community is rallying against the high rates of return and exorbitant capacity payments made to power plants. In response,…

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