Category: Shortcode

Gas Rates Hiked for Industrial Captive Power Units to Meet IMF DemandKey Points:

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Gas-Prices

9% Gas Rate Increase for Industrial Captive Power Units Rs133 Billion Relief Blocked for Other ConsumersISLAMABAD: In response to the International Monetary Fund’s (IMF) demands, the government announced a 9% increase in gas rates for industrial captive power units starting July 1. Additionally, it blocked a 15% (Rs133 billion) relief in average gas rates for other consumers despite lower international oil prices. This decision came during a special meeting of the Economic Coordination Committee (ECC), chaired by Finance Minister Muhammad Aurangzeb, aiming to comply with IMF conditions for a three-year…

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PM, OMAP Official Discuss Key Issues Facing Oil Marketing Companies

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petroleum-imports

LAHORE: The senior vice chairman of the Oil Marketing Association of Pakistan (OMAP) met with the Prime Minister to address critical challenges facing oil marketing companies. Key issues highlighted included foreign exchange losses on imports and the rampant smuggling of petroleum products. In an interview with Business Recorder, Tariq emphasized the major concerns discussed, such as the need for sales tax exemptions on petroleum products, relaxation of business restrictions, reduction of high operational costs, and the burden of unsustainable turnover taxes and increased petroleum levies. OMAP urged the Prime Minister…

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Government Amends Petroleum Levy Increase to Rs70 per Litre

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Petrol-price

ISLAMABAD: The federal government has amended the Finance Bill to raise the petroleum levy (PL) to Rs70 per litre on petrol, high-speed diesel (HSD), and high octane blending component (HOBC), from the previous maximum limit of Rs60 per litre. This increase aims to generate Rs1,281 billion for the fiscal year 2024-25, Rs201 billion more than the projection made by the International Monetary Fund (IMF) in its second and final review under the Stand-By Arrangement (SBA) in May 2024. Additionally, the government has set the PL rate for other petroleum products,…

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National Assembly Approves Budget Ahead of Fresh IMF Loan

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New-IMF

ISLAMABAD: Amid strong protests by opposition MPs, the government passed the Federal Budget 2024-25 in the National Assembly on Friday. The approval, which came ahead of crucial talks with the International Monetary Fund (IMF), includes several amendments but also increases taxes, offering no relief to taxpayers. The Finance Bill 2024, with a total outlay of Rs18.877 trillion, sailed through the lower house after a clause-by-clause reading. Specific amendments moved by Finance Minister Muhammad Aurangzeb Khan were incorporated, while all amendments from opposition members were rejected. Key amendments include: Tax Rates…

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Sindh Orders End to Night-time Load-shedding Amid Scorching Heat

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Load-shedding

KARACHI: The Sindh provincial government has directed electricity distribution companies, including K-Electric, to cease load-shedding from 10 pm to 6 am daily amid the current severe heatwave. Energy Minister Syed Nasir Hussain Shah and Local Government Minister Saeed Ghani issued the directive during a meeting at the provincial energy department. The meeting, attended by Energy Secretary Musaddiq Ahmed Khan and senior officials from K-Electric, Hyderabad Electric Supply Company (Hesco), and Sukkur Electric Power Company (Sepco), addressed the severe impact of frequent power outages on the public during the extreme weather.…

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