Category: Shortcode

AGP Uncovers Major Irregularities in Oil and Gas Sector

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oil and gas

ISLAMABAD: The Auditor General of Pakistan (AGP) has unearthed significant policy deviations and inefficiencies by the Director General Petroleum Concession (DGPC) in managing oil and gas exploration companies, leading to substantial losses for the national exchequer. An audit revealed that gas production dropped from 4,047.95 million cubic feet per day (mmcfd) to 3,597.36 mmcfd, and crude oil production fell from 86,481.375 barrels of oil per day (bopd) to 76,739.479 bopd between 2015-16 and 2019-20. This decline highlights a downward trend in hydrocarbon production over the past five years. The Performance…

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Sharjeel Memon Criticizes K-Electric Over Inflated Bills and Power Outages

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K-Electric

KARACHI: Sindh Information Minister Sharjeel Inam Memon harshly criticized K-Electric (KE) on Monday for issuing inflated bills to consumers and causing prolonged power outages across Karachi. In his statement, Memon referred to KE as an “uncontrolled horse” and called for an audit of the company’s balance sheet to determine its profit margins. He pointed out that under an agreement, KE is obligated to spend 1% of its earnings on network expansion and maintenance, yet power outages persist during rain and heatwaves due to tripped feeders. He highlighted a recent resolution…

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KMC to Shift Street Lights on 106 Roads to Solar Energy

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solar-energy

KARACHI: In response to rising electricity tariffs, the Karachi Metropolitan Corporation (KMC) has announced plans to install solar-powered street lights on major roads across the city. This initiative will be carried out under the World Bank-funded Competitive & Liveable City of Karachi (CLICK) project, as stated by Mayor Barrister Murtaza Wahab during a meeting at his office on Monday. The project will begin with the installation of solar-powered street lights on Sharea Faisal, Shahrah-i-Iran, and Marine Drive, with an initial cost of Rs1 billion. These three roads are the focus…

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Budget 2024-25: Govt Considers Revoking Tax Waivers for Wealthy

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Budget-2024

ISLAMABAD: The government is contemplating the withdrawal of tax concessions that disproportionately benefit high-earning individuals, a proposal likely to impact the wealthy while sparing the middle class, Dawn learned on Monday. The International Monetary Fund (IMF) has suggested that the government treat salaried employees’ incomes similarly to non-salaried individuals’ incomes as personal income. However, the Federal Board of Revenue (FBR) disagrees, arguing that these income sources cannot be equated. If the IMF’s recommendation is implemented, the tax burden on the salaried class will increase significantly. Currently, the devised revenue measures…

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Malaysia to cut diesel subsidies, saving $852m annually

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crude-oil

KUALA LUMPUR: Malaysia will begin cutting fuel subsidies to bolster its fiscal position starting with diesel, a move that will save about 4 billion ringgit ($852 million) annually, Prime Minister Anwar Ibrahim said on Tuesday. Anwar has repeatedly vowed to shift away from blanket subsidies to a targeted system that mainly aids low-income groups. Malaysia subsidises fuel, cooking oil, and rice, among other items, but rising commodity prices have seen that expense climb in recent years, straining the government’s coffers. Anwar said savings from subsidy cuts could be re-directed to…

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