Category: Shortcode

Government Allows Exchange Rate Adjustment for PSO Fuel Prices

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Petrol-price

The federal government has approved Pakistan State Oil (PSO) to make a per litre exchange rate adjustment of Rs1.34 on petrol and 26 paisa on high-speed diesel (HSD) for the fortnight starting April 16, 2024. According to documents obtained by Business Recorder, this adjustment marks an increase of Rs1.01 per litre for petrol compared to the previous fortnight, while HSD sees a reduction of 30 paisa per litre compared to the previous adjustment of 56 paisa. The average Platts price, including incidentals and duty, has risen by Rs1.73 per litre…

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NTDC Claims $13 Million Liquidated Damages from SEL for Delay in Achieving COD

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ntdc-logo

The National Transmission and Despatch Company (NTDC) has asserted its right to Liquidated Damages (LDs) exceeding $13 million from Siddiqsons Energy Limited (SEL) due to delays in achieving Commercial Operation Date (COD). Sources familiar with the matter revealed that NTDC is entitled to LDs as per the Power Purchase Agreement (PPA) and a decision by the Cabinet Committee on Energy (CCoE) prior to signing the PPA. The Managing Director of NTDC referred to a committee meeting regarding pending issues related to the 330-MW Thar Coal Power Plant by SEL. During…

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PFREIF Accuses Power Division of Misguiding SIFC on Renewable Energy Projects

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power-sector

The Pakistan Foreign Renewable Energy Investors Forum (PFREIF) has raised concerns about the Power Division’s handling of thirteen “withheld” renewable energy projects, accusing it of misleading the Special Investment Facilitation Council (SIFC). In a letter addressed to the Prime Minister and Chief of Army Staff, the President of PFREIF, Mustafa Abdullah, commended SIFC’s decision to allow 300MW solar projects at GENCO-III/NPGCL’s site, emphasizing the potential for cheap and fuel-free electricity generation. However, PFREIF criticized the Power Division’s bureaucracy for misguiding SIFC regarding the status of these projects. The Forum highlighted…

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Pakistan Seeks Three-Year IMF Programme for Economic Reform

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pak-imf

Pakistan is actively engaging with the International Monetary Fund (IMF) for a new multi-billion dollar loan agreement to support its economic reform agenda. Finance Minister Muhammad Aurangzeb has indicated that Pakistan will request a three-year programme during discussions with the IMF. Aurangzeb, currently in Washington for the IMF and World Bank spring meetings, highlighted the country’s need for structural reforms to address economic challenges. The ongoing nine-month, $3 billion IMF loan programme is nearing completion, with Pakistan now seeking a larger and extended programme to bolster market confidence and address…

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Massive Overbilling Uncovered in Power Distribution Companies, Government Initiates Crackdown

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power-subsidy

LAHORE: Interior Minister Mohsin Naqvi announced on Monday that the government is intensifying efforts to combat power theft and overbilling in power distribution companies (Discos). Speaking at a press conference in Lahore, Minister Naqvi revealed that a staggering overbilling of 830 million electricity units has been identified in Lahore Electric Supply Company (LESCO) alone. This overbilling affected government offices, industries, and consumers, prompting the Prime Minister’s commitment to support the Federal Investigation Agency (FIA) in combating this issue until fully resolved. Minister Naqvi disclosed plans for an FIA and Power…

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