Category: Shortcode

The anxiety in the currency market is growing again. PKR/USD after peaking at 202 in the last week, started coming back down, trailing below 200 mark after the government swallowed the bitter pill and increased petroleum prices. But once again this week, the currency started depreciating and touched a new low of Rs203 to a dollar yesterday. This is despite the government inching towards the IMF review completion and $2.3 billion from China Development Bank is expected to arrive ‘very soon’. The issue is that the government and within it,…

Read More

Chief Secretary Sindh, Dr. Muhammad Sohail Rajput, has assured the industrialists of SITE area to look into the matter of gas being produced from Ghotki gas filed, and provided to SNGPL whereas Sindh has the first right of use on the gas produced in the province as per constitution. He has also assured to strive to enhance the development budget of SITE Limited (the administrative body of SITE area Karachi) in the forthcoming budget. He was addressing members of SITE Association of Industry on the occasion of his visit. He…

Read More

Mr. Irfan Iqbal Sheikh, President FPCCI, has demanded immediate restoration of full supplies of Regassified Liquified Natutal Gas (RLNG) to power plants to avert any crisis in export-oriented industries. He added that Pakistan is already struggling with an enormous trade deficit; which stands at of $43.3 billion in 11 months of 2021 – 22 and state-owned foreign exchange reserves (FER) have fallen to merely $9.72 billion; which are not even sufficient to cover two months of exports as Pakistan’s imports have surpassed $6 billion / month. FPCCI Chief emphasized that…

Read More

The government is likely to withdraw the subsidy of Rs.5 per unit from June 1, 2022, extended to electricity consumers using 700 units monthly across the country sans ToU (Time of Use) meters, under former Prime Minister Imran Khan’s Relief Package on the pressure of International Monetary Fund (IMF) and World Bank, well-informed sources told Business Recorder. Sharing the details, sources said, on a summary for the ECC submitted by the Power Division, the ECC of the Cabinet, on March 7, 2022, approved a relief of Rs 5. KWh reduction in…

Read More

The Oil and Gas Regulatory Authority (Ogra) has allowed late Friday night a raise in gas prices up to 45 percent in order to meet the revenue shortfall of both gas utilities – SNGPL and SSGC. In its decisions, the regulator has allowed the SNGPL an increase of 45 percent. The gas company had demanded a 198 percent increase in gas tariff. The financial impact of previous years’ shortfall of Rs 264.8 billion which accounted for Rs 720.20 per MMBtu was referred to the federal government for an appropriate policy…

Read More