Category: Uncategorized

Fuel subsidy to cost govt Rs75bn over next fortnight

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petrol-price

The prices of petroleum products may increase by up to Rs86 per litre for the next fortnight — with no taxes included — in case the government decides to do away with the subsidy payable to oil companies as price differential claims (PDCs) under IMF conditions. IMF Resident Representative in Islamabad Esther Perez Ruiz said on Friday that an IMF team would start a staff mission on May 18 with the Pakistani authorities in Doha, Qatar. The IMF and the country’s economic team led by Finance Minister Miftah Ismail had…

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Big brands call for global pact to cut plastic production

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International brands including Coca Cola and PepsiCo called on Monday for a global pact to combat plastic pollution that includes cuts in plastic production, a key growth area for the oil industry. World officials will meet at a United Nations Environment Assembly conference (UNEA 5.2) later this year to start negotiations on a treaty to tackle a plastic waste crisis that is choking landfills, despoiling oceans and killing wildlife. It remains unclear whether any deal will focus on waste management and recycling or take tougher steps such as curbing new…

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Planning Commission Wants to Ban NHA From New Projects

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Due to delay in execution, slow progress on projects, and cost overrun, the Planning Commission has recommended barring the National Highway Authority (NHA) from submitting new projects and has directed it to bring its business plan as its throw forward has reached Rs. 907 billion. The current pace of approving new projects of the National Highway Authority is not sustainable, and the ongoing or new schemes cannot be completed on time with the available funding, an official source told ProPakistani. The Transport and Communication section of the Planning Commission has…

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Domestic gas consumers: There will be no supply of LNG on ‘lower’ rates: Hammad

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Federal Energy Minister Hammad Azhar said on Friday that the government would not supply imported Liquefied Natural Gas (LNG) to domestic gas consumers on lower rates. Addressing a news conference, the minister said that 10 to 11 cargos of LNG were tenders to meet the demand, but since the LNG prices had gone up on the international market the imported gas could not be affordable for the domestic consumers. The current government increased natural gas prices for commercial consumers and the CNG sector by several folds over three years. However,…

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Industry’s gas woes

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BONA FIDE textile and clothing exporters have started suffering production losses as the row between the industry and energy ministry over the complete suspension of gas supplies for captive power continues. While the ministry’s action may not leave as extensive an impact on the industry’s overseas shipments during winter as is being maintained by APTMA, it has already compelled many exporters — especially vertically integrated units dependent on gas or on both electricity and gas to fully run their operations — to partially close down their production capacities. The ministry…

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