In light of the recent increase in base tariffs, government-owned power distribution companies (Discos) have sought an additional fuel cost adjustment (FCA) of Rs2.63 per unit to extract about Rs35 billion more from consumers in the next billing cycle for the electricity consumed in June. The Central Power Purchasing Agency (CPPA), a subsidiary of the power division, has filed a formal petition
The Ministry of Energy has instructed the Oil and Gas Regulatory Authority (Ogra) to finalise the framework for transferring the responsibility of determining petroleum prices to the oil industry. In a letter issued on Wednesday, the ministry directed the Ogra chairman to convene a meeting today (Thursday) to discuss the analysis, implications, and way forward for deregulating petroleum product
Foreign exchange reserves of the State Bank fell drastically by $397 million during the week that ended on July 19, making it difficult for the government to keep the reserves around $9 billion before another loan agreement with the IMF. According to the State Bank, the decline was due to external debt repayments which brought the reserves down to $9.027.2bn. The country is struggling amid huge
Unrestricted imports from February onwards increased the arrival of completely knocked down (CKD) kits to $779 million in FY24 from $750m in FY23 amid sales fluctuations and plant shutdowns. CKD imports fell drastically to $37m in January from $104m in December 2023 after the State Bank of Pakistan imposed curbs on opening fresh letters of credit (LCs) to discourage auto demand and control the
Pakistan’s trade imbalance with the Middle East has significantly improved, narrowing by 20.47 per cent to $13.014 billion in 2023-24 from $16.365bn the preceding year, owing primarily to lower petroleum imports from the region. The trade imbalance with the region has seen a decrease since the beginning of the current fiscal year. This can be attributed to a decline in the consumption of petro