Contrary to strong criticism by the industrial sector on the massive gas tariff hike, Engro Fertilisers Ltd has appreciated the government for removing the subsidy for manufacturers who get gas from the Sui Northern Gas Pipeline Ltd (SNGPL) network, which represents 60pc of all fertiliser manufacturing capacity. Feedstock prices have been increased to Rs1,597 per mmBtu from Rs580 which is almos
The US dollar appreciated by 21 paise to Rs279.57 against the rupee in the interbank market on Tuesday. The exchange rate has been stable for over two months with support from the State Bank of Pakistan which restricted imports. The market perception of the exchange rate is not as positive as it looks. Currency experts believe that the stable exchange rate is an outcome of a SBP’s strategy w
The Federal Board of Revenue (FBR) recorded a 30 per cent increase in tax collection during the first seven and half months of 2023-24 owing primarily to the country’s historical inflation rate. In absolute terms, the FBR collected Rs5.150 trillion from July 1, 2023 to mid-February compared to Rs3.973tr in the corresponding period of FY23. During this time, tax refunds increased by more than 28
Conceding excessive fuel cost adjustments as unfair to the consumers, the government on Tuesday hinted at fresh plans to lower net metering tariff for rooftop solar power units after similar botched attempts more than a year ago. This was the crux of a meeting of the Senate Standing Committee on Power, which also decided to wind up investigations into alleged malpractices in the award of four c
In yet another blow to struggling electricity consumers, the Central Power Purchasing Agency (CPPA) has sought a massive Rs7.13 per unit increase in fuel charges in the upcoming bills on account of electricity consumed in January to generate an additional Rs57 billion for power distribution companies (Discos) formerly under Wapda. This is the highest-ever increase in fuel cost adjustment (FCA)