By Staff Reporter
ISLAMABAD: Pakistan paid Rs142 billion to more than 100 independent power producers to settle some overdue bills and ease the burden of the power sector’s circular debt, the energy ministry said on Wednesday.
Energy
Pakistan faces power crisis as forex crunch hits fuel imports
By Staff Reporter
ISLAMABAD: Pakistan is struggling to keep the lights on as a foreign-exchange crunch limits its ability to import fuel for power generation, a senior official said.
Electricity consumers to pay Rs1.25 more per unit from July to September
By Staff Reporter
ISLAMABAD: Power regulator NEPRA on Tuesday approved a quarterly tariff hike of Rs46.536 billion for the third quarter of the fiscal year 2022-23, to be recovered from most electricity consumers from July to September 2023.
IMF’s $3 billion bailout for Pakistan hinges on nine key reforms
By Staff Reporter
Pakistan has agreed to nine key reforms as part of a $3 billion stand-by arrangement with the International Monetary Fund, local media reported on Tuesday.
Pakistan slashes trade deficit by 43pc in FY23 amid import curbs
By Staff Reporter
ISLAMABAD: Pakistan’s trade deficit shrank by 43 percent to $27.55 billion in the fiscal year 2023, data from the Pakistan Bureau of Statistics (PBS) showed on Monday, as the government curbed imports to cope with low foreign exchange reserves.
Pakistan’s new debt management strategy aims to reduce risk, diversify portfolio
The country plans to issue 10- to 15-year bonds and secure concessional loans to meet its external financing needs, as part of a new Medium-Term Debt Management Strategy for fiscal years 2023 to 2026 that aims to reduce risk and diversify its portfolio.
Diesel gets costlier, petrol prices unchanged
By Staff Reporter
ISLAMABAD: Pakistan’s government raised the price of high-speed diesel by 3.1 percent on Friday, but left petrol prices unchanged, as global oil prices rose in the past two weeks.
Minister of State for Petroleum, Dr. Musadik Malik addressing a press conference at Lahore on June 28, 2023.
Pakistan’s new oil storage policy to curb hoarding, ease forex pressure
By Staff Reporter
ISLAMABAD: Pakistan will let foreign oil suppliers store crude and refined products in bonded facilities at its ports, a move that may ease the nation’s foreign exchange burden and prevent fuel shortages, the state minister for petroleum said on Wednesday.
Pakistan gets second batch of Russian crude oil
By Staff Reporter
KARACHI: Pakistan received its second shipment of Russian crude oil on Tuesday, as part of a deal to import 100,000 tonnes of discounted oil from Moscow to ease its energy crisis.
K-Electric tariff to rise by Rs1.52/unit from July
By Staff Reporter
ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet on Wednesday approved a surcharge of Rs1.52 rupees per unit of electricity for consumers of K-Electric, the country’s largest power distributor, to align its tariff with other state-owned utilities.