Business

Export and non-export sectors in Punjab deprived of gas supply till July 9

Published

2 years ago

Farwa

Govt decides to suspend gas supply to divert more LNG to power sector.
To review decision after Eidul Azha.
Official says gas supply to two sectors may be cut off in Sindh as well.

The supply of gas for the export and non-export sectors in Punjab has been cut off till July 9, The News reported.

The decision to suspend the gas supply has been taken to shift the flow of LNG supply towards the power sector so that more electricity could be generated to mitigate the intensity of hours long power outages currently affecting the entire country.

However, the government will review its decision after Eidul Azha.

In the month of July, the government will have only eight LNG cargoes against the demand of 12 cargoes, showing a deficit of 400mmcfd RLNG.

Pakistan LNG Limited (LNG) failed to obtain any LNG cargo from the international spot market in its three attempts. ENI has also defaulted on its LNG cargo, which had to be delivered on July 8. So the government is on a tightrope and has no space to accommodate the industrial sector, a senior official of the Petroleum Division said.

“It has also been decided to cut off gas supply to the export sector and non-export sector in Sindh for 24 hours from Monday onward as there is a shortage of gas supply in Sui Southern Gas Company system, owing to which the availability of gas has decreased, resulting in low pressure in the system.”

He said that if hydrogenation increases substantially by mid of July, then the government may find itself in a position to restore some gas supply to the export sector.

“The government has shut down the gas supply to captive power plants of export and non-export sector in Punjab,” Executive Director of All Pakistan Textile Mills Association (APTMA) Shahid Sattar confirmed to The News. He added that the textile industry was expecting a massive decline in exports in the month of July in the wake of the non-availability of gas.

According to the notification, the gas supply to the industrial sector, including captive Power Plants, has been closed down till July 9 and after Eidul Azha, the government will review its decision.

The government is facing the biggest challenge of loadshedding across the country. The coal-based power plants including Port Qasim, Sahiwal, and China HUB are not running at the full capacity because of the lower stock of coal. Port Qasim is producing 312 MW, Sahiwal 330 MW against their capacity of 1,320 MW each.

Likewise, the China HUB also has the capacity to generate 1,320 MW but is generating over 600 MW. The government on Thursday generated 20,774 MW against the demand of over 28,000 MW, showing an electricity shortfall of over 7,000 MW. “We have not enough money to purchase coal at $450 per ton. However, we are in talks with the Afghanistan government for purchasing coal under transaction based on Pak rupee.”

Business

Pakistan’s gold prices continue to decline.

Published

21 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

22 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

22 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.