Business

A public hearing on significant increases in gas prices is being held by Ogra.

Published

4 months ago

Farwa

The Oil and Gas Regulatory Authority (Ogra) conducted a public hearing in Lahore on Monday over the proposed rise in gas pricing. This is the third increase in the current fiscal year, requested by Sui Northern, with a significant jump of up to 147%.

The Sui Northern has requested an increase of Rs2,646.18 per mmbtu, resulting in a new average price of Rs 4446.89. This proposal comes after estimating a revenue gap of Rs189.18 billion. The next hearing is planned on Wednesday (March 27) in Peshawar.

If the proposal is granted, it will result in an escalation of gas prices for consumers in Punjab. The application of Khyber Pakhtunkhwa and Islamabad will commence on July 1.

Following the conclusion of the hearing, Ogra officials stated that there is no need to increase gas prices based on the demand from Sui Northern. They mentioned that a final decision would be made after finishing the public hearings and considering the complaints.

The Lahore Chamber of Commerce and Industry (LCCI) and the All Pakistan Textile Mills Association (APTMA) have denounced the plan as a cruel measure and have resolved to vehemently oppose it during the hearing.

According to LCCI Vice President Adnan Butt, the gas prices in Pakistan are already significantly higher than those in other countries. He warns that any additional increase in prices would lead to the closure of enterprises.

Similarly, the APTMA believes that the Sui Northern officials should be questioned about their performance, and there should be a reduction in gas and power rates.

Last week, the Oil and Gas Regulatory Authority (OGRA) conducted public hearings in Karachi and Quetta. The Sui Southern Gas Company (SSGC) submitted a proposal to OGRA, asking for an increase of Rs 324.3 per million British thermal units (mmbtu) in the average price of natural gas, which currently stands at Rs 1416.50 per mmbtu. If approved, this rise is estimated to impose an additional cost of Rs 79.63 billion on customers.

The proposal for the next financial year has projected a total income shortfall of Rs79.63 billion. Out of this amount, Rs56.69 billion is attributed to domestically generated gas, while Rs22.93 billion is tied to RLNG.

Following the hearings, a conclusive determination will be transmitted to the federal government. If Islamabad gives its approval, Ogra will release a notification to raise the gas rates.

Business

An investigation was “launched” into PTA’s inability to get Rs. 78 billion back from Telcos

Published

17 hours ago

Farwa

The PTA has reportedly been instructed to reply to NAB by July 29. According to the enquiry, the national exchequer has suffered losses as a result of the delay in collecting dues.

The PTA has been asked to provide NAB with information about any pertinent records, court proceedings, and overdue bills. The NAB Karachi has summoned the PTA officials to appear with all pertinent documentation.

All of the principle sum has to be paid by the LDI firms, according to sources. But due to judicial stay orders, the collection of dues has been impeded.

These sources further state that a steering group has been established by the Ministry of IT to supervise the issue of dues recovery.

In a previous event, the tariffs levied on importing cell phones from outside were clarified by the Pakistan Telecommunication Authority (PTA).

Contrary to what some internet reports claim, PTA clarified in response to recent news regarding the tariffs on mobile phone imports that there hasn’t been a formal decision to remove these levies in Pakistan.

the PTA.Pakistanis living abroad will be the only ones free from these levies, according to the PTA. A SIM card can be inserted and the phone restarted to temporarily register a device for non-PTA mobile subscribers.

Business

Weekly inflation in Pakistan increased by 0.17 percent.

Published

17 hours ago

Farwa

The SPI for the week under review in the aforementioned group was reported at 321.95 points, as opposed to 321.40 points during the previous week, according to the PBS statistics.

The SPI for the combined consumption group saw a 20.09 percent increase in the week under review compared to the same week the previous year.

The weekly SPI includes 51 necessary items for every spending group and 17 urban areas, with a base year of 2015–16 = 100.

The SPI for the lowest consumption category, which is up to Rs 17,732, grew by 0.08 percent from 311.97 points to 312.22 points this past week.

0.18 percent,The index of consumption for the lowest consumption groups, which are Rs 17,732-22,888, Rs 22,889-29,517, Rs 29,518-44,175 and above Rs 44,175; increased by 0.13 percent, 0.15 percent, 0.18 and 0.19 percent, respectively.

Nineteen (37.25%) of the fifty-one commodities had price increases over the week, eight (15.69%) had price decreases, and twenty-four (47.06%) had unchanged pricing.

On a weekly basis, the following commodities saw significant price decreases: tomatoes (9.19%), onions (2.14%), LPG (1.04%), bananas (0.53%), wheat flour (0.35%), potatoes (0.17%), pulse masoor (0.16%), and bread (0.05%).

Chicken (4.80%), garlic (2.01%), pulse gramme (1.87%), eggs (1.71%), beef (0.93%), gur (0.89%), pulse moong (0.84%), fresh milk (0.45%), firewood (0.23%), and cigarettes (0.12%) were among the items whose average prices increased significantly week over week.

The commodities that saw a year-over-year decline were: wheat flour (31.75%); cooking oil (13.44%); vegetable ghee 2.5 kg (10.42%); vegetable ghee 1 kg (9.85%); mustard oil (8.33%); eggs (5.82%); rice basmati broken (4.15%); and tea package (2.52%).

Gas prices for Q1 (570.00%), onions (96.01%), pulse gramme (40.39%), powered milk (39.11%), garlic (34.61%), pulse moong (29.77%), men’s sandals (25.01%), beef (23.52%), salt powder (23.28%), pulse mash (22.50%), and energy saver (17.96%) were among the commodities whose average prices increased year over year.

Business

The price of gold has drastically dropped in Pakistan.

Published

2 days ago

Farwa

As per the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the cost of 24-karat gold per tola decreased by Rs 2,300, standing at Rs 250,500.

A kilogramme of 24-karat gold costing Rs1,972 less at the local market, making it worth Rs2114,763. Ten grammes of 22-karat gold had a price decrease to Rs196,866 as well.

After losing a significant $43 during the day, the rate per ounce of gold on the international market also decreased. It currently stands at $2,370.

On Thursday, the price of 24-karat silver also experienced a decline, falling by Rs60 to settle at Rs2,860 petal.