Business

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

Published

1 month 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

There are US$13,280.5 million in foreign exchange reserves in Pakistan.

Published

1 day ago

Farwa

According to a representative for the central bank, as of April 19, 2024, the nation’s total liquid foreign reserves were valued at US$ 13,280.5 million. A loss of US$74 million left the State Bank of Pakistan’s foreign reserves at US$7,981.2 million.

Commercial banks have $5,299.3 million in reserves for Pakistan.

In the week that concluded on April 12, the State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $14.4 million to $8.055 billion.

“In a weekly statement, SBP stated that it has repaid US$ 1 billion in principal and interest on Pakistan’s International Bond, which matures this week.”

But at $13.374 billion, the nation’s total reserves decreased by $68 million. In the same way, commercial banks’ reserves dropped to $5.319 billion, a reduction of $82 million.

Business

NIMA seminar to increase Pakistan’s ship recycling industry’s capacity

Published

1 day ago

Farwa

According to a release, important players from a range of maritime industries attended the conference to discuss issues facing the shipping sector.

It further stated that the symposium cleared the path for the resurgence of a sustainable future in ship recycling.

Participants in the conference included representatives of the Gadani Ship Breaking Labour Union, PSBA, KS&EW, KPT, PMSA, GEMS, and the federal and Balochistani governments.

Furthermore, global perspectives and ideas were offered by international specialists such as Rabia Razzaque from UN-ILO and Professor Raphael Baumler from the World Maritime University.

The seminar emphasized Pakistan’s capacity to emerge as a pioneer in the field of environmentally friendly ship recycling.

In order to protect the environment and the safety of employees, the participants emphasized the importance of following international standards and regulations.

During his speech, Chief Guest Senator Nisar Ahmed Khoro emphasized the importance of the maritime industry’s resurgence and the crucial necessity for coordinated efforts from all parties involved.

A new age of economic prosperity, worker safety, and environmental responsibility for Pakistan’s maritime industry was called for as he urged the stakeholders to work together on a comprehensive SENSREC program.

Vice Admiral Ahmed Saeed (Retd), the president of NIMA, emphasized the significance of environmental stewardship and safety in ship recycling procedures.

Business

Inflows into the Roshan Digital Account surged to $7.660 billion on March 24.

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1 day ago

Farwa

According to the data, remittance inflows for the month of March totaled US$ 182 million, whereas they were US$ 141 million in February and US$ 142 million in January 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own Non-Resident Pakistan Origin Cards (POCs), can now engage in banking, payment, and investing activities in Pakistan with the help of these accounts, which offer cutting-edge banking solutions.

According to a statement from the State Bank of Pakistan, the number of accounts registered under the program increased by 11,091 from 668,701 accounts in February 2024 to 679,792 accounts in March 2024.

As of March 2024, the central bank reported that foreign nationals of Pakistan have invested US $312 million in Naya Pakistan Certificates, US $528 million in Naya Pakistan Islamic Certificates, and US $31 million in Roshan Equity Investment.

It is important to note that former prime minister Imran Khan introduced the Roshan Digital Account initiative in September 2020 with the goal of giving Pakistanis living abroad access to digital banking services for the first time.