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Govt denies 24-hour gas supply to consumers as reserves dry up

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2 years ago

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  • “Gas loadshedding will end during sehri and iftar,” minister says.
  • “We cannot provide gas 24 hours as our reserves have dropped.”
  • “The gas bill of the rich and poor has been separated,” he says.

KARACHI: Minister of State for Petroleum Musadik Malik said Wednesday that the masses cannot get gas 24/7, attributing a drop in the commodity’s reserves as a major reason.

Pakistan is highly reliant on natural gas for energy, and with rising demand and insufficient supply, loadshedding has become a daily occurrence in many areas of the nation.

This scenario worsens during Ramadan when Pakistanis use more gas for cooking and other reasons, especially during sehri and iftar timings.

But the minister, in conversation with journalists in Karachi, without giving an exact time, said the gas loadshedding would end during sehri and iftar. “We cannot provide gas 24 hours as our reserves have dropped.”

The issue of gas starvation in Karachi caught Prime Minister Shehbaz Sharif’s attention recently, and he directed relevant officials to ensure an uninterrupted supply of the commodity.

He said the process of supply of gas should be supervised and no negligence should be tolerated.

Owing to the widening gap between gas supply and demand, the Sui Southern Gas Company (SSGC) last week announced its decision to suspend supplies to captive power plants and industries.

The gas utility said that the decision has been taken considering the low supply of gas. It stated that due to a reduction in supply, the volume of gas in pipelines has decreased.

In response, the Karachi Chamber of Commerce and Industry (KCCI) called for immediate government action over the shortage of gas supply to Karachi industries, saying the industries could not function without gas and would be forced to halt production.

“It’s highly unfair to have such an attitude towards Karachi’s business community which, despite facing so many odds and challenges, contributes around 54% in terms of exports and more than 68% in terms of revenue,” KCCI president Muhammad Tariq Yousuf said.

Malik, while talking to journalists, said his visit to Karachi was based on resolving the gas supply issues that the people are facing and urged them to ensure payment of their utility bills.

“The gas bill of the rich and poor has been separated; rich people will have to pay more now,” the minister of state for petroleum said.

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Trade ties between Pak-Oman: Both nations decide to activate “Joint Business Council”.

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Jam Kamal Khan, federal minister for commerce, visited Oman Chamber of Commerce and Industry in Muscat alongside chairman Faisal Abdullah Al Rawas.

To enable closer economic collaboration, both sides decided during the meeting to activate joint Business Council between OCCI and the federation of Pakistan Chambers of Commerce and industry.

Concurrent with the conference, the Embassy of Pakistan arranged a b2b networking event in association with OCCI to gather Omani Businessmen and Pakistani Business Delegates investigating trade prospects.

Speaking on the occasion, Jam Kamal Khan said, “Our present trade figures do not fairly represent the depth of our connection. We can quickly raise the current Trade volume to two or three times its present level by just eliminating logistical and communication barriers.

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Business

Despite economic gains, PSX remains strong.

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21 hours ago

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Amidst the ongoing negotiations with the International Monetary Fund (IMF) regarding a loan tranche, the Pakistan Stock Exchange (PSX) has resumed its upward trajectory in recent days.

The KSE-100 Index gained 600 points on Friday, the penultimate working day of the business week, and then increased to 115,730 points as traders showed confidence and engaged in trading.

After experiencing fluctuations, the PSX gained strength on Thursday, as the major index surpassed 115,000 points.

The KSE 100-Index closed at 115,094.23 points after gaining 1,009.70 points, or 0.89 percent. 115,247.39 was the intraday high, and 14,429.93 was the lowest.

According to experts, one important factor is Moody’s Ratings’ upgrade of Pakistani banks. Investor confidence has also increased due to the expectation of a positive conclusion from the negotiations with the International Monetary Fund (IMF).

In its assessment, Moody’s stated, “We have shifted our outlook on Pakistan’s banking system from stable to positive to reflect the banks’ resilient financial performance as well as improving macroeconomic conditions from very weak levels a year ago.”

The major index of the Pakistan Stock Exchange (PSX) surpassed 115,000 on Thursday, indicating a surge in the market.

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Pakistan resolves to meet benchmarks, and the IMF promises economic help.

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In the midst of an ongoing economic review, the delegation from the International Monetary Fund (IMF) has promised Pakistan economic cooperation.

In order to assess the delivery of a $1 billion tranche under the $7 billion rescue deal, IMF officials are now in Pakistan.

Today, March 14, marks the completion of the two-week-long economic review and negotiations between the global lender’s representatives and Pakistani authorities.

The team met with Finance Minister Muhammad Aurangzeb at the Ministry of Finance for the last round of negotiations.

The nation’s economic team’s actions and performance were praised by the visiting officials.

Aurangzeb promised the IMF during the conference that all economic goals would be met. He said that as long as the loan program is in place, no goals would be broken.

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