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Karachiites to pay additional Rs1.52 in surcharge

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  • Federal cabinet nod is necessary to notify it.
  • It will be collected for a span of one year.
  • Federal government had requested increase.

ISLAMABAD: On the federal government’s request, the National Electric Power Regulatory Authority (Nepra) Thursday approved a hike of Rs1.52  per kWh surcharge for Karachi Electric (KE) consumers, which will translate into a whopping Rs24.50 billion burden on Karachiites.

The sole power supplier of Pakistan’s biggest city — in terms of population — will be able to collect this additional surcharge for a period of a year, from December 2023 to November 2024, according to Nepra.

Although the power regulator has approved the rise in the tariff, the federal cabinet nod is necessary to notify it. The increase will not affect the sole power provider’s lifeline customers.

“In view of the foregoing discussion, response of the MoE, and the fact that Motion has been filed under Section 3 1(8) of the NEPRA Act, which empowers the Federal Government for imposition of surcharge, and is being levied for fulfillment of the financial obligation of the Federal Government, the Authority has decided to allow the subject Motion i.e. recovery of Rs. 1.52/kWh from the consumers of K-Electric, except life line, for a period of twelve months from December 2023 to November 2024,” Nepra said.

The government has taken several measures to hike gas and power tariffs in a bid to curtail the circular debt and satisfy the International Monetary Fund (IMF) for releasing a much-needed loan under a short-term programme.

Pakistan is set to receive $700 million soon, which will boost the economically struggling nation’s foreign reserves and help it pay off debts and in terms of imports.

Expressing the commitment to further hike electricity and gas tariffs, caretaker Minister for Finance Dr Shamshad Akhtar had said that the interim government plans to increase gas prices in January next year to address the circular debt issue.

Addressing a press conference here at the Q Block last week, she said that under the IMF’s Stand-By Agreement Programme (SBA), it has been agreed to reduce costs in the energy sector and restore efficiency in the sector.

“The circular debt of the power and gas sectors has crossed 4 percent of Gross Domestic Product. Urgent action is needed to bring it down. We have started work in this regard and electricity and gas rates have been adjusted accordingly,” she added.

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April FDI in Pakistan increased to $358.8 million, according to SBP

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The inflow for April was $358.8 million, up 177% from $132 million in April FY23. Still, that was 39% more than the $258 million from March.

China was the largest investor, with $439.3 million in FDI from the nation between July and April of FY24—the greatest amount—as opposed to $604 million during the same period of FY23. In April, China accounted for $177 million of the total investment.

With $51.93 and 51.89 million invested in Pakistan, the United Arab Emirates and Canada came in second and third, respectively.

The power industry was the main draw for foreign investors in FY24, which ran from July to April. This period’s FDI in the power industry was $637.5 million, compared to $776.2 million the previous year. From $338 million to $460 million this year, Hydel Power garnered more attention.

Continue reading: In FY23–24, Pakistan’s per capita income increased to $1680.

According to a separate data released on Wednesday, Pakistanis’ per capita income increased to $1680 in FY2023–2024.

The size of the national economy grew from $341 billion to $375 billion in the current fiscal year, according to figures made public by PBS.

Throughout this fiscal year, Pakistanis’ yearly per capita income increased by Rs 90,534; the monthly rise was Rs 7,544.

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OGRA forbids the purchase or sale of inferior LPG cylinders.

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The 313 LPG marketing and 19 cylinder-producing companies received notices from the OGRA, which described the act of refilling inferior LPGO cylinders as harmful.

Avoid supplying LPG to unlicensed distributors, the OGRA has cautioned LPG marketing companies. Only approved distributors will be able to sell and buy LPG going forward, per the notification, which states that new SOPs have been developed for the LPG industry.

Additionally, the warning said that the decision was made in an effort to preserve both lives and the business in response to an increase in cylinder blast occurrences.

Price reductions of Rs 20 per kilogramme for liquefied petroleum gas (LPG) were implemented in Quetta on May 3.

There is a reduction of Rs 20 on LPG prices, which means that the price per kilogramme drops from Rs 280 to Rs 260.

The costs of LPG were reduced by Rs 20 per kilogramme earlier, bringing the total decrease to Rs 40 per kilogramme over a few weeks. This is something worth noticing.

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PIA announces a significant student discount.

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According to an airline spokesman, the national flag carrier has recently raised the baggage allowance to 60 kg.

Currently, PIA flies one flight per week on Sundays between Islamabad and Beijing.

The discount may be useful to students who intend to spend their summer vacations in Pakistan or who wish to return home after earning their degrees.

Before, students who wanted to visit China could now receive a 27% reduction on their fares through PIA.

On Eid ul Fitr, the national flag airline also reduced the cost of domestic flights by 20% for both economy and executive economy classes.

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