Connect with us

Business

Sigh of relief: NEPRA notifies Rs2.32 per unit cut in power tariff

Published

on

  • Decision comes a day after govt dropped “petrol bomb” on people.
  • NEPRA also okays reduction of Rs10.8 per unit for KE consumers.
  • Domestic consumers who use more than 300 units will get benefit.

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Thursday notified a reduction of Rs2.32 per unit for Ex-WAPDA distribution companies (XWDISCOs) consumers on account of fuel charges adjustment (FCA) for December 2022.

The development comes a day after the federal government dropped a “petrol bomb” on the masses by increasing the price to Rs272 per litre after a hike of Rs22.20. Meanwhile, natural gas tariff was increased sharply by up to 112% for consumers.

The negative power tariff adjustment will give some breathing space to the inflation-weary people reeling from the impact of sky-high petrol and gas prices.

According to a notification issued in this regard, the NEPRA directed all XWDiscos to show the adjustment separately in the consumer’s bills for February.

This shall apply to all consumer categories except:

  • Lifelines consumers
  • Domestic consumers who consume up to 300 units
  • Agriculture consumers
  • Electric vehicle charging stations

It was also clarified that the negative adjustment on account of monthly FCA applies to domestic consumers having Time of Use (ToU) metres irrespective of their consumption level.

“The said adjustment shall be shown separately in the consumers’ bills on the basis of units billed to the consumers in the month of December 2022,” it read.

The FCA is based on changes in the global prices of fuel and is passed on to consumers under the prescribed rules and regulations of NEPRA and the government of Pakistan.

The recommendation proposed by the power distribution companies is approved by NEPRA after a thorough review of the data provided for a month during which the fuel charges were recovered from the consumers.

Earlier, the power regulator also notified a reduction of Rs10.8 per unit for the K-Electric consumers for the month of December 2022 which would also be reflected in the consumer bills of February 2023.

Business

The gold price in Pakistan today

Published

on

By

According to the All Sindh Sarafa Jewellers Association, the price of 10 grammes of 24 karat gold increased by Rs772 to Rs184,928 from Rs184,156, while the price of 10 grammes of 22 carat gold increased to Rs169,517 from Rs168,810.

These oscillations are strongly correlated with shifts in the US dollar’s value, demonstrating the complex interplay between gold prices and exchange rates.

This emphasises how local gold prices are impacted by events related to the global economy.

On the other hand, the cost of 24-karat silver was constant at Rs 2,570. Globally, too, the price of gold increased somewhat by $9 to $2,057 per ounce.

Continue Reading

Business

Pakistan receives a $2 billion loan from China, according to the finance minister

Published

on

By

The $2 billion loan was one year ahead of schedule and became due in March. According to reports, Beijing had informed Islamabad of the decision.

The International Monetary Fund granted Pakistan’s cash-strapped economy a $3 billion standby arrangement last summer, but the country is still battling to recover from the financial crisis.

According to ratings firm Fitch, one of the top concerns confronting the next administration would be obtaining funding from bilateral and multilateral partners due to Pakistan’s precarious foreign situation, as was stated last week.

This event occurs one month after Anwaar-ul-Haq Kakar, the acting prime minister, asked for a $2 billion loan to be rolled over for a year in a letter to his Chinese counterpart.

In his letter, Kakar also expressed gratitude for China’s efforts to lessen Pakistan’s load

of foreign payments.

It is to be noted that Pakistan acquired safe deposits of $4 billion from China to address the balance of payments issue.

Continue Reading

Business

“Ready to work with Pakistan’s new government,” the IMF said.

Published

on

By

In response to the former premier’s request, IMF Director of Communications Julie Kozak stated, “I’m not going to comment on ongoing political developments,” during a news conference.

She continued by saying that they “look forward to working on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens with the new government.”

In addition to stating that the plan is “supporting the authority’s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable,” Kozack said the lender increased the total disbursements under the Standby Arrangement (SBA) to $1.9 billion.

This has been accomplished by closely adhering to budgetary constraints and safeguarding the social safety net. In order to keep foreign exchange reserves growing and rein in inflation, a strict monetary policy stance has been maintained, the speaker stated.

The PTI founding chairman decided to write a letter to the international lender, asking it to demand an audit of the election held on February 8 before it proceeds with discussions with Islamabad for a new loan programme. This move prompted the IMF to release its statement.

In response to the former premier’s request, IMF Director of Communications Julie Kozak stated, “I’m not going to comment on ongoing political developments,” during a news conference.

She continued by saying that they “look forward to working on policies to ensure macroeconomic stability and prosperity for all of Pakistan’s citizens with the new government.”

In addition to stating that the plan is “supporting the authority’s efforts to stabilise the economy and to, of course, with a strong focus on protecting the most vulnerable,” Kozack said the lender increased the total disbursements under the Standby Arrangement (SBA) to $1.9 billion.

This has been accomplished by closely adhering to budgetary constraints and safeguarding the social safety net. In order to keep foreign exchange reserves growing and rein in inflation, a strict monetary policy stance has been maintained, the speaker stated.

The PTI founding chairman decided to write a letter to the international lender, asking it to demand an audit of the election held on February 8 before it proceeds with discussions with Islamabad for a new loan programme. This move prompted the IMF to release its statement.

Continue Reading

Trending