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The government has announced a reduction in fuel prices. Petrol prices will drop by Rs10 per litre due to a decrease in international market rates. This change comes after the Oil and Gas Regulatory Authority (Ogra) calculated the new consumer prices. According to a statement from the Finance Division on Sunday, the price of high-speed …
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Federal Minister for Petroleum, Musadik Masood Malik, stated that while Pakistanis will benefit from the recent decline in international petroleum prices, they will also face higher costs when prices rise. Malik made these remarks in response to questions during a session of the National Assembly, emphasizing the volatility of global oil markets. Price Predictions and …
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The International Monetary Fund (IMF) is expected to approve a new loan program for Pakistan during its Executive Board meeting on September 25, news reported on Thursday. Julie Kozek, IMF’s Director of Communication, confirmed the meeting in a press briefing, stating that negotiations for the $7 billion loan program were finalized in July. Pakistan’s Finance …
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KARACHI: Zubair Motiwala, Chairman of the Businessmen Group (BMG), emphasized the critical role of industrialization in Pakistan’s development at an event hosted by the Korangi Association of Trade and Industry (KATI) in Karachi. He highlighted that the country cannot progress without industrial growth and urged the need for reducing production costs to compete globally. Motiwala …
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The Power Division announced on Wednesday that consumers could benefit from a reduction of up to Rs2.65 per unit (including taxes) due to fuel price adjustments. The statement explained that electricity prices have decreased by Rs2.93 per unit due to fuel price adjustments. However, there has been an increase of Rs1.74 per unit under quarterly …
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The State Bank of Pakistan (SBP) reduced its key policy rate by 200 basis points to 17.5%, effective from September 13, 2024, as inflation fell to 9.6%, marking the first single-digit figure in three years. The Monetary Policy Committee (MPC) noted that inflation dropped faster than expected, due to delayed energy price hikes and lower …
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ISLAMABAD – The National Electric Power Regulatory Authority (NEPRA) has fined K-Electric (KE) Rs 10 million over electrocution incidents that claimed 33 lives in Karachi between 2022 and 2023. NEPRA imposed the fine after rejecting KE’s response to a show-cause notice regarding the fatal incidents. The regulatory body has ordered K-Electric to deposit the fine …
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Karachi: Power distribution companies (DISCOs) in Pakistan have been found guilty of overbilling consumers by a staggering Rs8.44 billion to cover up their line losses, according to an official report. The report highlights widespread malpractice among several power companies, leading to an uproar among consumers and calls for accountability. The National Electric Power Regulatory Authority …
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Karachi: The Pakistani Rupee (PKR) appreciated by 09 paisa against the US Dollar (USD) on Tuesday in the interbank market, as reported by the State Bank of Pakistan (SBP). The greenback closed at Rs 278.61, compared to the previous day’s closing rate of Rs 278.70, reflecting a marginal improvement in the local currency’s value. In …
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On the first business day of the week, the Pakistan Stock Exchange’s (PSX) KSE-100 Index experienced a bearish trend, shedding 282.72 points. This marked a 0.36% decline, closing at 78,615.00 points, compared to the previous trading day’s close of 78,897.73 points, according to reports from a private news channel on Monday. The day saw a …
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