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

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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.

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Following’successful’ climate finance negotiations, Pakistan will get $1.3 billion.

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Julie Kozack, director of communications for the International Monetary Fund (IMF), announced Friday that $1.3 billion would be given to Pakistan as part of climate assistance.

Addressing a press conference, she claimed that talks were held with Pakistan on EFF (Extended Fund Facility) and climate financing. She emphasized that the climate finance negotiations were successful.

In 28 months, $1.3 billion in climate funding will be distributed, she said.

A 37-month EFF program for Pakistan was authorized in September of last year, she said.

According to Ms. Kozack, on March 25, a staff-level agreement was achieved for the fresh loan tranche for Pakistan. Following a successful evaluation process, Pakistan would get a $1 billion EFF tranche.

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Eidul Fitr 2025: PSX observes a week-long holiday in celebration of the festival

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The Pakistan Stock Exchange (PSX) will recommence trading next Thursday following nearly a week-long Eidul Fitr holiday.

Friday typically serves as the final working day of the week at the PSX; nevertheless, the stock trading platform was closed this occasion because to Jumatul Wida.

On Thursday, bullish momentum persisted in the PSX as the benchmark KSE-100 Index hovered at 118,147 after gaining more than 375 points during the early hours.

The day’s minimum was 117,551, after which the market rebounded and ultimately closed at 117,806 points.

Widespread purchasing was noted in essential industries, including commercial banking, fertilisers, power generation, and oil and gas exploration firms.

PEAK LEVEL

On March 21, the PSX resumed its optimal performance by exceeding the 119,000 threshold.

The KSE-100 Index had a peak of 119,405 and a trough of 118,638. The trading activity for the day concluded at 118,442 points.

Previously, the PSX sustained its bullish trajectory, achieving an unprecedented peak of 119,000.

The KSE-100 index increased by 1,330.22 points, reaching a new high of 119,304.24 during intraday trade, reflecting a positive move of 1.13 percent. Subsequently, the principal index concluded the day at 118,769.

FESTIVE ECONOMIC OUTLOOK

Recent market surges have been attributed by analysts to Pakistan’s Staff-Level Agreement with the International Monetary Fund (IMF) regarding the Extended Fund Facility (EFF) and the successful negotiations for a new arrangement under the Resilience and Sustainability Facility (RSF), often referred to as climate debt, which have bolstered investor confidence.

Julie Kozack, Director of Communications at the IMF, revealed on Friday that Pakistan will get $1.3 billion in climate finance.

She stated during a news conference that the discussions on climate money were fruitful, noting that Pakistan would get $1.3 billion within 28 months.

A 37-month Extended Fund Facility programme for Pakistan was agreed in September of the previous year, and the Staff-Level Agreement for the next loan tranche was established on March 25. Pakistan is set to receive a $1 billion disbursement under the Extended Fund Facility (EFF).

Besides, a recent research conducted by the Oil and Gas Development Company (OGDC) and the Pakistan Petroleum Limited (PPL) over the feasibility of the Reko Diq project in Balochistan also sent positive signals to the investors.

Earlier, reports about upgrade of Pakistani banks by Moody’s Ratings and potential resolution of circular debt issue also contributed to investor confidence.

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Pakistan Desires a Sturdy, Long-Term Alliance With Huawei: PM

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According to Prime Minister Muhammad Shehbaz Sharif, the government’s primary objective is to give Pakistani youth technical training in the field of information technology.

The prime minister expressed his desire for a strong and long-term collaboration with Huawei in an interview with a five-member delegation that visited him in Islamabad and was led by Huawei CEO Ethan Sun.

He said the Huawei’s ICT training program will not only increase it exports but will also help youth in getting job opportunities.

The meeting was briefed on the progress made in providing training in the it sector to 300,000 pakistani youth organized by Huawei.

Out of 300,000 youth, 240,000 youth will be provided basic training while 60,000 youth will be provided high-tech training.

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