Business

‘Gas bomb’ dropped on masses as govt approves massive price hike

Published

1 year ago

Farwa

Gas tariff jacked up to 173% for non-protected domestic consumers and 136.4% for commercial users.

Tariff hiked up to 173% for non-protected domestic consumers.
Gas rates for commercial users jacked up by 136.4%.
Monthly fixed charges also increased to Rs400 for protected users.

ISLAMABAD: The caretaker government on Monday dropped a gas bomb on inflation-hit masses by approving a massive increase in gas prices which will come into effect from November 1 (Wednesday).

The government has hiked the local gas tariff up to 173% for non-protected domestic consumers, 136.4% for commercial, 91% for export, and 83% for the non-export industry.

As per the approved summary, the fixed monthly charges for protected consumers were revised upward from Rs10 to Rs400, for non-protected from Rs460 to Rs1000, and for higher slabs up to Rs2000.

The price for non-protected users consuming up to 0.25 cubic meters will be Rs121 per mmbtu, up to 0.5 cubic meters will be Rs150 per mmbtu, for users with 0.60 cubic meters Rs200 per mmbtu, while 0.9 cubic meters Rs250 per mmbtu.

Rates for people using 1 cubic metre of gas per month have been jacked up from the previous Rs400 per mmbtu to Rs1,000 mmbtu.

Those with gas usage of up to 1.5 cubic metres — who were previously paying Rs600 per mmbtu — will now have to pay Rs1,200 per mmbtu.

Meanwhile, small commercial users such as local tandoors will pay Rs697 per mmbtu from November 1.

The power sector will have to pay Rs1,050 to Rs3,890 per mmbtu. The cement industry will pay Rs4,400 per mmbtu.

Rates for the export industry have been set from Rs2,100 to Rs2,400 per mmbtu, whereas non-export industries will pay between Rs2,200 to Rs2,500 mmbtu.

The Power Division, in its press release, maintained that the interim setup had to increase gas prices following Oil and Gas Regulatory Authority’s advice to avoid Rs400 billion being added to the already ballooning circular debt.

The authority highlighted that 57% of the domestic gas connections fall in the protected category where there is no increase in gas price.

“In the name of affordability, some of the most profitable businesses of the country are availing the cheapest natural gas. This has unduly enriched certain sectors while depriving lowest income class including poor farmers and small-scale industries,” the statement mentioned.

Business

With its second-largest surge ever, PSX approaches 114,000 points.

Published

2 days ago

Farwa

Driven by renewed activity from both private and government financial institutions, the Pakistan Stock Exchange (PSX) saw its second-largest rally in history on Monday.

The market regained many important levels in a single trading session as it rose with previously unheard-of momentum.

Intraday trading saw a top increase of 4,676 points, and the PSX’s benchmark KSE-100 Index gained 4,411 points to settle at 113,924 points. This impressive rebound demonstrated significant investor confidence by reestablishing the 100,000, 111,000, 112,000, and 113,000-point levels.

The market also saw the 114,000-point limit reestablished during the trading session.

The positive tendency was reflected when the market’s heavyweight shares touched its upper circuits. Among the most busiest trading sessions in recent memory, an astounding 85.78 billion shares worth a total of Rs55 billion were exchanged.

Experts credited the spike to heightened institutional investor activity and hope for macroeconomic recovery. Considered a major market recovery, the rally demonstrated the market’s tenacity and development potential.

Business

In interbank trade, the Pakistani rupee beats the US dollar.

Published

1 week ago

Farwa

In the international exchange market, the US dollar has continued to weaken in relation to the Pakistani rupee.

The dollar fell to Rs278.10 from Rs278.17 at the beginning of interbank trading, according to currency dealers, a seven paisa loss.

In the meantime, there was a lot of turbulence in the stock market, but it recovered and moved into the positive zone. The KSE-100 index recovered momentum and reached 116,000 points after soaring 1,300 points.

Both currency and stock market swings, according to analysts, are a reflection of ongoing market adjustments and economic uncertainty.

Business

Phase II of CPEC: China-Pakistan Partnership Enters a New Era

Published

1 week ago

Farwa

The cornerstone of economic cooperation between the two brothers and all-weather friends is still the China-Pakistan Economic Corridor, the initiative’s flagship project.

In contrast to reports of a slowdown, recent events indicate a renewed vigour and strategic emphasis on pushing the second phase of CPEC, known as CPEC Phase-2, according to the Ministry of Planning, Development, and Special Initiatives.

According to the statement, this crucial stage seeks to reshape the foundation of bilateral ties via increased cooperation, cutting-edge technology transfer, and revolutionary socioeconomic initiatives.

Planning Minister Ahsan Iqbal is leading Pakistan’s participation in a number of high-profile gatherings in China, such as the 3rd Forum on China-Indian Ocean Region Development Cooperation in Kunming and the High-Level Seminar on CPEC-2 in Beijing.

His involvement demonstrates Pakistan’s commitment to reviving CPEC, resolving outstanding concerns, and developing a strong phase-2 roadmap that considers both countries’ long-term prosperity.

At the core of these interactions is China’s steadfast determination to turn CPEC into a strategic alliance that promotes development, progress, and connectivity.

Instead of being marginalised, CPEC is developing into a multifaceted framework with five main thematic corridors: the Opening-Up/Regional Connectivity Corridor, the Innovation Corridor, the Green Corridor, the Growth Corridor, and the Livelihood-Enhancing Corridor.

With the help of projects like these, the two countries will fortify their partnership, and CPEC phase-2 will become a model of global economic integration and collaboration that benefits not just China and Pakistan but the entire region.