Connect with us

Business

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

Published

on

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 new rates. — Power Division
The new rates. — Power Division

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

Islamic Sukuk Bonds: Government Is Expected To Begin Bond Auction Next Week

Published

on

By

There is now more positive economic news for the people of Pakistan. The government is anticipated to begin the Sukuk Islamic Bond auction next week, after the central bank’s announcement of a large drop in the policy rate.

Continue Reading

Business

SIFC Encourages Green Tourism: Reforming Visas to Increase Investment

Published

on

By

Enhancing investment in the tourism sector, Green Tourism Pakistan’s initiative has received backing from the Special Investment Facilitation Council.

Visa-On-Arrival for 126 countries, Visa-Free Entry for Gulf Cooperation Council nations, and 24-hour expedited visa processing are some of the main features of the Green Tourism Visa Policy.

It is anticipated that these endeavors will draw in about 80 million dollars in foreign direct investment and 8.3 billion rupees in domestic investment.

Green Tourism Private Limited has introduced hunting resorts in Naltar, Hunza, and Skardu, along with four- and five-star city hotels, to improve the tourism experience.

In the first phase of the project, 17 of the 78 areas have seen the start of development activity.

Approved is a central authority for Green Tourism that will supervise the growth of Air Operations.

To promote Religious Tourism, extra precautions have been taken to guarantee the security of visitors from all religions, including Sikhs and Buddhists.

Furthermore, in order to improve the quality of the tourist experience, the green guide quality program has been introduced to supply top-notch tour guides.

There is now a deluxe bus excursion from Islamabad to Peshawar that promotes local culture.

Continue Reading

Business

July 2024 export data from Pakistan shows a significant rise.

Published

on

By

The Strategic Investment Facilitation Council (SIFC) has been instrumental in improving Pakistani products’ access to international markets, as seen by the significant surge in exports from the country at the start of the 2024–25 fiscal year.

With a 7.26% rise over the same month the previous year, July 2024 exports to the US were $476.017 million. After increasing by 7.74% annually, the United Arab Emirates emerged as the second-largest export destination.

The third and fourth places were occupied by exports to the UK ($183.303 million) and China ($60.100 million). A substantial increase in exports to Afghanistan was recorded in July of this year, rising from $46.262 million to $88.065 million, largely due to successful anti-smuggling efforts.

With a combined export volume of $553.951 million, more important export destinations included Germany, the Netherlands, Italy, Spain, Saudi Arabia, and Turkey.

A bright future for the national economy is suggested by the growing confidence major international markets have in Pakistani exports. Through the efforts of SIFC and the government, this greater access to global markets has been made possible.

Pakistan’s economy is predicted to remain stable as a result of the export growth that SIFC has enabled.

Continue Reading

Trending