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Nationwide gas tariff hikes planned

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The government is prepared to boost gas prices in Punjab and Khyber Pakhtunkhwa, following a plan already in place for Sindh and Balochistan. Sui Northern Gas Pipeline Limited (SNGPL) has formally sought the Oil and Gas Regulatory Authority (Ogra) for a substantial rise of up to 147%.

The company has formally requested a raise of Rs 2,646.18 per mmbtu and proposed a new average price of Rs 4446.89. The company argues that it has calculated a revenue deficit of Rs189.18 billion.

The Ogra will hold a public hearing over the matter on March 25 in Lahore and on March 27 in Peshawar.

Upon approval, the rise in gasoline prices will take effect on July 1.

In a similar vein, the Sui Southern Company has submitted a formal request to the Oil and Gas Regulatory Authority (Ogra) to increase the price of gas. This proposed increase is projected to impose a financial burden of Rs 79.63 billion on consumers.

Sui Southern has formally requested a price hike of Rs 324.3 per mmbtu. They are requesting the regulator to set a new average price of Rs 1740.80 per mmbtu.

The application has projected a total revenue deficit of Rs79.63 billion for the upcoming fiscal year, with Rs56.69 billion attributed to domestically generated gas and Rs22.93 billion to RLNG.

The Ogra will consider the application from Sui Southern today in Karachi and on March 20 in Quetta.

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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The total amount of Pakistan’s liquid foreign reserves is $15.95 billion.

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As of February 14, Pakistan’s total liquid foreign reserves were $15,947.9 million, with the State Bank of Pakistan’s (SBP) holdings being $11,201.5 million.

Official figures for the week ending February 14, 2025, show that the central bank’s liquid foreign exchange reserves rose by $35 million to $11,201.5 million.

Commercial banks maintained net foreign reserves of $4,746.4 million during the period under review, according to the breakdown of foreign reserves.

The nation’s total liquid foreign reserves as of the week ending February 07, 2025, were $15,862.6 million.

Of these, the central bank held $11,166.6 million in foreign reserves, while commercial banks kept $4,696 million in net reserves.

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In January 2025, RDA inflows reach 9.564 billion USD.

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Remittances under the Roshan Digital Account (RDA) increased from US $9.342 billion at the end of 2024 to US $9.564 billion by the end of January 2025.

The most recent data issued by the State Bank of Pakistan (SBP) revealed that remittance inflows in January totaled US$222 million, compared to US$203 million in December and US$186 million in November 2024.

Millions of Non-Resident Pakistanis (NRPs), including those who own a Non-Resident Pakistan Origin Card (POC), desire to engage in banking, payment, and investing activities in Pakistan using these accounts, which offer cutting-edge banking options.

Nearly 778,697 accounts were registered under the scheme by the end of January 2025, according to the data.

By the end of January, foreign-born Pakistanis had contributed US $59 million to Roshan Equity Investment, US $479 million to Naya Pakistan Certificates, and US $799 to Naya Pakistan Islamic Certificates.

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FBR lowers Karachi’s built-up structure property valuation rates

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A year-by-year breakdown of the depreciation value of residential and commercial built-up properties is included in the updated property valuation rates for Karachi that the FBR has announced.

The notification said that built-up structural values on residential property will be gradually reduced.

A residential home’s built-up structure, which is five to ten years old, will lose five percent of its worth.

In a similar vein, constructions between the ages of 10 and 15 will lose 7.5% of their value, while those between the ages of 15 and 25 would lose 10%. Built-up structures that are more than 25 years old will be valued similarly to an open plot.

Furthermore, age will also be used to lower the valuation of built-up properties, such as apartments and flats.

Structures that are five to ten years old will depreciate by ten percent, while those that are ten to twenty years old will depreciate by twenty percent. A 30% depreciation will be applied to properties that are 20 to 30 years old, while a 50% reduction will be applied to those that are above 30 years old.

In terms of commercial built-up properties, buildings that are 10 to 15 years old will lose 5% of their value, while those that are 15 to 25 years old will lose 8%. The value of properties that are more than 25 years old will drop by 10%.

In contrast, there would be a 15% boost in the value of commercial properties in the Defence Housing Authority (DHA) that face any Khayaban.

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