Latest News

Electricity crisis: Musadik Malik pledges to beat continued load-shedding by July 15

Published

2 years ago

Farwa

Musadik Malik says he will request finance minister to release funds for K-Electric.
Says one of the major reasons behind electricity load-shedding is water shortage in dams.
Sharjeel Memon says KE is only making money out of Karachi instead of investing on its system.

Minister of the State for Petroleum Musadik Malik has pledged to overcome power load-shedding by the mid of July, as the country goes through the misery of not having power supply for tens of hours in sweltering hot weather.

The electricity shortfall in Pakistan has exceeded 6,000 megawatts, causing 12 to 14 hours of power outages in Karachi and other major cities of the country.

Speaking on Geo News programme Aaj Shahzeb Khanzada Kay Sath, Malik said he will request Finance Minister Miftah Ismail to release funds for K-Electric.

He said that one of the major reasons behind electricity load-shedding is the water shortage in dams, while the other reasons include coal price hike and LNG shortage in the international market.

“Only 5,000 megawatts of electricity is being generated instead of 9,500 MW,” he said.

KE only making money from the city: Sharjeel Memon

Sindh Minister for Information Sharjeel Inam Memon has said that K-Electric is only making money out of Karachi instead of investing on the system.

The remark came as a criticism of the power supply company for the mega city as Karachi suffers extended power cuts.

Speaking to Geo News, Memon said that he has been vocal about investments KE can make on the system.

“KE is a profitable company that makes money from the city but the issues it faces are not new. It [KE] should invest on its system but it doesn’t and is up to making money only,” he said.

He went on to say that KE is not making efforts for improvement of its system, while the company has also cut down its manpower.

Moving on to other distribution companies (discos) in Sindh, Memon said that the situation of Hyderabad Electric Supply Company (HESCO) and other companies is far worse than KE.

“People of rural Sindh are undergoing mental torture due to having 18 hours of load-shedding,” Memon said.

He said that the institutions are obliged to resolve their issues on their own and ensure power supply.

KE statement

KE said in a statement that during the last 24 hours, the average power supply to Karachi has been 2,700 MW, including an average of 1,000 MW received from the national grid.

“Due to the rise in temperature, the power demand has also surged, because of which the power shortfall, which used to be 250 to 300 MW on an average, has risen to an average of 400 to 500 MW,” the statement read.

“Furthermore, because of the shortage of fuel for power generation and a steep rise in its prices on a global scale, power production is also adversely affected.

“Moreover, due to some payable issues, the utility is confronting challenges in the procurement of fuel. Currently, KE is using all available resources for power generation, and is constantly in touch with the relevant stakeholders for the availability of fuel in the required quantity.”

Business

Pakistan’s gold prices continue to decline.

Published

10 hours ago

Farwa

The price of ten grams of 24 carat gold dropped by Rs 1,201 to Rs 205,418 from Rs 206,619, while the price of ten grams of 22 carat gold dropped to Rs 188,300 from Rs 189,400, according to the All Sindh Sarafa Jewellers Association.

Silver, priced at Rs. 2,620 per tola and Rs. 2,254.80 per ten grams, stayed at that level. As reported by the organization, the price of gold dropped by $11 on the global market, to $2,297 from $2,308.

Business

Price of LPG “slashed” by Rs. 20 per kilogram

Published

10 hours ago

Farwa

Sources claim that LPG rates have been lowered by Rs 20, making the cost per kilogram drop from Rs 280 to Rs 260.

It is noteworthy to remark that the costs of LPG were reduced by Rs 20 per kilogram earlier, resulting in a total reduction of Rs 40 per kilogram within a few weeks.

The price of liquefied petroleum gas for the month of May 2024 was lowered by the Oil and Gas Regulatory Authority (OGRA) on April 30.

The LPG tariffs were lowered by Rs 11.88 to Rs 238.46 per kilogram in accordance with the OGRA’s notice. On Wednesday, May 1, 2024, the new rates will go into effect.

In April of last year, the price per kilogram of LPG was Rs 250.34. pricing reduction of Rs 140.18 has resulted in a new pricing for home LPG cylinders set for May 2024 of Rs 2813.85.

The OGRA reported a drop in liquefied petroleum gas pricing in April. The price of LPG is now Rs 250.34 per kg instead of Rs 256.78 due to a reduction of Rs 6.44 per kg.

The price of the household cylinder was fixed at Rs 2954.03 for the month of April, down from Rs 3030.12, a decrease of Rs 76.9.

Business

ADB delegation stops by FBR headquarters

Published

10 hours ago

Farwa

Senior Director ADB Tariq Niazi oversaw the expedition, which also involved Sana Masood, Farzana Noshab, and Senior Public Sector Management Specialist Laisiasa Tora. The meeting included presentations from economists as well, according to an FBR press release.

The officers focused on structural and policy adjustments as they discussed the Domestic Resource Mobilization Program’s implementation at the meeting.

$300 million was given to the Pakistani government by ADB in December 2023 as a result of the hard work and dedication of FBR. Better laws, regulations, and institutional capability for the FBR were established by Sub-Program I.

With the $300 million in funding provided by the Asian Development Bank (ADB) to the Government of Pakistan in December 2023, the delegation conveyed satisfaction with the program’s effective launch.

The FBR also underlined how crucial digitization is to recording the economy and boosting productivity in a sustainable way.

In order to promote the Government of Pakistan’s Digital Tax Administration Project, both parties decided to look into measures to improve their cooperation.