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Govt denies 24-hour gas supply to consumers as reserves dry up

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2 years ago

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  • “Gas loadshedding will end during sehri and iftar,” minister says.
  • “We cannot provide gas 24 hours as our reserves have dropped.”
  • “The gas bill of the rich and poor has been separated,” he says.

KARACHI: Minister of State for Petroleum Musadik Malik said Wednesday that the masses cannot get gas 24/7, attributing a drop in the commodity’s reserves as a major reason.

Pakistan is highly reliant on natural gas for energy, and with rising demand and insufficient supply, loadshedding has become a daily occurrence in many areas of the nation.

This scenario worsens during Ramadan when Pakistanis use more gas for cooking and other reasons, especially during sehri and iftar timings.

But the minister, in conversation with journalists in Karachi, without giving an exact time, said the gas loadshedding would end during sehri and iftar. “We cannot provide gas 24 hours as our reserves have dropped.”

The issue of gas starvation in Karachi caught Prime Minister Shehbaz Sharif’s attention recently, and he directed relevant officials to ensure an uninterrupted supply of the commodity.

He said the process of supply of gas should be supervised and no negligence should be tolerated.

Owing to the widening gap between gas supply and demand, the Sui Southern Gas Company (SSGC) last week announced its decision to suspend supplies to captive power plants and industries.

The gas utility said that the decision has been taken considering the low supply of gas. It stated that due to a reduction in supply, the volume of gas in pipelines has decreased.

In response, the Karachi Chamber of Commerce and Industry (KCCI) called for immediate government action over the shortage of gas supply to Karachi industries, saying the industries could not function without gas and would be forced to halt production.

“It’s highly unfair to have such an attitude towards Karachi’s business community which, despite facing so many odds and challenges, contributes around 54% in terms of exports and more than 68% in terms of revenue,” KCCI president Muhammad Tariq Yousuf said.

Malik, while talking to journalists, said his visit to Karachi was based on resolving the gas supply issues that the people are facing and urged them to ensure payment of their utility bills.

“The gas bill of the rich and poor has been separated; rich people will have to pay more now,” the minister of state for petroleum said.

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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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The IMF allows Pakistan to lower electricity tariffs.\

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7 hours ago

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The International Monetary Fund (IMF) has permitted the Pakistani government to decrease the energy cost by one rupee.

The alleviation will be incorporated into the base tariff for electrical units, with funding sourced from revenue collected by the levy on captive power plants. A tax has been enacted on the utilization of gas by captive power plants.

The government is developing a relief plan for electricity consumers, which will be announced upon clearance from the international lender.

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Robust purchasing sustains PSX’s positive trend

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On Thursday, bullish momentum continued in the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 index reaching 118,806 after an increase of over 300 points.

Across the board buying was observed in key sectors, including commercial banks, fertiliser, power generation, and oil and gas exploration companies.

Aside from that, index-heavy equities such as MARI, POL, HBL, MCB, UBL, KOHC, and LUCK experienced gains, capitalizing on the prevailing bullish atmosphere in the market.

Market analysts attribute the recent bullish trend in the PSX to a staff-level agreement between the International Monetary Fund (IMF) and Pakistani authorities following the initial review under Pakistan’s Extended Fund Facility (EFF) and a new arrangement under the Resilience and Sustainability Facility (RSF).

Furthermore, a recent study done by the Oil and Gas Development Company (OGDC) and Pakistan Petroleum Limited (PPL) regarding the feasibility of the Reko Diq project in Balochistan has also conveyed favorable indications to investors.

The bulls surged rapidly after the staff-level deal with the global lender, with the KSE-100 Index reaching a peak of 118,220 before closing at 117,178 points, reflecting an advance of 1,139 points on Wednesday.

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