Connect with us

Business

K-Electric’s power tariff cut by Rs7.43 per unit

Published

on

  • FCA for Nov 2022 will be reflected in billing month of Jan 2023.
  • NEPRA approves a hike of Rs0.189 for XWDISCOs.
  • Tariff cut and hike will be applicable to all consumer categories.

The National Electric Power Regulatory Authority (NEPRA) on Wednesday decided to slash the power tariff by Rs7.43 per unit for K-Electric (KE) consumers on account of fuel cost adjustment (FCA) for November 2022.

In its petition filed with NEPRA, KE had requested a tariff reduction of Rs7.043 per kilowatt-hour (kWh). The regulator conducted a public hearing on December 27, 2022, and approved a reduction of Rs7.43 per unit.

The FCA for November 2022 will be reflected in the billing month of January 2023. The tariff cut will be applicable to all consumer categories except for:

  • Lifeline consumers
  • Domestic consumers consuming up to 300 units
  • Agricultural consumers
  • Electric vehicle charging station users

The regulator clarified that the negative adjustment would be applicable to domestic consumers having Time-of-Use (ToU) meters irrespective of their consumption levels.

“The adjustment shall be shown separately in the consumers’ bills on the basis of units billed to the consumers in the respective month to which the adjustment pertains,” the notification read.

Meanwhile, the power regulator increased the power tariff by Rs0.1892 per kWh for ex-WAPDA Distribution companies (XWDISCOs).

The adjustment will also be reflected in January 2023 bills and would be applicable to all consumer categories except

  • Electric vehicle charging stations
  • Lifeline consumers

The impact of this increase will be around Rs1.75 billion including 17% general sales tax. Meanwhile, the impact of the power cut for KE will be over Rs11 billion, however, it will not be passed into lifeline consumers.

Business

Tourism boom: During Eidul Azha, more than 400,000 people travel to KP

Published

on

By

Over 400,000 people travelled to several beautiful locations in Khyber Pakhtunkhwa between June 17 and June 19, celebrating the recently ended Eidul Azha festivities.

With over 174,000 visitors in one day, Naran Kaghan emerged as the most popular location. Visitors looking for a getaway from the city are still drawn to Naran Kaghan’s calm scenery and charming valleys.

A total of 162,000 visitors to Galiyat took in the city’s rich history at its cultural institutions and historical landmarks. In addition, more than 46,000 people visited Malam Jabba in Swat, and 23,000 people visited Upper Dir to take in its stunning surroundings.

Khyber Pakhtunkhwa is becoming a popular domestic vacation destination due to its unique combination of natural beauty, cultural legacy, and adventure options, as seen by the rise in visitor numbers.

Businesses and local government agencies have been collaborating to make sure tourists have an unforgettable time while appropriately handling the inflow.

Continue Reading

Business

Pakistan currently has $14.41 billion in foreign exchange reserves.

Published

on

By

In a statement, the central bank stated that as of June 14, 2024, Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) stood at $9.135 billion, following the increase.

The announcement also stated, “SBP reserves increased by US$ 31 million to US$ 9,134.7 million during the week ended on June 14, 2024.”

The State Bank of Pakistan (SBP) stated that the nation had $14.415 billion in total liquid foreign reserves. Commercial banks own $5.28 billion of the total in net foreign reserves.

It was announced earlier on June 13 that Pakistan’s foreign exchange reserves reached US$14.38 billion, up US$168 million in the first week of June.

Pakistan’s reserves held by commercial banks rose by US$174 million to $5.28 billion for the week that ended on June 7, according to a statement released by the central bank.

The SBP now has US$9.10 billion in reserves, down US$6.2 million from before. The central bank did not provide an explanation for why its reserves fell.

“SBP reserves decreased by US$ 6 million to US$ 9,103.3 million during the week ended on July 7, 2024,” the SBP said in a statement.

Continue Reading

Business

In a first for history, PSX crosses the 77,000 milestone.

Published

on

By

At 77,213.31, the benchmark KSE-100 hit an all-time high, up 1,005.15, or 1.32%, from the previous close of 76,208.16.

The government’s readiness to seal an agreement with the International Monetary Fund (IMF) following the budget was cited by analysts as the reason for the upward trend.

Experts anticipate that in an attempt to bolster its position for a fresh bailout agreement with the International Monetary Fund (IMF), the budget for the fiscal year ending in June 2025 would set aggressive fiscal goals.

Budget for Pakistan, 2024–2025
Pakistan’s budget for the fiscal year 2024–25, with a total expenditure of Rs18.877 trillion, was presented on Wednesday by Minister of Finance and Revenue Muhammad Aurangzeb.

The Finance Minister, Muhammad Aurangzeb, outlined the budget highlights. He stated that the GDP growth target for the fiscal year 2024–25 is set at 3.6 percent, while the inflation rate is anticipated to stay at 12 percent.

He stated that while the primary surplus is anticipated to be 1.0 percent of GDP during the review period, the budget deficit to GDP is forecast to be 6.9 percent over the period under review.

According to the minister, tax income collection increased by 38% in the current fiscal year, and the province will receive Rs7,438 billion. The Federal Board of income expects to earn Rs12,970 billion in revenue for the upcoming fiscal year.

In contrast to the federal government’s projected net income of Rs9,119 billion, he stated that the federation’s non-tax revenue projections are set at Rs3,587 billion.

The federal government’s total outlays are projected to be Rs18,877 billion, with interest payments accounting for the remaining Rs9,775 billion.

Continue Reading

Trending