Business

Sigh of relief for Karachiites as NEPRA approves electricity price cut

Published

2 years ago

Farwa

NEPRA orders KE to make efforts for low-cost power generation for Karachi.
KE files petition for electricity price cut of Rs4.21 per unit.
NEPRA observes that KE generates power at higher cost at its end.

The National Electric Power Regulatory Authority (NEPRA) has approved an electricity price cut of Rs4.87 per unit under fuel charges adjustment for the month of August, it emerged Thursday.

The approval given during the hearing of a case for fuel charges adjustment requisitions came as a sigh of relief for Karachiites who have been bearing the burden of heavy electricity bills despite continuous power cuts in the name of load-shedding.

During the hearing, NEPRA Chairman Tauseef H Farooqi was informed that the KE has filed a petition for an electricity price cut of Rs4.21 per unit.

At this, NEPRA’s KP member Engineer Maqsood Anwer said that the company takes electricity from the national grid on a low price but is generating electricity on its own at a high cost.

This drew a remark from Farooqi that the KE is purchasing electricity from the national grid for Rs13.61 per unit and generating its own electricity at a rate of more than Rs37 per unit

“KE is generating power for an additional Rs24 per unit as compared to the national grid,” he said, asking how a company can expect a price cut in this condition.

Meanwhile, Anwer said that consumers will get a relief of Rs6 per unit of electricity if KE lowered the cost of power generation at its end.

At this, the NEPRA chair directed the KE officials to make efforts for electricity generation at a lower cost.

Moreover, Farooqi expressed the intention to hear the issues of Karachi consumers in an open court.

Business

Pakistan suffers a loss of millions due to inoperable airports.

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

Within the last 12 to 14 months, the minister saw a considerable improvement in macroeconomic stability. With the help of foreign exchange reserves sufficient to cover two months’ worth of imports, Pakistan steadied its currency, decreased its current account deficit to less than $1 billion, and produced a primary surplus.

Strong remittances, expanding exports, and a drop in inflation from 38% to 6.9% have all contributed to the consolidation of these benefits, according to Muhammad Aurangzeb. Companies have also profited from the insurance rate reduction.

Even if Pakistan’s credit rating has improved, more work needs to be done to bring it up to at least a B-. Both on the debt and equity sectors, he claimed, institutional flows were returning to the nation.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Pakistan’s economy is getting better, according to Muhammad Aurangzeb

Published

1 day ago

Farwa

The Pakistani economy is strengthening and trending in the right direction, according to Federal Minister of Finance and Revenue Senator Muhammad Aurangzeb on Thursday.

thus,Speaking at the Pakistan Saudi Arabia Business Forum, Aurangzeb stated that the goal of the government was to support the private sector rather than engage in commerce. His goal was to encourage business-to-business (B2B) trade and investment, thus he welcomed the delegation from Saudi Arabia.

As the International Monetary Fund (IMF) board approved an extended program for the nation, the Islamabad Stock Exchange set a record high.

He stated that the IMF program will implement structural reforms in addition to ensuring macroeconomic stability for the long run.

The government of Pakistan remains committed to structural changes, sustainable growth, and tax reform, as stated by Muhammad Aurangzeb.

Business

Remittances from Workers

Published

2 days ago

Farwa

In September of this year, the State Bank of Pakistan reported that remittances from overseas Pakistanis amounted to 2.8 billion dollars, reflecting a 29% increase compared to the remittances received in September of the previous year.

The SBP reports that, with a cumulative inflow of 8.8 billion US dollars in the first quarter of the financial year, workers’ remittances increased by 38.8 percent compared to the first quarter of the previous year.

Remittance inflows in September 2024 were primarily derived from Saudi Arabia at $681.3 million, the United Arab Emirates at $560.3 million, the United Kingdom at $423.6 million, and the United States of America at $274.9 million.