Business

Sigh of relief: NEPRA notifies Rs2.32 per unit cut in power tariff

Published

1 year ago

Farwa

Decision comes a day after govt dropped “petrol bomb” on people.
NEPRA also okays reduction of Rs10.8 per unit for KE consumers.
Domestic consumers who use more than 300 units will get benefit.

ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Thursday notified a reduction of Rs2.32 per unit for Ex-WAPDA distribution companies (XWDISCOs) consumers on account of fuel charges adjustment (FCA) for December 2022.

The development comes a day after the federal government dropped a “petrol bomb” on the masses by increasing the price to Rs272 per litre after a hike of Rs22.20. Meanwhile, natural gas tariff was increased sharply by up to 112% for consumers.

The negative power tariff adjustment will give some breathing space to the inflation-weary people reeling from the impact of sky-high petrol and gas prices.

According to a notification issued in this regard, the NEPRA directed all XWDiscos to show the adjustment separately in the consumer’s bills for February.

This shall apply to all consumer categories except:

Lifelines consumers
Domestic consumers who consume up to 300 units
Agriculture consumers
Electric vehicle charging stations

It was also clarified that the negative adjustment on account of monthly FCA applies to domestic consumers having Time of Use (ToU) metres irrespective of their consumption level.

“The said adjustment shall be shown separately in the consumers’ bills on the basis of units billed to the consumers in the month of December 2022,” it read.

The FCA is based on changes in the global prices of fuel and is passed on to consumers under the prescribed rules and regulations of NEPRA and the government of Pakistan.

The recommendation proposed by the power distribution companies is approved by NEPRA after a thorough review of the data provided for a month during which the fuel charges were recovered from the consumers.

Earlier, the power regulator also notified a reduction of Rs10.8 per unit for the K-Electric consumers for the month of December 2022 which would also be reflected in the consumer bills of February 2023.

Business

PSX surpasses the historical 71,500-point threshold.

Published

2 days ago

Farwa

Investors celebrated as the PSX finally crossed the historic 71,500 point threshold, signalling a critical turning point in the state of the economy in the country.

The KSE-100 index jumped more than 740 points, soaring to a record high of 71,650 points, demonstrating the tenacity and optimism that pervaded the Pakistani financial market.

This outstanding accomplishment indicates strong growth possibilities for the foreseeable future and demonstrates investors’ faith in the nation’s economic prospects.

The Pakistan Stock Exchange (PSX)’s KSE-100 index saw a minor decline of 60.92 points on Friday, or 0.09 percent, and ended the day at 70,483.66 points.

In the foreign exchange market, the US dollar lost value in relation to the Pakistani rupee at the same time.

Currency dealers claim that on the first day of the workweek, the value of the US dollar dropped by 11 paisas to Rs278.20 in the interbank market, significantly strengthening the rupee.

Business

Outsourcing: Investors from Turkey stop by the airport in Karachi

Published

2 days ago

Farwa

Turkish investors, who are interested in outsourcing Pakistan’s airport industry, sent a high-level team to Karachi Airport.

The domestic arrival and departure lounge at Karachi airport was visited by the Turkish investment group, according to information. The investors were briefed about the workings of the Karachi airport by a delegation of the Civil Aviation Authority, headed by Secretary Aviation Saif Anjum.

An update on the volume of people and business leaving the airport was also provided to Turkish investors. It is anticipated that the delegation would tour the cargo terminal and CAA headquarters today.

The nation’s three main airports, Karachi, Lahore, and Islamabad, were formerly to be outsourced by the federal government.

Interest in outsourcing three of Pakistan’s airports has been expressed by local parties as well as investors from Germany, France, the Netherlands, Qatar, the United Arab Emirates, Malaysia, and Turkiye.

The timeframe for proposal submission for Islamabad International Airport’s outsourcing was extended by the Civil Aviation Authority (CAA) earlier on March 21.

The government’s top objective in the process of outsourcing international airports, according to Prime Minister (PM) Shehbaz Sharif, is openness.

First, he stated that Pakistan is willing to participate in a public-private partnership to outsource a portion of the airport’s commercial activities.

Business

The inaugural flight of Azerbaijan Airlines is between Baku and Karachi.

Published

5 days ago

Farwa

The national airline of Azerbaijan launched direct flights from Baku to Karachi today. There will be two weekly flights on this route, on Thursdays and Sundays.

The first flight will land in Karachi, and Azerbaijan’s ambassador, Khazar Farhadov, will be there to greet it.

This evening also marks the departure of the inaugural flight from Karachi to Baku, in addition to the arrival of the flight from Baku.

Azerbaijan Airlines said last month that it would be growing its network and flight operations in Pakistan.

Aviation insiders have verified that Azerbaijan Airlines is preparing to launch service to Karachi in the coming month of April.

In addition to its current services in Islamabad and Lahore, the airline plans to launch its Karachi route on April 18, with the inaugural flight anticipated to depart on that date.

Azerbaijan Airlines has been given permission to operate flights on the Karachi route, according to sources within the Civil Aviation Authority (CAA).

Following a bilateral agreement between the two nations, Azerbaijan Airlines has been given permission to extend its operations in Pakistan.