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Federal Board of Revenue (FBR) and Oil and Gas Regulatory Authority (Ogra) to jointly formulate a mechanism for recovery of Regulatory Duty on crude oil and petroleum products from consumers, well-informed sources told Business Recorder. Details reveal Economic Co-ordination Committee (ECC) of the Cabinet had approved petroleum product pricing formula under which the prices of petroleum products of the local refineries are linked with the corresponding actual import price of petroleum products imported by the PSO.

Pakistan may not be able to import gas from Tehran despite a nuclear deal between Iran and world powers which has renewed hopes for improved economic ties between the neighbouring countries, a business leader said on Monday. Iran has completed its part of the pipeline to transport 750mmcfd gas to Pakistan while Islamabad has started implementation of 880km of pipeline but it hasn't considered upgradation of gas distribution network, said Ghiyas Abdullah Paracha, central leader of the APCNGA.
Federal Minister for Water and Power Khawaja Muhammad Asif has said that circular debt was Rs 313 billion as on 30-06-2015; and it has re-emerged again due to decreased remittances by Discos in the wake of less recovery, excess line losses and lower payments of subsidy. In a written reply to questions, the Minster told the National Assembly on Monday that all respective stakeholders are required to meet their liabilities towards payments in a timely manner to run the business successfully or to eliminate the accumulation of circular debt.
As the sun sets and darkness falls over a village outside Bahawalpur, Shama Bibi switches on her solar lantern and starts sewing clothes for an upcoming family wedding. Not long ago, nightfall would have forced her to stop working. But now with access to solar-powered lamps, Bibi can sew as long as she needs to. "The solar lantern has changed my life," said the 35-year-old widow and mother of three. "I can sew clothes even in the night and earn enough to make both ends meet."
Vice President of Pakistan People's Party Parliamentarian, Senator Sherry Rehman has expressed deep concern over the SSGC's announcement of unilaterally stopping all gas inputs to Pakistan Steel Mills, without any stakeholder consultation.
Energy trading house Gunvor is set to supply the bulk of a gasoline tender into Pakistan after placing the lowest offers for 10 out of 12 cargoes, industry sources said. Gunvor placed the lowest offer of between $112.90 a tonne and $139.30 a tonne above Middle East naphtha quotes for 500,000 tonnes of 87-octane gasoline for delivery over August 20 to October. Total placed the lowest offer for two other cargoes totalling 100,000 tonnes of the fuel for delivery in October at premiums of $112.25 and $122.25 a tonne.
Despite the ban by Oil and Gas Regulatory Authority (Ogra) on the use of Liquefied Petroleum Gas (LPG) in private as well as Public Service Vehicles (PSVs), there is rapid increase in illegal use of the commodity by such vehicles. According to sources in the Ministry of Petroleum and Natural Resources, there are thousands of vehicles especially PSVs and auto rickshaws, which are using LPG as an alternate of petrol and diesel.

 



 
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Banking Review 2014


Annual2013/14
Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
MonthlyJune
Trade Balance $-2.378 bln
Exports $2.016 bln
Imports $4.394 bln
WeeklyJuly 23, 2015
Reserves $18.677 bln