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ARY NEWS

Aleem Malik

  • OGRA determines 50pc hike in natural gas prices

    OGRA determines 50pc hike in natural gas prices

    ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) on Friday determined up to 50 percent increase in the prescribed prices of natural gas for the fiscal year 2023-24 to meet revenue requirements of the two gas utilities — SNGPL and SSGC, ARY News reported.  

    According to a notification, the regulatory authority determined the revenue requirements of Sui gas companies for fiscal year 2023-24, increasing the average per MMBTU price for SNGPL and SSGC by 50% and 45% respectively.

    The average prescribed price per MMBTU of gas is recommended as Rs1238.68 and the increase in price per MMBTU is Rs415.11 with an increase percentage of 50 percent for SNGPL.

    Similarly, the average prescribed price for SSGC is determined as Rs1350.68 with an increase in price per MMBTU is Rs417.23 and the increase percentage is 45 percent.

    The notification noted that the average prescribed price determined by OGRA mainly comprises of cost of gas which constitutes approximately over 85% of the determined price.

    The cost of gas is a pass-through item and is calculated in accordance with the agreement signed between the Government of Pakistan and gas producer companies.

    The OGRA has also requested the federal government for advice on category-wise sale prices. “Any revision, as advised by the federal government, shall be accordingly notified by OGRA. Till such time the existing category-wise natural gas sale prices shall continue to prevail,” the notification added.

  • Pakistan to kick off barter trade with Iran, Russia and Afghanistan

    Pakistan to kick off barter trade with Iran, Russia and Afghanistan

    KARACHI: The federal government on Friday notified a ‘Business-to-Business (B2B) Barter Trade Mechanism’ for trade with Iran, Afghanistan, and Russia, ARY News reported.

    In this connection, a notification was also issued by the Ministry of Commerce, allowing state-owned enterprises and private sector entities to engage both in the import and export of goods.

    The development comes two months after the federal Cabinet approved a policy to promote barter trade for increasing Pakistan’s regional trade.

    “Application for authorization of import and export of goods under the B2B barter trade facility shall be submitted online by the trader or their authorized agent through the online system to the regulatory collector,” the notification said.

    The trade of goods under a B2B Barter Trade arrangement will be allowed on the principle of “import followed by export” and export would meet the value of imported goods.

    The ministry has identified some 26 goods that can be exported to Afghanistan, Iran and Russia including milk, cream, eggs and cereal, meat and fish products, fruits and vegetables, rice, salt, pharmaceutical products, finished leather and leather apparel, footwear, steel, and sports goods.

    The government has notified the products to be imported from Afghanistan, which include fruits and nuts, vegetables and pulses, spices, minerals and metals, coal and its products, raw rubber items, raw hides and skins, cotton, and iron and steel.

    From Iran, Pakistani importers are allowed to import fruits, nuts, vegetables, spices, minerals and metals, coal and related products, petroleum crude oil, LNG and LPG, chemical products, fertilizers, article of plastics and rubber, raw hides and skins, raw wool and articles of iron and steel.

    From Russia, Pakistani traders will be allowed to import pulses, wheat, coal and related products, petroleum oils including crude, LNG and LPG, fertilizers, tanning and dying extracts, articles of plastic and rubber, minerals and metals, chemicals products, articles of iron and steel, and items of textile industrial machinery.

  • Pakistan’s annual inflation in May reaches record-high of 37.97pc

    Pakistan’s annual inflation in May reaches record-high of 37.97pc

    ISLAMABAD: Pakistan’s annual inflation rose to 37.97 per cent year-on-year in May, the statistics bureau said in a report on Thursday, showing a continued uptick in the highest-ever inflation in the country.

    The CPI stood at 36.4pc in April, which the bureau said at the time was the highest in their records.

    The month-on-month rise in May was 1.58pc, the bureau said in a press release, adding vegetables, pulses and chicken prices posted the biggest increases.

    Inflation has been on an upward trend since early this year after the government took painful measures as part of the fiscal adjustments demanded by the International Monetary Fund (IMF) to unlock stalled funding, which still hasn’t been disbursed.

    The breakup of components suggested that food inflation in urban areas soared by a staggering 48.1% in May 2023 compared to May 2022. The rural areas fared no better with 52.4% price rise on a year-on-year basis.

    In its Monthly Economic Outlook for May, the Ministry of Finance stated that “the inflation for the month of May 2023 may remain in the range of 34-36%”.

    It added that improvement in the global supply chain will ease out domestic prices in the coming months.

    With additional input from Reuters

  • NEPRA jacks up power tariff

    NEPRA jacks up power tariff

    ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Wednesday jacked up the power tariff by Rs1.60 per unit, ARY News reported.

    As per details, the power regulatory authority approved Rs1.60 per unit hike in electricity tariff in the wake of the monthly fuel adjustment. The consumers have to pay the additional amount in June.

    Furthermore, the increase in electricity tariff will apply to all the consumer categories except lifeline consumers and KE users.

    Read more: NEPRA APPROVES RS3.39 PER UNIT ADDITIONAL SURCHARGE FOR ELECTRICITY

    The increase in power tariffs will put Rs15.60 billion additional pressure on the already burdened masses, who are struggling to make ends meet amidst rising inflation and a weak economy.

  • Nepra further jacks up electricity tariff

    Nepra further jacks up electricity tariff

    KARACHI: The National Electric Power Regulatory Authority (Nepra) has approved an increase in the price of electricity by Rs1.25 per unit under quarterly tariff adjustment, ARY News reported on Wednesday.

    According to the regulatory body, the new tariff will come into effect immediately.

    The increase in electricity tariff will be applicable to all the consumer categories except lifeline consumers and KE users.

    Read more: NEPRA APPROVES RS3.39 PER UNIT ADDITIONAL SURCHARGE FOR ELECTRICITY

    The increase in power tariffs will put Rs46.28 billion additional pressure on the already burdened masses, who are struggling to make ends meet amidst rising inflation and a weak economy.

    On Thursday, the National Electric Power Regulatory Authority (NEPRA) approved Rs1.55 per unit increase in electricity price for consumers of K-Electric (KE).

    According to details, the power regulatory authority approved Rs1.55 per unit hike in electricity tariff in the wake of the previous fiscal year’s second quarterly adjustment.

    The additional amount will be received from KE consumers from May to July 2023. The NEPRA announced the decision on a petition filed by the federal government seeking equal tariff across the country.

  • NEPRA hikes electricity tariff for KE consumers

    NEPRA hikes electricity tariff for KE consumers

    ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) on Saturday approved Rs1.55 per unit increase in electricity price for consumers of K-Electric (KE), ARY News reported.

    According to details, the power regulatory authority approved Rs1.55 per unit hike in electricity tariff in the wake of the previous fiscal year’s second quarterly adjustment.

    The additional amount will be received from KE consumers from May to July 2023. The NEPRA announced the decision on a petition filed by the federal government seeking equal tariff across the country.

    Earlier in May, the National Electric Power Regulatory Authority (NEPRA) approved an Rs3.70 per unit hike in the power tariff for K-Electric consumers on monthly fuel adjustment charges.

    The hike in the power tariff for K-Electric consumers was approved on account of fuel charge adjustment (FCA) for March.

    The power tariff hike for KE consumers will only be implemented on the bills of May, meanwhile, the increase in electricity tariff will not be applicable to lifeline consumers.

    The hike in power tariffs has been attributed to the rising costs of electricity production and distribution. The country has been experiencing frequent power outages and load shedding, causing immense inconvenience to citizens and businesses alike.

    In a separate order, the National Electric Power Regulatory Authority approved an increase in the price of electricity by Rs0.34 per unit on account of a monthly fuel adjustment.

    The increase in electricity tariff will be applicable to all the consumer categories except lifeline consumers and KE users. The cost will be charged into May bills, the power regulator said.

  • Secretary finance replaced ahead of Budget 2023-24

    Secretary finance replaced ahead of Budget 2023-24

    ISLAMABAD: The federal government on Thursday transferred finance secretary Hamid Yaqoob Sheikh ahead of the presentation of the next budget 2023-24, ARY News reported.

    As per the notification issued by the Establishment Division, Imdadullah Bosal, a BS-22 officer of the Pakistan Administrative Service (PAS), has been appointed as Secretary Finance Division with immediate effect.

    Imdadullah Bosal was previously serving as Special Secretary Finance Division.

    However, the reasons for Hamid Yaqoob’s removal have not been disclosed at this time. He was appointed as Secretary of Finance on December 3, 2021.

    Sources told ARY News that Imdadullah Bosal is considered as one of the trusted officials of Prime Minister (PM) Shehbaz Sharif. He has also worked with the incumbent prime minister in Punjab.

    It is pertinent to mention here that the Annual Plan Coordination Committee (APCC) meeting has been summoned for the preparation of the federal budget 2023-24 on May 23.

    Federal Minister of Planning and Development Ahsan Iqbal will head the APCC meeting for the preparation of the annual budget 2023-24.

    Read more: FISCAL YEAR 2023-24 FEDERAL BUDGET LIKELY ON JUNE 09/10

    Sources said that the meeting will finalise the annual budget 2023-24. The committee will also approve the annual plan for the next fiscal year.

  • Weekly inflation stays above 48pc for 2nd consecutive week

    Weekly inflation stays above 48pc for 2nd consecutive week

    ISLAMABAD: The weekly inflation, measured by Sensitive Price Indicator (SPI), witnessed an increase of 0.27 pc to jump to 48.02pc on a year-on-year basis for the week ending on May 11, official data showed.

    The short-term inflation rose by an all-time high of 48.35pc for the period that ended on May 4.

    Out of the 51 monitored items, the average price of 23 items increased, 7 items decreased whereas 21 items registered no change during the week.

    During the week under review, the items whose pri­ces increased the most over the same week a year ago were: potatoes (112.80pc), gas char­g­es for Q1 (108.38pc), tea Lipton (106.09pc), wheat flour (101.20pc), gents sponge ch­a­ppal (100.33pc), diesel (99.39pc), bananas (98.22pc), rice basmati broken (90.76pc), eggs (89.40pc), petrol (87.81pc), rice irri-6/9 (83.47pc), pulse moong (66.91pc), bread (62.83pc) and pulse mash (58.79pc).

    A decrease was observed in the prices of onions (9.40%), chicken (2.25%), LPG (1.51%), garlic (1.39%), bananas (0.68%), pulse gram (0.13%), and mustard oil (0.05%).

  • Pakistan’s exports to Afghanistan decline by 25.54pc in April

    Pakistan’s exports to Afghanistan decline by 25.54pc in April

    ISLAMABAD: Pakistan’s exports to Afghanistan registered a massive decline in MoM basis in April, ARY News reported on Tuesday, citing sources. 

    As per details, the exports to Afghanistan recorded a decrease of 25.54 MoM basis in April and 24.66 YoY basis, the sources said.

    The exports to Afghanistan in April 2023 remained $76.4 million as compared to $11.40 million in the same corresponding period last year. The volume of bilateral trade between Islamabad and Kabul remained $125 million in April 2023.

    The bilateral trade between both Pakistan and Afghanistan remained $169.8 million in April 2022, the sources said.

    In March, Pakistan exported goods worth $96.4 million to Afghanistan.

    Read more: Pakistan’s exports drop by 10.46pc in April: PBS

    Earlier it emerged that Pakistan’s exports dropped by 10.46 percent in April as compared to the previous month of March.

    According to the figures issued by the Pakistan Bureau of Statistics, the import declined by 22.62 percent as compared to the previous month of March. 

    The exports in April were recorded 2.12 billion dollars while the imports were recorded at 2.95 billion dollars. The annual trade deficit decreased by 77.98 percent in April. 

  • Weekly inflation records all-time high of 48.35pc

    Weekly inflation records all-time high of 48.35pc

    The weekly inflation, measured by Sensitive Price Indicator (SPI), witnessed an increase of 1.05 pc to jump to a record high of 48.35pc on a year-on-year basis for the week ending on May 4.

    The SPI for the week under review in the above-mentioned group was recorded at 254.84 points as compared to 252.2 points during the past week, according to the PBS data.

    Out of the 51 monitored items, the average price of 30 items increased, 9 items decreased whereas 12 items registered no change during the week.

    The items, which recorded an increase in their average prices on a week-on-week (WoW), Chicken (8.91%), Potatoes (3.99%), Powdered Milk (3.81%), Pulse Gram (1.96%), Pulse Masoor (1.83%), Eggs (1.81%), Mutton (1.71%), Pulse Mash (1.58%), Cooked Daal (1.36%), and Bread (1.13%), non-food items, Gents Sponge Chappal (58.05%), Gents Sandal (33.36%), Ladies Sandal (14.31%) and Washing Soap (1.27%).

    Meanwhile, a decline was witnessed in the prices of Onions (16.69%), Garlic (3.44%), Tomatoes (3.41%), Diesel (1.70%), Mustard Oil (0.99%), LPG (0.96%), Cooking Oil 5 litre (0.40%) and vegetable ghee 2.5kg & 1kg (0.10%) each.