web analytics

ARY NEWS

Aleem Malik

  • Pakistan sugar exports to Afghanistan surge by 4332pc

    Pakistan sugar exports to Afghanistan surge by 4332pc

    ISLAMABAD: Pakistan’s sugar exports to Afghanistan recorded a whopping increase of 4332% in the first seven months of FY 2024-25, ARY News reported on Monday.

    According to the official figures, from July to January, Pakistan’s sugar exports to Afghanistan reached $262.68 million compared with $5.93 million during the corresponding period in 2023.

    Pakistani sugar exports to Afghanistan increased by $256.76 million Year-Over-Year (YOY). This massive increase has made sugar the largest contributor to Pakistan’s exports to Afghanistan.

    Since December, sugar prices have increased by Rs26 per kg, and last year, profiteers pushed rates up to Rs180 per kg.

    According to Wholesale Grocers Association Chairman Rauf Ibrahim, sugar prices in the wholesale market have climbed to Rs150 per kg, while advance deals for March have reached Rs152/kg.

    Traders claim that the hoarding mafia is active, and with Ramazan approaching, there is a serious risk of further price hikes. Pakistan’s monthly sugar consumption stands at 550,000 tons, but during Ramazan, it jumps to 1 million tons.

    Traders warn that if the government does not take immediate action, sugar prices may spiral further during Ramazan.

    Read More: Sugar price hits Rs160/kg in Karachi

    The federal cabinet’s decision in October 2024 to approve the export of an additional 500,000 metric tons of sugar has played a significant role in this surge.

    However, the cabinet had also imposed conditions to ensure price stability and domestic supply, including fixing the retail price of sugar at Rs145.15 per kilogram and monitoring sugar prices to prevent price hikes.

    The federal cabinet said that exports would be cancelled immediately if prices exceeded this benchmark.

  • Pakistan inflation drops to lowest level Since 2015

    Pakistan inflation drops to lowest level Since 2015

    Pakistan’s inflation rate has dropped to its lowest point since 2015, with January recording a rate of 2.4 percent, according to the Pakistan Bureau of Statistics (PBS).

    The inflation has eased significantly, dropping from 28.3 percent in January 2024.

    The country’s inflation rate during the first seven months of ongoing fiscal year has dropped to 6.5 percent as against 28.7 percent during the same period of the previous fiscal year.

    According to the PBS, inflation increased by 0.2 percent in the urban areas of Pakistan during the previous month.

    The prices of chicken rose by 35.26 percent, while moong dal became 5.43 percent more expensive.

    The commodities which saw an uptick included fresh fruits (5.01 percent), sugar (3.9 percent), and ghee (2.61 percent).

    Read more: Milk price drops to Rs120/litre in THIS city

    On the flip side, potatoes dropped by 28.07 percent, tomatoes 20.7 percent, and vegetables recorded a decline of 19.97 percent.

    Egg prices fell by 14 percent, while onions became 13.98 percent cheaper in the urban areas.

    Meanwhile, in rural areas, inflation rose by 2.41 percent in January on the back of an increase of 33.02 percent in chicken prices and a 4.84 percent hike in the price of moong dal.

    Fresh fruits saw a decline of 7.82 percent while sugar price dropped by 4.82 percent.

    Pertinent to note here that the State Bank of Pakistan cut its benchmark interest rate by 100 basis points to 12 percent last week, as inflation eased and growth looked set to pick up after 1,000 basis points of rate cuts over the last six months.

    The central bank slashed rates from an all-time high of 22 percent last June, one of the most aggressive moves among central banks in emerging markets and exceeding its 625 bps of rate cuts in 2020 during the COVID-19 pandemic.

    Earlier, reports said that Utility Stores Corporation recorded a steady increase in monthly sales across Pakistan.

    According to sources, sales in January witnessed a 17 percent rise compared to December.

    In January 2025, total sales at utility stores amounted to Rs1.8 billion, up from Rs1.53 billion recorded in December.

  • Electricity prices likely to drop by Rs2 per unit across Pakistan

    Electricity prices likely to drop by Rs2 per unit across Pakistan

    ISLAMABAD: Electricity prices likely to decrease by approximately Rs2 per unit for consumers across Pakistan, including Karachi, ARY News reported.

    The National Electric Power Regulatory Authority (NEPRA) has been approached by distribution companies to reduce electricity prices.

    The price reduction is expected to be implemented as part of the quarterly adjustment for October to December 2024. NEPRA has received a request seeking a reduction of Rs52.12 billion in electricity prices for consumers, which is part of the second quarterly adjustment for the current fiscal year.

    A hearing on the request is scheduled to take place on February 12. The request includes a reduction of Rs50.66 billion in capacity charges, Rs2.66 billion in transmission and distribution losses, and Rs2.69 billion in operation and maintenance costs.

    If approved, the price reduction will provide relief to electricity consumers across the country.

    Read More: PM directs further reduction in electricity tariffs

    Last month, the National Electric Power Regulatory Authority (NEPRA) issued a notification announcing a 20-paise per unit increase in electricity prices.

    According to reports, the increase in electricity prices was part of the quarterly adjustment for the first quarter of the current fiscal year. According to the notification, consumers will bear an additional burden of Rs1.18 billion in electricity prices.

    NEPRA had previously finalized the July to September quarterly adjustment and sent the decision to the government.

    The increase in electricity prices will be applicable for December 2024 only. However, the adjustment will not apply to lifeline and prepaid electricity consumers. Additionally, under the winter package, consumers using extra electricity will also be exempted from this quarterly adjustment.

  • Petrol price increased for next fortnight

    Petrol price increased for next fortnight

    ISLAMABAD: The federal government announced new petrol and diesel prices for the next fortnight, hiking the prices by Rs 7 per litre, ARY News reported.

    As per a notification issued here, the price of petrol has been raised by Rs 1 per litre. The new price of petrol has been set at s. 257.13 per litre

    Similarly, the price of high-speed diesel has been increased by Rs7 per litre. The new price for high-speed diesel is now Rs 267.95 per litre.

    It is to be noted here that petroleum product prices are increased for the third consecutive fortnight as the same were hiked on January 1 and 16 too.

    On January 1, the price of petrol was raised by 56 paisas to Rs252.66 per litre while the price of high-speed diesel was increased by Rs2.96 to Rs258.34 per litre.

    Read More: Petrol prices jacked up in Pakistan

    Similarly on January 16, the petrol price was raised by Rs 3.47 to Rs. 256.13 per litre whereas the High-speed diesel prices jacked up by Rs. 2.61 to 260.95 per liter.

  • OGRA announces increase in LPG prices

    OGRA announces increase in LPG prices

    ISLAMABAD: The federal government has increased the LPG prices for February, ARY News reported.

    According to the reports, the Oil & Gas Regulatory Authority (OGRA) has issued the official notification regarding the LPG price hike for February.

    The price of the domestic LPG cylinder has risen by Rs43.52, as part of the new LPG prices.

    The LPG price per kilogram has been increased by Rs3.68, bringing the revised LPG prices to Rs253.97 per kilogram.

    The 11.8 kg domestic cylinder is now priced at Rs2,996.88, reflecting the increase in LPG prices for February.

    Read More: LPG price reduced by Rs4.02 per kg

    The LPG prices saw a drop of Rs4.02 per kg on December 31, 2024, when OGRA issued a notification in this regard. As per the notification, the LPG rates were reduced by Rs4.02 to Rs250.28 per kilogram.

    The price of the standard domestic cylinder weighing 11.8 kg were reduced by Rs47.43 and the new rate is fixed at Rs2953.

    In December 2024, the LPG was sold at Rs254.3 per kg and the domestic cylinder’s price was at Rs3079.

    Similarly, the Gas prices for captive power plants were increased by Rs500 per MMBtu, bringing the new rate to 3,500 rupees per MMBtu, up from 3,000 rupees.

    The Oil and Gas Regulatory Authority (OGRA) has issued a notification for gas price changes for the current financial year.

    However, gas prices for domestic consumers, roti tandoor consumers, commercial, CNG, and cement sectors will remain unchanged.

    Gas prices for fertilizer and power sectors will also remain at their current rates. The price hike for captive power plan.

     

  • Sugar price shoots up to Rs160/per kg in Pakistan

    Sugar price shoots up to Rs160/per kg in Pakistan

    Sugar price spiked to Rs160 per kg in retail markets across Pakistan, ARY News reported on Friday, quoting Pakistan Bureau of Statistics (PBS) report.

    The official data shows people of Islamabad, Rawalpindi and Karachi are buying expensive sugar in Pakistan with the cost of Rs160 per kg.

    The sugar is sold at Rs155 per kg in Gujranwala, Sialkot, Khuzdar and Quetta, while the commodity’s per kg rate is Rs150 in Faisalabad, Sargodha, Multan and Larkana.

    In Rawalpindi and Lahore, the commodity is sold at Rs150 per kg, while in Sargodha, Multan and Gujranwala, the sugar per kg rate is Rs145.

    In Bannu and Quetta the per kg sugar price is Rs150, while in Hyderabad Rs148 per kg and in Bahawalpur and Sukkur, the sugar price is Rs145 per kg.

    Read more: Govt ‘considers’ excise duty on sugar to bridge tax shortfall

    On Thursday, it emerged that the Pakistan government is ‘considering’ to impose Federal Excise Duty (FED) on sugar to address the ongoing tax shortfall.

    As per details, the government is reportedly considering FED on the sugar to minimise the tax shortfall ahead of IMF review for the second tranche of the ongoing loan programme.

    Proposals to levy FED per kilogram of sugar have been forwarded to PM Shehbaz Sharif for approval, alongside suggestions to revise the current sales tax mechanism on sugar.

    The proposals have been drafted by Minister of State for Finance, the Chairman of the Federal Board of Revenue (FBR), and the Secretary of the Ministry of Finance.

  • Govt ‘forms’ body to halt operations of Utility Stores Corporation

    Govt ‘forms’ body to halt operations of Utility Stores Corporation

    The federal cabinet has decided to shut down the operations of the Utility Stores Corporation across Pakistan and has formed a committee to oversee the process, ARY News reported on Wednesday, citing sources.

    As per details shared by sources, the committee will be led by the federal minister for Industry and Production, and it will consist of a seven-member team.

    The committee includes the minister of state for Finance and Revenue, the minister of State for Information Technology, the Federal Secretary of Finance, and the Secretary of Industry and Production.

    Additionally, the committee will have the Secretary of Privatization and the Secretary of the Benazir Income Support Programme (BISP) as members.

    Sources indicate that the committee will establish the procedure for the immediate closure of operations at Utility Stores Corporation and outline measures for securing the corporation’s properties and assets. It will also make arrangements for the maintenance and protection of these assets.

    Read more: 446 utility stores ‘closed’ after subsidy withdrawal

    The committee is tasked with assessing how to integrate the corporation’s employees into a surplus pool and reviewing the possibility of merging them into positions within other government entities, the sources said. Furthermore, a coordination strategy with BISP will be developed to ensure the timely delivery of Ramadan packages.

    The Ministry of Industry and Production will provide secretarial support for the committee, which is expected to submit its report to the Federal Cabinet within seven days.

    Once the operations are shut down, the Utility Stores Corporation will no longer be able to engage in sales or purchases.

  • Cabinet ‘okays’ second phase of rightsizing of govt entities

    Cabinet ‘okays’ second phase of rightsizing of govt entities

    The Pakistan government has ‘okayed’ second phase of rightsizing for various institutions, ARY News reported on Friday, citing sources. 

    As per details shared from sources, the federal cabinet that met with PM Sharif in the chair also decided to restrict any institution from providing services for more than three years.

    Several amendments related to the upgrading and merger of institutions have been approved.

    Furthermore, the federal cabinet of Pakistan has approved third-party audits of various institutions. According to sources, reputable consultants will be hired for the audits, and their services will be procured through the Public-Private Partnership Authority.

    The committee for rightsizing will consult with third-party consultants to finalize the Terms of Reference (TORs).

    The cabinet has decided to review the fate of the Pakistan Industrial Technical Assistance Center (PITAC) after one year. PITAC has been instructed to take measures towards achieving self-sufficiency.

    Additionally, the sub-committee for rightsizing will review the implementation process, according to sources.

    Read more: Pakistan set to ‘abolish’ THESE jobs under rightsizing

    Earlier in July, Finance Minister Muhammad Aurangzeb stressed the importance of rightsizing Pakistan’s fight five ministries, including Kashmir and Gilgit Baltistan, SAFRON, Industries and Production, IT and Telecom and Health have been short-listed in this regard.

    He said Prime Minister Shehbaz Sharif will take the final decision to this effect.

    Addressing a press conference in Islamabad, he said reforms were being done in the FBR. He said that putting less burden on lower income class is the government’s top priority.

  • NEPRA reveals overbilling of billions by DISCOs to power consumers

    NEPRA reveals overbilling of billions by DISCOs to power consumers

    ISLAMABAD: A recent report by the National Electric Power Regulatory Authority (NEPRA) has revealed that electricity consumers have been burdened with billions of rupees in detection bills by power companies.

    According to the report, between April and June 2024, power companies sent detection bills amounting to over Rs35bln to more than 1.3mln power consumers.

    The details shared by NEPRA showed Sukkur Electric Supply Company (SEPCO) sent detection bills worth over Rs13 billion, HESCO issued bills totaling Rs7.6 billion,  LESCO sent bills amounting to 3.7 billion rupees.

    The NEPRA report further highlighted that PESCO issued over Rs1.5 billion in detection bills to 70,506 consumers.

    Read more: NEPRA pursues 71 excessive billing cases against DISCOs, NA told

    The report also highlighted an increase in corruption within power companies due to the issuance of these detection bills, further burdening consumers with additional charges.

    NEPRA has criticized these actions, stating that the detection bills were issued to inflate revenue without proper verification or rectification, leading to an unjust financial burden on consumers.

    NEPRA emphasized that these detection bills have resulted in unfair additional costs for electricity consumers, undermining trust in the power sector. The situation has raised concerns regarding consumer protection and accountability in electricity billing practices.

    Earlier on December 19, last year, the National Electric Power Regulatory Authority (NEPRA) informed the National Assembly (NA) that it is conducting legal proceedings in 71 cases of excessive billing against various delinquent power Distribution Companies (DISCOs).

    In a reply to a query from Pakistan People’s Party (PPP) MNA Sharmila Faruqui, the NEPRA authority added that it may impose fines on DISCOs in accordance with the relevant rules and regulations once the proceedings are concluded.

  • NEPRA reduces electricity tariffs

    NEPRA reduces electricity tariffs

    ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has reduced electricity prices under the monthly Fuel Price Adjustment (FCA), making electricity cheaper for consumers, ARY News reported.

    According to reports, a reduction of 75 paisas per unit has been announced for consumers of government-owned DISCOs under the November FCA.

    Additionally, a price reduction of 49 paisas per unit has been approved for K-Electric consumers under the October FCA.

    Back in December 2024, Prime Minister of Pakistan Shehbaz Sharif directed a reduction in electricity prices for consumers and the immediate closure of outdated and inefficient power plants.

    Read More: PM directs further reduction in electricity tariffs

    During a review meeting on future electricity generation projects and the transmission system, the prime minister emphasised prioritizing low-cost energy projects using local resources in Pakistan.

    The premier was briefed on ongoing hydropower projects across Pakistan, to which he stated that hydropower provides low-cost, environmentally friendly energy. He also stressed the need to shift existing energy capacity to solar power, leveraging Pakistan’s abundant solar energy potential.

    PM Shehbaz ordered the immediate shutdown of power plants that consume excessive fuel but generate minimal electricity, stating that this would save valuable foreign exchange and reduce costs for consumers in Pakistan.

    Shehbaz Sharif instructed officials to expedite reforms in the electricity transmission system and ensure compliance with international standards using modern technology. He also called for strict action against officers deliberately hindering these reforms.

    The PM of Pakistan further directed the completion of all power sector reform measures within the stipulated timeframe.

    The National Electric Power Regulatory Authority (NEPRA) concluded the hearing of K-Electric’s bid evaluation report for 150 MW renewable energy projects on December 11.

    “K-Electric (KE) has made remarkable progress in its journey toward renewable energy with the submission of the Bid Evaluation Report for its 150 MW solar projects at Winder and Bela, Balochistan, to NEPRA”, the statement added.

    KE underscored that after getting a nod of approval from NEPRA earlier this year, KE initiated the industry’s first competitive bidding process to launch renewable energy projects.

    KE said that “the 150 MW Winder and Bela projects are a part of a cumulative 640 MW renewables ambition reflecting the first trench of the company’s long-term goal to add 1300 MW of sustainable energy into the generation mix”.

    This milestone is part of KE’s broader renewable energy roadmap, which aims to integrate 30% renewables into its generation portfolio by 2030.