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ARY NEWS

Aleem Malik

  • KE consumers to pay higher electricity bills from THIS month

    KE consumers to pay higher electricity bills from THIS month

    KARACHI: The consumers of K-Electric (KE) are set to face higher electricity bills as the power production company decided to surge the monthly adjustment, ARY News reported.

    According to the details, K-Electric customers will have to pay an additional Rs 1.59 per unit in the month of October as compared to September, raising the total adjustment to Rs 4.33 per unit.

    In comparison, consumers paid Rs 2.74 per unit in September’s monthly and quarterly adjustments. The new adjustments also affect future bills, with customers expected to pay Rs 4.91 per unit in November.

    Looking ahead to 2024, K-Electric consumers will pay Rs 2.59 per unit for May and Rs 3.17 per unit for June. Additionally, quarterly adjustments for September to November 2024 will see an increase of Rs 1.74 per unit.

    However, National Electric Power Regulatory Authority (NEPRA) has yet to decide on the monthly adjustments for July and August 2024, with K-Electric proposing a Rs 3.09 per unit increase for July and a 51 paisa rise for August.

  • Pakistan to ‘shut’ multiple institutions if privatization fails

    Pakistan to ‘shut’ multiple institutions if privatization fails

    ISLAMABAD: The federal government’s first priority is to privatize multiple institutions, and the second option is to shut them down if privatization fails, ARY News reported citing sources

    The federal government has prepared a plan to privatize several institutions. The plan is part of the government’s right-sizing measures and includes the privatization of multiple entities.

    According to sources, the Prime Minister has tasked the Ministry of Privatization and Industry to oversee the privatization process.

    The ministry has identified several institutions for privatization, including the Pakistan Stone Development Company, Pakistan Automobile Corporation, and the Pakistan Institute of Management.

    Other institutions slated for privatization include the Khadi Crafts Development Company, Agro-Food Processing Company, Leather Crafts Development Company, and the Morafik Industries. The government has also planned to privatize the Southern Punjab Embroidery Industry and the Gujranwala Business Center.

    READ: Cabinet ‘okays’ privatization of Petroleum division departments

    Additionally, the Pakistan Chemical and Energy Sector Skills Development Company and the Spin Yarn Research and Development Company are also on the list for privatization.

    Earlier, the federal cabinet approved the privatization of two departments under the Petroleum Division.

    The cabinet gave the green signal for the privatization of the Pakistan Mineral Development Corporation and the Saindak Metals Limited (SML).

    As part of the privatization process, the Petroleum Division’s department, ENAR Petrotech Services Pvt Ltd will be dissolved. However, the government is yet to decide on the fate of other departments under the Petroleum Division, including the Pakistan State Oil (PSO), Pak-Arab Refinery Limited, and the Sui Gas Companies.

  • NEPRA notifies major hike in power tariff

    NEPRA notifies major hike in power tariff

    ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has notified a major increase in power tariff, across Pakistan, including Karachi, ARY News reported.

    According to NEPRA’s notification, the price of electricity was increased by Rs. 1.74 per unit for the April-June quarterly adjustment.

    The notification stated that the additional revenue generated from the tariff increase will be collected over the next three months, from September to November.

    This major price hike will result in an additional burden of Rs. 43 billion and 23 crore on consumers, as per the notification.

    Earlier, after the National Electric Power Regulatory Authority (NEPRA) approved K-Electric’s (KE) request for a hike in electricity tariff for Karachi consumers, the power utility sought another increase of Rs 3.09 under fuel charge adjustment (FCA).

    READ: KE seeks Rs 3.09 per unit hike in power tariff

    The KE sought Rs 3.09 hike under the fuel adjustment for the month of July which will be charged from the consumer in the electricity bills of November if the request is approved

    The increase in electricity prices for KE consumers is expected to add a burden of over Rs 10 billion on Karachiites.

    Prior to this, the NEPRA approved KE’s request for the hike under monthly fuel charge adjustments for the months of May and June.

    The price of electricity was increased by Rs 2.59 per unit for May’s fuel adjustment and Rs 3.17 per unit for June’s fuel adjustment.

    The increase in electricity prices for KE consumers to add a burden of over Rs 6.2 billion on Karachiites.

  • Utility Stores slashes rates of 800 items

    Utility Stores slashes rates of 800 items

    ISLAMABAD: The Utility Stores Corporation has announced a reduction in the rates of over 800 essential items, including ghee, cooking oil, tea, and other household products, ARY News reported.

    As per details, the Utility Stores spokesperson said that the price cut ranges from 8 to 60 rupees per item, depending on the product.

    The reduction in prices applies to various brands, including ghee, cooking oil, tea, surf, noodles, ketchup, tetra pack milk, dry milk, spices, pickles, soap, toothpaste, and other items.

    The Utility Stores Corporation has issued a notification regarding the price reduction, which will take effect from today.

    The corporation’s spokesperson said that the subsidy under the Benazir Income Support Program is currently suspended but will be restored soon under a new mechanism.

    Consumers can purchase essential items from stores without any hassle or conditions. The spokesperson added that efforts are being made to reduce the prices of other items as well.

    READ: Govt decides to shut down utility stores across country

    Earlier, the federal government decided to shut down utility stores across Pakistan due to financial constraints, Industry and Production Ministry Secretary Saif Anjum told senate committee.

    Saif Anjum briefed the Senate Standing Committee on the decision and presented proposals to the panel toshut down utility stores. The proposals, prepared by the rightsizing Committee, include shutting down stores and other entities to reduce expenses.

  • Oil smuggling threatens refineries in Pakistan

    Oil smuggling threatens refineries in Pakistan

    ISLAMABAD: The smuggling of oil in Pakistan resulted in significant reductions in domestic diesel consumption which led to record-high diesel stocks at oil refineries in the country, ARY News reported on Tuesday.

    The Oil and Gas Regulatory Authority (OGRA) has sent a letter to the DG Oil Petroleum Division, revealing conflicts in oil stock figures.

    While refineries reported having 770,000 tons of diesel as of August 30, OGRA’s figures suggest actual reserves are 664,000 tons. Refineries claim reserves of 759,000 tons, but OGRA asserts that the accurate figure is lower.

    As per OGRA, currently there is enough diesel for 44 days of domestic demand.

    To address the issue, OGRA has instructed oil companies to store cargo in bonded facilities until mid-September to avoid refinery holdup costs.

    Additionally, Pakistan State Oil (PSO) has been directed to delay a 55,000-ton shipment and revise December cargo plans.

    OGRA has called an emergency meeting with senior oil company officials to address the ongoing supply chain crisis and align on corrective measures.

  • Public servants forbidden to use social media without permission

    Public servants forbidden to use social media without permission

    ISLAMABAD: The government has prohibited public servants to use social media platforms without prior permission.

    The Establishment Division in a memo to federal secretaries and other officials, has instructed them to ensure compliance of the order.

    “Under the rules, no government employee is allowed to speak on any media platform without government permission. Public servants are also barred from expressing opinion or issuing statement on social media”.

    An official could not share any official documents or information with unauthorised individuals.

    “A public servant could not forward anything in support of his/her political opinion,” according to the instructions.

    The memorandum further stated that government employees are bound not to use inappropriate words with regard to the civil service. “They will not become a part of spreading unverified and misguiding information with regard to the government affairs”.

    The government employees could not state an opinion or disclose facts on media or social media that could harm the government’s reputation.

    Moreover, public servants are prohibited from making comments against government policy, decisions, national sovereignty, or the dignity of the country.

    The memo directs all civil servants to adhere to these guidelines, warning that any violation could lead to misconduct proceedings against the offending government employees.

  • PTA starts blocking SIMs registered on expired CNICs

    PTA starts blocking SIMs registered on expired CNICs

    ISLAMABAD: Pakistan Telecommunication Authority (PTA) on Monday launched the second phase of its operation to block illegal SIMs registered on expired (CNICs), ARY News reported.

    According to PTA statement, in the first phase, fake and canceled CNICs were blocked, and now, SIMs registered on CNICs that expired before 2017 are being blocked.

    The PTA officials stated that over 69,000 illegal SIMs have been blocked since August 16 as the authority is using data obtained from NADRA to identify and block illegal SIMs.

    In the third phase, SIMs registered in the names of deceased individuals will be blocked. Mobile phone users are being sent awareness messages before their SIMs are blocked.

    PTA also warned that fake SIMs are being used for various illegal activities, including terrorism, financial fraud, and other crimes and citizens are advised to renew their CNICs to avoid SIM blocking.

    Earlier, over 85,000 SIM cards of of non-compliant taxpayers were blocked by the Federal Board of Revenue (FBR) in a move to enforce tax compliance.

    The FBR spokesperson in a statement confirmed that data for 90,000 non-filers was shared with the Pakistan Telecommunication Authority (PYA), with FBR providing data for 5,000 non-filers daily.

    READ: FBR blocks 85,000 SIMs of non-filers

    The spokesperson stated that the non-filers can have their SIM cards restored after submitting their income tax returns.

    “To date, 14,000 SIM cards have been reactivated after the individuals paid their taxes and were included in the list of active taxpayers,” the spokesperson added.

  • NBP fails to recover Rs23.35bln loan from sugar mills: audit report

    NBP fails to recover Rs23.35bln loan from sugar mills: audit report

    ISLAMABAD: The National Bank of Pakistan (NBP), one of the country’s largest commercial banks, failed to recover loan amounting to Rs23.35 billion from sugar mills, ARY News reported on Thursday, citing audit report. 

    As per details, the report complied by Auditor General of Pakistan revealed NBP failed to recover the loan amount of Rs23.35 billion in FY2023-24.

    The report stated the bank, lent Rs15.28 bln to the sugar mills in 2022 which was due with interest of Rs8.6bln in FY2023-24, but the bank failed to recover the amount.

    The NBP posted the non-recoverable amount of Rs23.35 bln into losses, which shows the ‘critical’ negligence of the financial institution, the report read.

    Read more: Interviews for NBP president halted: sources

    “NBP failed to comply with the SBP policies”.

    Meanwhile, the report also stated that bank administration is trying to recover the outstanding amount.

    Separately, National Bank of Pakistan (NBP), registered a massive consolidated loss to the tune of Rs8.98 billion during the quarter ended June 30, 2024.

    The bank had registered a profit after tax of Rs15.85 billion in the same period of the preceding year.

    As per a notice sent to the Pakistan Stock Exchange (PSX) on Thursday, NBP’s loss per share (LPS) stood in at Rs4.28 in 2QCY24, as compared to earnings per share (EPS) of Rs7.42 in same period last year.

  • PTA issues clarification over telecom, ATM services closure rumour

    PTA issues clarification over telecom, ATM services closure rumour

    ISLAMABAD: The Pakistan Telecommunication Authority (PTA) refuted media reports claiming that the non-renewal of long-distance international (LDI) licenses would result in the possible shutdown of automated teller machines (ATM) and a nationwide telecommunications blackout.

    In a statement issued here, the authority rejected what it termed as “fake news” circulating in the media about the potential closure of ATMs.

    “It is clarified that currently there is no such issue of non-availability/closure of LDI networks that may potentially impact IT or financial sector, including ATM networks. “Please note that operations of the expired LDI licencees are not suspended or shut down,” the PTA added.

    Earlier a section of media reported the PTA ‘warned’ possible shutdown of automated ATM and a nationwide telecommunications blackout.

    The reports said that 40 percent of ATMs and 50 percent of mobile traffic will be affected if LDI licenses weren’t renewed.

  • Cabinet ‘okays’ privatization of Petroleum division departments 

    Cabinet ‘okays’ privatization of Petroleum division departments 

    ISLAMABAD: The federal cabinet has approved the privatization of two departments under the Petroleum Division, ARY News reported citing sources.

    According to sources, the cabinet has given the green signal for the privatization of the Pakistan Mineral Development Corporation and the Saindak Metals Limited (SML).

    As part of the privatization process, the Petroleum Division’s department, ENAR Petrotech Services Pvt Ltd will be dissolved. However, the government is yet to decide on the fate of other departments under the Petroleum Division, including the Pakistan State Oil (PSO), Pak-Arab Refinery Limited, and the Sui Gas Companies.

    The Petroleum Division has left the decision regarding the privatization of these companies to the government. The future of the PSO’s privatization and the impact on the Liquefied Natural Gas (LNG) agreement will be considered by the government. Additionally, the privatization of Pak-Arab Refinery Limited will not be possible without the consent of the United Arab Emirates (UAE).

    The government will make decisions regarding the privatization of the Sui Northern and Sui Southern Gas Companies. The Pakistan Arab Refinery Limited is a joint venture between Pakistan and the UAE, according to government sources.

    READ: PSO, PARCO and Sui Gas privatization referred to center

    Last month, the decision to privatize major state-owned energy companies, including Pakistan State Oil (PSO), Pak Arab Refinery Company (PARCO), and Sui gas companies, was deferred to the federal government.

    The Petroleum Division submitted a summary to the Cabinet Committee regarding the privatization of PSO, PARCO, and Sui gas companies.

    According to sources, the summary from the Petroleum Division suggests that the federal government should make the final decision regarding the privatization of these entities.

    One key issue raised is the impact on existing LNG deals if PSO is privatized. The summary emphasizes that the government needs to carefully consider the complexities of such a move.

    Similarly, the privatization of PARCO involves consulting with the UAE, given that Pak Arab Refinery Limited is a joint venture between Pakistan and the United Arab Emirates.

    The decision will also cover the privatization of Sui Northern and Sui Southern Gas Companies, Pakistan Mineral Development Corporation, and Saindak Metal Limited.

    The federal government will deliberate on these matters to ensure that all aspects and potential complications are thoroughly