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Power users may get Rs6.1 per unit shock in March bills


February 20, 2022

ISLAMABAD: Citizens are likely to see an increase of Rs6.10 per unit in their March electricity bills, as the country paid a high price for producing power from furnace oil and diesel in January. In an application, the Central Power Purchasing Agency (CPPA) has informed the power sector regulator that the net cost of electricity production was Rs12.61 per unit …

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Fuel cost for power production more than doubles


February 20, 2022

KARACHI: The cost of fuel for electricity generation in January increased 101.5 per cent to Rs12.22 per unit on a year-on-year basis, according to data released by the National Electric Power Regulatory Authority on Saturday. The increase in the fuel cost, which is one of the three components of the final rate that power producers charge their government-backed buyer, was …

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Dollar stays bullish on high demand


February 20, 2022

KARACHI: Despite an inflow of $2 billion into the account of the State Bank of Pakistan (SBP), the exchange rate remained vulnerable as the local currency lost 0.8 per cent or Rs1.3 per dollar in the interbank market in the last 10 days. Currency dealers said the falling SBP’s foreign exchange reserves due to massive debt repayments kept the rupee …

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Stocks rally 234 points on falling crude oil


February 19, 2022

KARACHI: The stock exchange witnessed positive momentum along with improved trading volumes on Friday after crude oil prices declined in the international market, according to Arif Habib Ltd. Energy shares, such as the twin Sui companies, Oil and Gas Development Company Ltd, Pakistan Petroleum Ltd and Pakistan State Oil Company Ltd, closed in the green zone following the passage of …

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Rice exports go up 11.16pc


February 19, 2022

ISLAMABAD: Rice exports from the country increased by 11.16 per cent to 2.179 million tonnes in the first seven months of current financial year (7MFY22) from 2.179m tonnes in the same period last year, trade data shared by the Pakistan Bureau of Statistics (PBS) showed on Friday. During July-January 2021-22, over 2.179m tonnes of rice valuing $1.286 billion was exported …

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Bill on penalties for bankers clears Senate panel


February 19, 2022

ISLAMABAD: A Senate panel on Friday unanimously approved a bill that envisages punishments for executives of banks and financial institutions for discriminating against anybody, including politically exposed persons (PEPs), in the provision of banking services. A meeting of the Senate Standing Committee on Finance, chaired by Senator Talha Mahmood, also directed the State Bank of Pakistan (SBP) to submit a …

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Pakistan to tap spot cargoes after long-term LNG suppliers bail


February 19, 2022

KARACHI: Pakistan is seeking to buy liquefied natural gas (LNG) cargoes from the spot market after two long-term suppliers failed to fulfil commitments to deliver shipments in March, Bloomberg reported on Friday while citing “people with knowledge of the matter”. Pakistan LNG Ltd has issued a tender for two cargoes to be delivered next month, the international news agency said. Two suppliers, Eni …

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Sri Lanka out of cash to buy oil: minister


February 19, 2022

COLOMBO: Sri Lanka’s state-run petroleum company has run out of cash to buy oil, and fuel shortages across the country could get worse, the energy minister said Friday. Udaya Gammanpila said the loss-making Ceylon Petroleum Corporation (CPC) continued to haemorrhage cash and could no longer afford to procure supplies from abroad. “Earlier, we were short of dollars to import oil. …

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Stocks fall on petroleum price hike


February 17, 2022

KARACHI: The benchmark index of the Pakistan Stock Exchange closed on Wednesday slightly lower than a day ago amid investors’ concerns about inflationary pressures. Trading remained range-bound in response to the government’s decision to increase the prices of all petroleum products by Rs10-12 to pass on the impact of higher international oil prices. According to Topline Securities, the stock market …

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Exporters can borrow against future proceeds


February 17, 2022

KARACHI: In a move to encourage timely inflow of export proceeds to boost foreign exchange reserves, the State Bank of Pakistan (SBP) on Wednesday allowed exporters to get more discounts on borrowing against their future proceeds. “The State Bank has enhanced the scope of Export Finance Scheme (EFS) — both conventional as well as Sharia-based — allowing the exporters to …

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