Ogra recommends up to 16.02%
hike in PoL prices:
The Oil and Gas Regulatory
Authority (OGRA) on Thursday recommended the government up to 16.02 percent
increase in the prices of PoL products, it is learnt reliably here. Under its
monthly price adjustment, OGRA has recommended, for January 2017, an increase
of 0.47 percent or Rs0.31 per litre in the prices of Motor Spirit (Petrol).
Similarly OGRA has advised an increase of 5.24 percent or Rs3.94 per litre in
the prices of High Speed Diesel (HSD), 16.02 percent or Rs6.93 in the prices of
Kerosene oil, 8.02 percent or Rs3.48 in the prices of Light Diesel Oil.
According to the summary moved to the Ministry of Petroleum and Natural Resources
and the ministry of Finance, an increase of Rs0.31 per litre has been
recommended in the prices of Motor Spirit (Petrol), after the increase the
price of petrol will go up to Rs66.58 per liter from the current Rs66.27. After
an increase of Rs3.94 per litre, the prices of the High Speed Diesel will go up
to Rs79.16 from the current Rs75.22 per litre.
CPEC soars to Rs5,700 bn:
Pakistan and China have formally
approved to include ML-1 Peshawar-Karachi railway line project and some
infrastructure projects in the framework of the China Pakistan Economic
Corridor (CPEC), jacking up its overall size from $46 billion to $54 billion
(approx Rs5,700 billion) as well as establishing eight industrial estates
located in all the four provinces and special areas, including Fata, AJK,
Gilgit-Baltistan and Islamabad Capital Territory (ICT).
Disbursements under PM loan
scheme soar to Rs15b:
Loan disbursements of the
National Bank of Pakistan (NBP) under the Prime Minister Youth Business Loan
(PMYBL) scheme rose to approximately Rs15 billion with total number of
borrowers exceeding 14,700 by December 28, 2016. “NBP effectively improved its
internal processes for disbursement and as a result, we have witnessed
significant growth in loan figures disburse under the PMYBL scheme,” said the
NBP spokesperson. “Last year, the total portfolio of PMYBL Scheme of NBP was
Rs6.25 billion and the total numbers of borrowers were 6,791. This year with
140 percent increase in loan portfolio size, a significant and impressive
growth is witness in PMYBL scheme, roll out through NBP,” he added.
Wapda to enhance Mangla Hydel
capacity to 1310MW:
The Pakistan Water and Power
Development Authority (WAPDA) is implementing Mangla Refurbishment Project with
an approved PC-I cost of Rs52.224 billion. The project, on its completion, will
enhance generation capacity of the existing Mangla Hydel Power Station from
1000 megawatt (MW) to 1310MW, thus registering an increase of 310MW. This was
stated by WAPDA Chairman Lt Gen (R) Muzammil Hussain during his visit to Mangla
Dam on Thursday. The chairman had a detailed round of the main dam, spill way
and the hydel power station. He also visited Khaliq Abad in the suburban area
of Mirpur to view the reservoir rim, where project authorities carried out
rehabilitation work to strengthen the reservoir rim.
CNG prices increased by up to
Rs3.5/kg in Sindh:
Compressed natural gas (CNG)
prices have been increased by up to Rs3.5 per kg across Sindh, the first hike
following the government’s decision to deregulate the country’s CNG market. CNG
prices in Karachi as well as in the rest of Sindh have now climbed to Rs70-71
per kg following a hike of Rs2.5-3.5 per kg, motorists said. They criticised
the government decision to deregulate the CNG prices, leaving the users at the mercy
of the CNG companies. Earlier this month, Ministry of Petroleum had issued a
notice stating that CNG prices were now free from the Oil and Gas Regulatory
Authority’s (Ogra) regulation. The deregulation allowed CNG station owners to
set their own prices.
Foreign exchange: SBP’s
reserves increase 0.6%, amount to $18.299b
Foreign exchange reserves held by
the State Bank of Pakistan (SBP) increased 0.6% on a weekly basis on December
23, according to data released by the central bank on Thursday. The SBP’s liquid
foreign exchange reserves increased $109 million to $18,299.4 million compared
to $18,190.4 million in the previous week. Total liquid foreign reserves held
by the country, including net reserves held by banks other than the SBP, stood
at $23,286.0 million. Net reserves held by banks amounted to $4,986.6 million.
The increase in SBP’s reserves is due to official inflows.
Public debt rises to
Rs19.647trln:
Government's total debt rose
11.34 percent to Rs19.647 trillion at the end of October from Rs17.645 trillion
in the same period of the last fiscal year, the latest figures issued by the
central bank showed. A higher pace of public debt accumulation indicates the
government has been unable to reduce the size of the fiscal deficit during the
current fiscal year due to the shortfall in revenues.
MPCL’s new well starts pumping
gas:
Mari Petroleum Company Limited’s
(MPCL) development well, ZS-3, located in Balochistan's Bolan block, has
started pumping gas into the national grid, a report issued by the company said
on Thursday.
“Mari Petroleum Company Limited
is committed to contribute towards the national economy by bridging the energy
gap in the country through aggressive exploration and production,” a
representative of the company said after the announcement of production.
Admore Gas to rebrand retail
sites:
Admore Gas will launch a “brand
refresh” on January 1, 2017 in which 471 retail sites across the country will
get modernised branding material, including a new logo, innovative design,
customer-centric website, newsletter and social media, in a span of five years.
According to a press release on Thursday, the “brand refresh” of one site will
cost Rs3-4 million, which will amount to an investment of more than Rs 1.4
billion. Admore CEO Nadeem Jafarey said the company will rebrand 100 sites in
2017. The modernised look and design will be launched at 10 to 15 retail
outlets nationwide and will later be expanded to the rest of Admore retail
sites. The company’s volumes in 2016 grew to 174,000 metric tonnes against
31,000MT for 2015. In less than a year, Admore paid close to Rs1bn out of total
defaulted legacy liabilities of Rs2bn, he said.
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