Latest news with #900
Business Recorder
6 hours ago
- Business
- Business Recorder
Domestic consumers: Pakistan govt hikes gas fixed charges
ISLAMABAD: Federal government has approved increase in the fixed charges for domestic gas consumers of both gas companies (SNGPL/ SSGC) by Rs150 (protected) and Rs400 (non-protected) effective from July 1, 2025. With an average 10 percent tariff hike will applicable to the power sector, bulk consumers, and general industry (process). The Economic Coordination Committee (ECC), on Friday, approved the summary submitted by the Petroleum Division, seeking approval for a revised natural gas pricing structure for the fiscal year 2025–26. The ECC considered the proposed adjustments in energy sector tariffs and decided to maintain gas prices to protect household consumers with only fixed charges re-adjusted in domestic sector to recover the asset costs. It also allowed price of gas for bulk consumers, power plants operating on natural gas and industry to be increased by an average value of around 10 percent. SNGPL, SSGC: Weighted average price of imported RLNG cut slightly The committee approved a raise in gas tariff to bulk consumers from Rs2,900 per mmbtu to Rs3,075 per mmbtu. For power sector tariff has revised from Rs1,050 per mmbtu to Rs1,313 per mmbtu. For general industry (process) tariff was revised from Rs2,150 to Rs2,350 per mmbtu. The minimum bill for protected and non-protected consumer will be calculated at the first tariff slab of each category. Power tariff would also be stand revised for PPL's gas supply to Guddu, and Mari Energies' gas supply to Foundation Power. According to the summary submitted for consideration of ECC, it argues that only room to revise prices is available in the domestic sector slabs, wherein, a huge cross-subsidy is involved which is estimated at Rs168 billion per annum at current prices. Government is already engaged with IMF under the resilience sustainability facility to replace cross-subsidies with direct or budgeted subsides in commensuration with income levels of the domestic consumers under the BISP. As per the reform measure, the framework for replacing the cross-subsidy would be developed by June 2026 following the model being pursued by Power Division which is expected to be rolled out in 2027. Petroleum Division worked out option whereby revision in the gas tariff, as well as, fixed charge has been proposed; however, in order to lower the impact of price revision in domestic sector, the revision in bulk domestic, industry (process) and power sector, which is unchanged since February 2023, has also been approved. The revisions in gas tariff are estimated to meet Rs41 billion revenue deficit of SNGPL and it would also generate Rs31 billion surplus for SSGC which would be utilised to meet prior revenue shortfall of SSGC which are around Rs565 billion. Copyright Business Recorder, 2025
Business Recorder
12 hours ago
- Business
- Business Recorder
Domestic consumers: Govt hikes gas fixed charges
ISLAMABAD: Federal government has approved increase in the fixed charges for domestic gas consumers of both gas companies (SNGPL/ SSGC) by Rs150 (protected) and Rs400 (non-protected) effective from July 1, 2025. With an average 10 percent tariff hike will applicable to the power sector, bulk consumers, and general industry (process). The Economic Coordination Committee (ECC), on Friday, approved the summary submitted by the Petroleum Division, seeking approval for a revised natural gas pricing structure for the fiscal year 2025–26. The ECC considered the proposed adjustments in energy sector tariffs and decided to maintain gas prices to protect household consumers with only fixed charges re-adjusted in domestic sector to recover the asset costs. It also allowed price of gas for bulk consumers, power plants operating on natural gas and industry to be increased by an average value of around 10 percent. SNGPL, SSGC: Weighted average price of imported RLNG cut slightly The committee approved a raise in gas tariff to bulk consumers from Rs2,900 per mmbtu to Rs3,075 per mmbtu. For power sector tariff has revised from Rs1,050 per mmbtu to Rs1,313 per mmbtu. For general industry (process) tariff was revised from Rs2,150 to Rs2,350 per mmbtu. The minimum bill for protected and non-protected consumer will be calculated at the first tariff slab of each category. Power tariff would also be stand revised for PPL's gas supply to Guddu, and Mari Energies' gas supply to Foundation Power. According to the summary submitted for consideration of ECC, it argues that only room to revise prices is available in the domestic sector slabs, wherein, a huge cross-subsidy is involved which is estimated at Rs168 billion per annum at current prices. Government is already engaged with IMF under the resilience sustainability facility to replace cross-subsidies with direct or budgeted subsides in commensuration with income levels of the domestic consumers under the BISP. As per the reform measure, the framework for replacing the cross-subsidy would be developed by June 2026 following the model being pursued by Power Division which is expected to be rolled out in 2027. Petroleum Division worked out option whereby revision in the gas tariff, as well as, fixed charge has been proposed; however, in order to lower the impact of price revision in domestic sector, the revision in bulk domestic, industry (process) and power sector, which is unchanged since February 2023, has also been approved. The revisions in gas tariff are estimated to meet Rs41 billion revenue deficit of SNGPL and it would also generate Rs31 billion surplus for SSGC which would be utilised to meet prior revenue shortfall of SSGC which are around Rs565 billion. Copyright Business Recorder, 2025
The Star
a day ago
- The Star
Rogue contractors turn home repair into nightmare
A CHEF in Johor Baru regretted paying unlicensed contractors from China to fix his house after it began leaking again just days after work concluded, reported Sin Chew Daily. Jia De Bao whose house in Taman Jaya Mas has been leaking for the past four years saw an advertisement on social media and contacted a company which purpotedly had experienced contractors who are able to stop leakage without having to hack walls or floors. The 47-year-old said two huge men then drove to his place in Malaysian-registered cars. 'They had a mainland Chinese accent and were frank that they were working here despite having only a tourist visa,' he said. The men quoted RM6,900 to seal up all the leaks in the house. Jia was taken aback over the price but later agreed after they gave him a six-year guarantee that there will be no more leaks. They wanted Jia to transfer the full RM6,900 to a bank account in Singapore. Only after pressing them for a receipt did the two men fill up a store-bought receipt indicating that they had received RM6,900. Jia began to suspect something amiss when he saw that the receipt did not have a company letterhead. When asked, the two men told him their company was headquartered in Kuala Lumpur. One week later, the leaks began again and Jia realised that he had been scammed. He tried to contact the contractors again on WhatsApp but all his messages were ignored. Jia made a police report and brought the matter to the Domestic Trade and Cost of Living Ministry. However, the authorities are treating this as a commercial dispute rather than a criminal case. > A man in China realised that he had fallen for a marriage scam after finding out that his fiancee's pregnancy, bank account and family members were all fake. Sin Chew Daily reported that the 26-year-old man met a livestreamer in 2022 who claimed to be 31 years old and unmarried. The couple dated for two years and decided to get hitched in May 2024 after the woman claimed she was pregnant. She asked for a wedding reception to be held before the birth of their child. 'At that time, she said she was expecting to give birth in July. She did have a bump but she did not seem like she was eight months pregnant. 'I was naive and went ahead with the reception,' he said. As part of the wedding ceremony, the man's family paid the woman 148,000 yuan (RM87,458) as a bridal offer. As part of her 'dowry,' the woman gave the man a 'savings passbook' with a 460,000 yuan (RM271,831) balance, a gold bar and keys to a Mercedes Benz. The woman ran away to her hometown in Qingdao, Shandong shortly after the reception. After realising he was scammed, he made a police report, which led to her arrest.
Hans India
3 days ago
- Business
- Hans India
Gold declines Rs 900, Silver falls by Rs 1,000
New Delhi: Gold prices plummeted Rs900 to Rs98,900 per 10 grams in the national capital on Tuesday as the expectations of a ceasefire between Iran and Israel reduced the precious metal's safe-haven appeal in the global to the All India Sarafa Association, the precious metal of 99.9 per cent purity had closed at Rs99,800 per 10 grams in the previous market session. Gold of 99.5 per cent purity depreciated by Rs800 to Rs98,300 per 10 grams. It had finished at Rs99,100 per 10 grams on Monday. 'Gold is under pressure as safe-haven demand eases after the US confirmed a full ceasefire between Iran and Israel. The announcement came shortly after Iran attacked a US military base in Qatar, briefly heightening tensions before quickly calming them.
Barnama
4 days ago
- Business
- Barnama
CPO Futures End Lower On Weaker Crude, Soybean Oil Prices
By K Naveen Prabu KUALA LUMPUR, June 24 (Bernama) -- The crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower today, dragged by weaker crude oil and soybean oil prices. Palm oil trader David Ng said the reduction in prices was primarily driven by easing geopolitical tensions in the Middle East. 'CPO prices plunged below the RM4,000 level as easing tensions in the Middle East weighed on market sentiment. 'We see support at RM3,900 per tonne and resistance at RM4,150,' he told Bernama. Fastmarkets Palm Oil Analytics senior analyst Sathia Varqa said CPO futures traded sharply lower, with the most-active September contract falling to a seven-day low. 'The decline was driven by external pressure from weaker crude oil prices, a stronger ringgit and losses in related vegetable oil futures,' he said. At the close, the spot-month July contract fell RM124 to RM3,963 per tonne, while August 2025 declined RM137 to RM3,982 per tonne and September 2025 dropped RM143 to RM3,983 per tonne. October 2025 slipped RM145 to RM3,980 per tonne, November 2025 eased RM144 to RM3,984 per tonne and December 2025 decreased RM145 to RM3,996 per tonne.
