Latest news with #Rs7.4
Business Recorder
04-07-2025
- Business
- Business Recorder
Beyond tariff cut: Millions more move to protected slabs
Nepra has approved a reduction of Rs1.15 per unit in the base tariff for all non-lifeline consumers. The cut implies a base tariff relief of 2 to 5 percent for non-protected consumers, and 8 to 10 percent for those in the protected category. Negative base tariff adjustments are uncommon, offering a rare break after an extended spell of steep increases. The reduction in base tariff is not the main story. What ultimately matters is the effective end-user tariff — where a mix of adjustments, surcharges, and taxes often carries more weight, particularly when the base tariff revision is modest, as is the case this time. Significant confusion persists around the continuation of the previously announced Rs7.4 per unit relief into FY26. The issue was raised during the tariff hearing, but the Ministry of Energy's response did little to resolve the uncertainty. The Ministry stated that the 'average applicable consumer tariff in July 2025 would be lower by around seven rupees as compared to July 2024' — a phrasing that, while seemingly affirmative, raises more questions than it answers, especially in the absence of clarity on the underlying assumptions and whether the relief refers to gross billing impact or base tariff trajectory alone. It is important to recall that much of the previous quarter's relief was temporary by design, intended to lapse by June 2025. The only component explicitly extended into FY26 was the Rs182 billion relief — equivalent to Rs1.7 per unit — financed through additional Petroleum Levy collections. In its communication with the IMF, the government had clearly stated that this limited subsidy for all non-lifeline consumers would remain in place only until June 30, 2026. Combining the Rs1.15 per unit base tariff reduction with the Rs1.7 per unit Petroleum Levy–financed subsidy brings the total relief for July 2025 to Rs2.8 per unit. However, the most significant contributor is the Fuel Charge Adjustment (FCA), which has dropped from Rs3.2 per unit in July 2024 to around 10 paisas — a major swing. Additionally, quarterly tariff adjustments (QTA) offer further relief of Rs2.5 per unit, as the current QTA is a negative Rs1.55 per unit, compared to a positive Rs0.93 per unit last July. It's worth recalling that effective electricity tariffs for all consumer slabs had peaked in July 2024. Despite the base tariff cut, effective tariffs are set to increase by Re1 per unit on a month-on-month basis — primarily due to the quarterly adjustment becoming less negative, narrowing from Rs3.45 to Rs1.55 per unit. With this periodic negative adjustment scheduled to lapse after July 2025, the year-on-year relief in effective tariffs will also diminish as FY26 progresses. The more fundamental shift is unfolding in consumption patterns. An estimated 3.5 million additional consumers are expected to move into the protected category in FY26 compared to FY25. Today, 60 percent of all domestic consumers fall under protected or lifeline slabs — up from 50 percent just three years ago. Their share in total domestic consumption has risen from 22 percent in FY22 to 32 percent now. In contrast, consumption in the unprotected category — primarily middle and lower-middle income households — has declined sharply. The 301–700 unit slab has seen a drop of 5 billion units over three years, with its share in domestic consumption falling from 26 to just 19 percent. Despite lower tariffs compared to last year, the shift appears structural. Erosion in purchasing power has pushed millions into protected categories, shielding them from steep tariffs — but at the cost of mounting pressure on those left behind to cross-subsidize. The shift also mirrors the acceleration of solar adoption. In many remote areas, the grid is becoming increasingly redundant. Solar uptake is now evident across commercial, agricultural, and industrial segments as well. Meanwhile, uncertainty around net metering policy continues. Without clarity, the burden will keep growing on mid-tier unprotected consumers still tied to the grid.
Time of India
04-06-2025
- General
- Time of India
30 bovines rescued in Nagpur, rural
Nagpur: In a series of coordinated operations across Nagpur city and rural areas, police units rescued 30 cattleheads being illegally transported or confined for slaughter under cruel and inhumane conditions. Separate raids and checkpoints by Pachpaoli police, Nagpur rural's local crime branch, and Deolapar police led to two arrests, vehicle seizures, and rescue of the distressed animals. In Pachpaoli, city police raided a shed in Azad Nagar, Teka, where 12 cattle were found crammed without food and water. The animals were allegedly being kept for slaughter. Acting on a tip-off, police arrested Mohsin Qureshi, 31, who confessed to the crime. Assets worth Rs1.81 lakh, including the animals, were seized. A case was filed under Maharashtra Animal Protection Act and Prevention of Cruelty to Animals Act. Simultaneously, Nagpur rural's local crime branch intercepted a pickup truck during a blockade near Borgaon Shivar on Bhandara-Nagpur road. The vehicle, without a registration number plate, was carrying 12 bovines. The driver attempted to flee but was arrested near Brahmini village. Authorities seized the truck and cattle worth Rs7.4 lakh and lodged charges under relevant laws. In a third incident, Deolapar police, based on intelligence, stopped a four-wheeler near Manegaon Tek. Six cattle were found stuffed inside the car. The driver fled the scene, abandoning the vehicle. Police recovered assets worth Rs2.9 lakh, and the rescued animals were sent to Cow Science Research Centre, Deolapar. The rescued cattle were relocated to govt-approved shelters for care and rehabilitation. These back-to-back actions reflect an intensifying crackdown by law enforcement agencies to curb illegal cattle trade in and around Nagpur. Further investigations are on to uncover broader networks involved in the illegal transport and slaughter of animals.
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First Post
28-05-2025
- First Post
Pakistan probes how police weapons worth Rs 246 mn went 'missing'
The audit report of the Punjab Home Department for the year 2023-2024 detailed the theft, disappearance and non-recovery of arms from police stores across 12 districts. A valuation of the stolen items revealed that the weapons are worth more than Rs 245.5 million read more Pakistan has reported the 'disappearance' of police weapons worth millions, a massive surveillance failure under the Punjab Home Department's watch that is now being investigated. The audit report of the Punjab Home Department for the year 2023-2024 detailed the theft, disappearance and non-recovery of arms from police stores across 12 districts. A valuation of the stolen items revealed that the weapons are worth more than Rs 245.5 million. None of the arms have been recovered till date. STORY CONTINUES BELOW THIS AD What has all been stolen? According to the report, weapons valued at over Rs83.4 million went missing from the Muzaffargarh DPO office between 2021 and 2023. Additionally, arms and ammunition worth more than Rs 47.1 million are unaccounted for at the DIG Operations office in Lahore, while weapons worth over Rs 46.8 million missing from the Police Office in Lahore remain unrecovered. Similarly, rifles and ammunition worth over Rs7.4 million have gone missing from the CPO Multan's office. Records of rifles issued to various officers in 2009 are untraceable at Central Jail Lahore. Weapons and equipment valued at Rs5.614 million are missing from the DPO Sialkot office, while arms worth Rs4.3 million have disappeared from the DPO Sahiwal office. Additionally, weapons and equipment worth more than Rs3.8 million are unaccounted for at the DPO Okara office. Inquiry committee formed Authorities have formed an inquiry committee to ascertain the whereabouts of the missing arms and ammunition. The committee will be headed by the Additional IG Special Branch, with the Director-General Monitoring and the Additional Secretary Judicial (Home) as members. The committee has been asked to submit a report on its findings in 10 days, with details about the irregularities mentioned. Meanwhile, the home department clarified that it does not directly store weapons; instead, the arms are held by law enforcement agencies, which are responsible and accountable for their use. Action will be taken against those found liable once the inquiry report is received, the spokesperson said, quoting the home secretary.
Business Recorder
21-05-2025
- Politics
- Business Recorder
Use of ministry's building: Senate panel briefed about non-payment of rent by NAB
ISLAMABAD: The Senate Committee on Housing and Works was briefed on Tuesday about the non-payment of rent since March 2021 by the National Accountability Bureau (NAB) for the use of a building of the Ministry of Housing and Works in Federal Lodges, Wafaqi Colony, Dhana Singh Wala, Lahore. It was revealed that a total of Rs480 million outstanding has not yet been paid by the NAB to the ministry, and the building has still not been vacated. It was further informed that the decision on the matter is pending with the Prime Minister's Office. The committee found that no agreement had been signed between the two departments. The chairman expressed serious displeasure over the negligence of the Ministry of Housing and Works. Senator Saifullah Abro urged departments to discourage such practices and to maintain clear documentation when signing agreements. The chairman directed both departments to settle the matter within one month, warning that if they fail to implement the committee's decision, the officers involved in the negligence will be summoned and punished. The meeting of the Senate Standing Committee on Housing and Works, chaired by Senator Nasir Mehmood, convened Tuesday to identify the reasons for delays in CDA and FGEHA projects, and the unauthorised utilisation of government accommodations by other departments without approval or payment of rent. The chairman of the committee commended the input of all committee members regarding the vacation of illegally possessed accommodations of the Ministry of Housing and Works in Wafaqi Colony, Lahore, by the Punjab Police. He informed that the Punjab Police had illegally occupied the said accommodations since 1990 and had never paid a single penny in lieu of using them. Punjab Police submitted the compliance report over the directions passed by the committee and upon the directions of the committee, the Punjab Police paid Rs1.6 million in rent, up to the year 2024 and assured the committee that the remaining rent would be paid in the upcoming financial year. While briefing on the progress of the construction of Islamabad Jail, the chairman CDA informed that the project was handed over by PWD to CDA with a revised cost of Rs7.4 billion on 26-06-2024. In Phase I, the construction of the Admin Block and boundary wall has been completed up to 98 percent, and roads and infrastructure up to 75 percent. He added that delays in funding from the Ministry of Planning and Development caused the project's delay. The committee expressed concern over the delay in fund disbursement by the Ministry of Finance and other concerned authorities and directed that the ministries of Planning and Development and Finance be summoned to brief the committee on the delay in releasing funds to the Ministry of Interior for CDA projects. The chairman, upon the request of the chairman CDA, recommended for hiring the human resources required to operate the jail. On the issue of malfunctioning of lifts in the Shaheed-e-Millat Building, the chairman CDA stated that only one out of five lifts was operational. Another lift had been repaired, but three were still not working. However, CDA has urgently issued a tender notice of Rs120 million for the repair of the three lifts. The Committee was informed that in the Shaheed-e-Millat Building and other government offices, some lifts are specifically reserved for VIPs/senior officers, and public or government employees are not allowed to use them. The committee took serious notice of this VIP culture in government buildings and directed CDA to eliminate such practices and ensure all lifts are accessible to the general public. The joint secretary, Ministry of Housing and Works, briefed the committee on the seniority list for the allotment of government accommodations to federal employees. He informed the committee that the ministry has a backlog of 26,000 applications, while there are only 17,000 houses available in Islamabad. The committee found the briefing insufficient and directed the ministry to provide a list of illegal allotments and the names of officers involved in such unlawful practices. The committee also ordered the discontinuation of all functions of the Restoration Committee and directed the ministry to submit a report at the next committee meeting. The committee also noted that FGEHA is not awarding tenders uniformly to firms, is not seriously pursuing its projects, and has failed to deliver completed projects to end users. Senator Saifullah Abro criticized the rising costs of FGEHA projects caused by delays on their part, with the burden passed on to the end users. The committee directed FGEHA to submit a list of all ongoing projects, including complete details and associated costs. The meeting was attended by senators, Bilal Ahmed Khan, Saifullah Abro, Husna Bano, Khalida Ateeb, Saifullah Sarwar Khan Nyazee, and HidayatUllah Khan. Copyright Business Recorder, 2025
Express Tribune
05-04-2025
- Business
- Express Tribune
PSX leaps 984 points after Eid
Shares of 344 companies were traded. At the end of the day, 147 stocks closed higher, 173 declined and 24 remained unchanged. PHOTO: REUTERS Listen to article Pakistan Stock Exchange (PSX) rebounded strongly in the shortened two-day trading week following Eidul Fitr holidays, with the benchmark KSE-100 index hitting a historic intra-day high of 120,797 points before closing at 118,791, up 984 points, or 0.8% week-on-week (WoW). The rally was fueled by the prime minister's announcement of substantial electricity tariff cuts – Rs7.4/unit for residential consumers and Rs7.59/unit for industries – boosting investor confidence. The bullish activity came despite lingering concerns over a 29% US tariff on Pakistani exports. On the macro front, optimism grew following a sharp decline in inflation, with March Consumer Price Index (CPI) easing to 0.7% year-on-year (YoY), the lowest in nearly six decades, and a narrowing trade deficit to $2.1 billion. The State Bank's reserves showed resilience, rising $70 million to $10.7 billion. Foreign investors remained net buyers, injecting $7.38 million, mainly into banks, while local insurance firms and mutual funds booked profit. Average daily trading volumes jumped 54% WoW to 488 million shares, with traded value rose 30% to $113.6 million. On a day-on-day basis, following Eid holidays, the PSX began April on a cautious note amid concerns over the 29% US tariff on Pakistani exports. The KSE-100 index initially dipped to the intra-day low of 117,508, but rebounded sharply after the prime minister's anticipated power tariff reduction, sparking value buying. The index closed up 1,131 points at 118,938 on Thursday. On Friday, the benchmark index briefly touched the 120,000 mark in intra-day trading, before settling at 118,792, down 146 points. Arif Habib Limited (AHL), in its weekly report, wrote that the two-day trading week following Eid holidays commenced on a positive note, with the KSE-100 index reaching an all-time intra-day high of 120,797 points on Friday. The upward momentum was fueled by the prime minister's announcement of significant power tariff reductions of Rs7.4/unit for domestic consumers and Rs7.59/unit for industries. This positive development was overshadowed, to some extent, by concerns over the imposition of a 29% tariff on Pakistani exports by the US, it said. On the economic front, inflationary pressures continued to ease, with CPI for March 2025 dropping to 0.7% - the lowest in nearly six decades. Meanwhile, Pakistan's trade deficit showed signs of improvement, narrowing to $2.1 billion in March from $2.3 billion in the same month of last year, further supporting market sentiment. Sector-wise, positive contribution to the KSE-100 index came from banks (1,791 points), cement (86 points), fertiliser (49 points), tobacco (30 points), and real estate investment trust (19 points). Meanwhile, the sectors that contributed negatively were exploration & production (410 points), power (103 points), oil marketing companies (88 points), leather & tanneries (81 points), and cable & electrical goods (45 points), AHL said. Stock-wise, positive contributors were UBL (1,149 points), Meezan Bank (265 points), MCB Bank (123 points), HBL (105 points), and Bank AL Habib (51 points). Among individual stocks, negative contribution came from Hubco (128 points), OGDC (127 points), Pakistan Petroleum (122 points), and Pakistan Oilfileds (87 points). Foreigners' buying continued during the week, which came in at $7.38 million compared to net buying of $3.92 million last week. Major buying was witnessed in banks ($5.45 million). On the local front, selling was reported by insurance companies ($8.82 million) and mutual funds ($6.54 million). Among other major news, OGDC and Mari made new discoveries, the energy sector circular debt reached Rs4,700 billion, bank deposits decreased nearly 2% to Rs30 trillion in February, coal imports hit a three-year low and Lotte Chemical planned to suspend operations for inventory management, AHL added. Topline Securities' weekly review said that the KSE-100 index gained 0.84% WoW, which could be credited to the cut in electricity tariffs by the government to support residential consumers and industries. Apart from that, other factors providing stimulus to the market included the CPI for March that stood at 0.7%, the lowest monthly YoY reading in over three decades, and Pakistan's March trade deficit, which reached $2.12 billion, down 8% month-on-month, it said.
