SSGC also seeks hike in gas tariff

The Sui Southern Gas Company (SSGC) has also submitted a petition to the Oil and Gas Regulatory Authority (OGRA) seeking a hike in the gas tariff.

The report says that the state-owned gas company has requested the regulator to hike the price of gas by Rs58.42 per Million British Thermal Units (mmBtu) for the fiscal year 2022.

The Sui Northern Gas Pipeline (SNGPL) Company had already submitted a review petition for up to a 157.5% increase (Rs907.75 per MMBTU) in the average prescribed gas tariff for FY 2021-22.
SSGC wants the gas tariff to increase as it is currently facing a revenue shortfall. The company is pushing for the gas tariff to be hiked by Rs58.42 per mmBtu for the next fiscal year.

OGRA, on the other hand, will hold a public hearing on the petition in Karachi on December 06, 2021, a public notice issued by the regulatory body stated.

The current average price of SSGC is around Rs779.88 per mmBtu whereas the current average prescribed price is Rs838.30 per mmBtu. The company has also demanded an estimated RLNG cost of service at Rs 30.48 per mmBtu for 2021-22.

In its petition to OGRA, the state-owned SSGC reported a revenue shortfall of Rs5,789 million or Rs18.16 per mmBtu for natural gas consumers and Rs18,680 million or Rs40.43 per mmBtu for RLNG consumers. The Motion for review (MFR) petition had been filed with OGRA on September 15, 2021.

Shortfall claimed in MFR and in line with the changes in the cost of gas, a shortfall of Rs18399 million or Rs58.42 per mmBtu for natural gas consumers and Rs30,817 million or Rs60.46 per mmBtu shortfall for RLNG consumers has been worked out in the review of estimated revenue requirements for FY21-22.

SSGC requested OGRA to approve an increase in the average prescribed price of SSGC effective from July 01, 2021 to compensate for the increase in the cost of gas on an immediate basis.

In the petition, SSGC stated that cost of gas estimates have been revised considering average crude oil and HSFO C&F prices of $67.51 per barrel and $393.95 per metric ton respectively.

The exchange rate parity has been taken at an average of Rs172 per dollar the year, considering the US currency would touch Rs180 by June 2022.

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Pakistan reports 8 corona deaths within a day

Pakistan has reported 8 deaths in the last 24 hours by novel coronavirus as the number of positive cases has surged to 1,286,453. The nationwide tally of fatalities has jumped to 28,761 on Saturday.

According to the latest figures by the National Command and Operation Center (NCOC) 431 persons tested positive for COVID-19 in the past 24 hours.
Punjab remains the worst-hit province in terms of deaths followed by Sindh and Khyber Pakhtunkhwa.

Till now 13,035 individuals have lost their lives to the epidemic in Punjab, 7,622 in Sindh 5,858 in KP, 958 in Islamabad, 742 in Azad Kashmir, 360 in Balochistan, and 186 in GB.

 

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Pakistan reports 8 corona deaths within a day

Pakistan has reported 8 deaths in the last 24 hours by novel coronavirus as the number of positive cases has surged to 1,286,453. The nationwide tally of fatalities has jumped to 28,761 on Saturday.

According to the latest figures by the National Command and Operation Center (NCOC) 431 persons tested positive for COVID-19 in the past 24 hours.
Punjab remains the worst-hit province in terms of deaths followed by Sindh and Khyber Pakhtunkhwa.

Till now 13,035 individuals have lost their lives to the epidemic in Punjab, 7,622 in Sindh 5,858 in KP, 958 in Islamabad, 742 in Azad Kashmir, 360 in Balochistan, and 186 in GB.

 

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Domestic inflation is lower than last year: Tarin

Adviser to Prime Minister on Finance and Revenue Shaukat Tarin on Friday stated that the country's economy is moving in the right direction, adding that exports and remittances will shrink Pakistan's widening trade gap.

Speaking during a press conference along with Adviser to Prime Minister on Commerce and Investment Abdul Razak Dawood, the PM's aide addressed the anxiety among the investors caused due to a historic high trade deficit.

"An increase in revenue means that the country's economy is growing," Tarin said, highlighting that our exports and remittances have also increased significantly.

The adviser claimed that the economy and the economic situation in Pakistan "is moving in the right direction."

He mentioned that rising commodity prices in the international market have increased the import bill by $1.5 billion.

Shedding light on soaring inflation, Tarin said that the items whose prices increased were all imported goods.

"Revenue is now 36% higher than last year," he said, adding that inflation is rising globally.

The adviser mentioned that domestic inflation is lower than last year.

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Azam Swati apologises to ECP

Federal Minister for Railways and PTI leader Azam Swati Friday apologised to the Election Commission of Pakistan (ECP) over his allegations against the commission.

A bench, comprising ECP members Nisar Ahmed Durrani and Shah Mohammad Jatoi, conducted the hearing of the show-cause notice issued against the minister.

During the hearing, Barrister Ali Zafar, lawyer for Azam Swati, appeared before the ECP and submitted an apology letter from the federal minister.

"Was he avoiding coming [before the court]?" asked a commission member.

"He [Azam Swati] had to go to Quetta for some important work, otherwise he would have come," answered Barrister Ali Zafar.

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Azam Swati apologises to ECP

Federal Minister for Railways and PTI leader Azam Swati Friday apologised to the Election Commission of Pakistan (ECP) over his allegations against the commission.

A bench, comprising ECP members Nisar Ahmed Durrani and Shah Mohammad Jatoi, conducted the hearing of the show-cause notice issued against the minister.

During the hearing, Barrister Ali Zafar, lawyer for Azam Swati, appeared before the ECP and submitted an apology letter from the federal minister.

"Was he avoiding coming [before the court]?" asked a commission member.

"He [Azam Swati] had to go to Quetta for some important work, otherwise he would have come," answered Barrister Ali Zafar.

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Sialkot factory workers' mob tortures foreign manager to death

A foreigner working at a private factory on Wazirabad Road in Sialkot was tortured to death on Friday by a mob.

According to DPO Omar Saeed Malik, the incident took place on Wazirabad Road in Sialkot where the manager of a private factory was severely beaten to death by employees.

Per police reports, the employees also vandalised the factory located on Wazirabad Road and blocked traffic.

Upon receiving a report of the incident, a heavy contingent of police reached the spot and tried to control the situation.

According to police officials, after successful talks with a visibly angry group of protesters, traffic was resumed on Wazirabad Road.

The DPO said an investigation into the death of the foreign manager is underway.

CM orders inquiry

Responding to the development, Chief Minister Punjab Usman Buzdar said he was "extremely shocked at the horrific Sialkot incident", as he stressed that no one was allowed to take the law into their hands.

"I have instructed IG Police to thoroughly investigate it [...] Rest assured, individuals involved in this inhumane act will not be spared!!" the chief minister said.

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