OIL & GAS :Pakistan State Oil (PSO) has yet another time dismissed importing a ship carrying 55,000 tonnes of substandard fuel oil, Geo news reported on Saturday. According to sources, this was the second ship within two days, which was rejected on account of being low quality. This situation will likely lead to shortfall of electricity by 1000 megawatt a day in country as the fuel oil stock in CAPCO power plant will be finished on Monday, sources said.
POWER :National Electric Power Regulatory Authority (NEPRA) has raised the electricity generation cost by Rs1.02 per unit, terming it a fuel cost adjustment on account of fuel price variation for the month of January 2010. The Authority determined the adjustment in fuel cost component on account of fuel price variation for the month of January 2010 for Ex-WAPDA Distribution Companies, which has pushed the electricity tariff further high. According to Nepra notification, the assessed fuel cost adjustment of Rs. 1.02 / kwh for the month of January 2010 is greater by Rs. 0.62kwh than the adjustment of Rs. 0.40kwh for the month of December, 2010. The above adjustment of Rs. 1.02kwh shall be applicable to all the consumer categories except lifeline consumers of all Ex-WAPDA Distribution Companies.
ECONOMY :
Chairman Federal Board of Revenue (FBR) Sohail Ahmed said the Value-Added Tax (VAT) would be imposed only after the approval by the Parliament and National Assembly and after removing the reservations of traders, Geo News reported Sunday. The FBR chief briefed in detail the traders of Federal B Area Association about the VAT. Earlier, the FBR spokesman and other officials gave elaborate briefing at the SITE office on the VAT. Sohail said the Parliament has been informed that if they want to enhance the revenues and free the country of the foreign debts, then the only solution is the imposition of the VAT. He said the VAT is a major means to augment the tax ratio in GDP. The Board chairman said the a committee with Asrar Rauf as its head has been constituted which would see about settling the traders’ problems.
