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ISLAMABAD: The federal government has proposed recovering around Rs34 billion from consumers of distribution companies (Discos) and K-Electric through the quarterly tariff adjustment (QTA) for April-June 2026, translating into an estimated increase of Rs1.34 per unit. The proposed adjustment has been attributed largely to higher capacity-related costs resulting from a decline in electricity consumption during the quarter. However, representatives of the industrial sector have strongly opposed the proposed increase, arguing that businesses are already facing high electricity costs and cannot absorb another financial burden. The National Electric Power Regulatory Authority (NEPRA) held a public hearing on Wednesday to examine the QTA request, during which representatives of industries, power distribution companies and the government presented their positions. Initially, the power distribution companies had requested an adjustment of Rs23.031 billion for the second quarter of fiscal year 2026 under the QTA mechanism. The amount was later revised upward to Rs33.778 billion. According to the figures presented before NEPRA, the largest component of the proposed adjustment is related to capacity charges, amounting to Rs46.280 billion. Variable operation and maintenance costs account for another Rs4.936 billion. The calculation also includes a negative adjustment of Rs13.517 billion related to Use of System Charges (UoSC) and the Market Operator Fee (MOF), which partially offsets the overall increase. Similarly, Rs3.040 billion has been included to account for the impact of transmission and distribution losses on monthly Fuel Charges Adjustments (FCA). A further negative adjustment of Rs21.175 billion has been made under the incremental consumption package. The distribution companies have also claimed Rs14.211 billion for costs relating to Small Power Producers (SPPs) and Captive Power Producers (CPPs) that they say remained unrecovered. Industrial sector voices concern During the hearing, industrial representatives raised strong objections to the proposed QTA adjustment, warning that another increase in electricity prices could further weaken the competitiveness of Pakistan’s manufacturing sector. Rehan Javed, Aamir Sheikh and Tanveer Barry conveyed their concerns to NEPRA officials in the presence of representatives from the Ministry of Energy and the distribution companies. The representatives argued that industries were already operating under considerable cost pressures and that any additional increase in electricity tariffs would raise production expenses and make it more difficult for local businesses to compete in domestic and international markets. Tanveer Barry, representing the Karachi Chamber of Commerce and Industry (KCCI), particularly questioned the sharp rise in capacity-related charges. According to Barry, capacity charges had increased from around Rs36 billion in the first quarter to more than Rs50 billion in the period under review. He said the increase could ultimately translate into a much larger financial burden for consumers. He estimated that the combined impact could place an additional burden of approximately Rs3.50 per unit on consumers, depending on the final adjustment approved by the regulator. Barry also pointed out that eight distribution companies had reported positive capacity charges, while three had recorded negative adjustments. He urged NEPRA to examine the calculations and underlying reasons for the variations before approving any additional burden on consumers. Lower electricity demand Officials of the Peshawar Electric Power Company (Pesco) told the hearing that electricity consumption had fallen by approximately five per cent during the period under review. They attributed much of the decline to weaker demand from domestic and commercial consumers. Increasing adoption of solar energy was also cited as one of the factors reducing demand from residential consumers. NEPRA Member Maqsood Anwar Khan questioned Pesco officials about whether load-shedding was also being carried out in areas where consumers regularly paid their electricity bills. The Pesco representatives acknowledged that load-shedding was taking place. Maqsood Anwar Khan observed that interruptions in electricity supply could themselves contribute to lower electricity sales, as consumers would naturally use less grid electricity when supply was unavailable. Solarisation becomes key point of debate The growing use of solar power also featured prominently during the hearing. The NEPRA member noted that the expansion of solar generation had provided relief to the national electricity system by reducing daytime demand from the grid. He observed that without the contribution of solar energy, pressure on the power system and the need for daytime load management could have been considerably greater. He further noted that increasing solarisation was shifting the pattern of load-shedding, with pressure becoming more visible during night-time hours when solar generation was unavailable. The NEPRA member also disagreed with the assertion that solarisation alone was responsible for a decline in electricity sales, maintaining that the impact of rooftop and distributed solar generation should be assessed in a broader context. Industry questions capacity payments Industrial representatives also questioned why consumers should continue to shoulder substantial capacity payments when many areas were still experiencing load-shedding. Barry argued that consumers were effectively being asked to pay for electricity generation capacity while not receiving uninterrupted power supply. He further raised concerns about capacity payments being made to older and relatively inefficient power plants. According to him, the under-utilisation of generating units was contributing to higher capacity-related costs and ultimately increasing the price of electricity for consumers. The industrial sector also questioned whether the dispatch of power plants was fully aligned with the Economic Merit Order (EMO), arguing that deviations from the merit order could contribute to unnecessary costs. The representatives called on NEPRA to undertake a detailed review of the QTA calculations before reaching a final decision. They urged the regulator to defer the proposed increase, warning that higher electricity costs would place additional pressure on industries, increase production expenses and potentially undermine Pakistan’s export competitiveness. NEPRA is expected to examine the claims and objections raised during the public hearing before determining the final quarterly tariff adjustment applicable to consumers.

Pakistan and Japan have reaffirmed their commitment to strengthening long-standing development cooperation, with both sides agreeing to expand collaboration in economic reforms, mineral development, technical training, and human resource development during a high-level meeting in Islamabad. The understanding was reached during a meeting between Prime Minister Shehbaz Sharif and a nine-member delegation led by Japan International Cooperation Agency (JICA) President Dr. Tanaka Akihiko. Welcoming the delegation, Prime Minister Shehbaz Sharif described the seven-decade partnership between Pakistan and Japan as a cornerstone of bilateral relations, expressing confidence that the JICA president’s visit would inject fresh momentum into cooperation between the two countries. The prime minister highlighted the government’s ongoing economic reform agenda, stating that Pakistan had successfully navigated a challenging economic period through coordinated efforts and was now focused on achieving sustainable and inclusive economic growth. He said the government’s reform programme had produced encouraging results, noting that national revenues had doubled over the past three years. According to the prime minister, these improvements were creating greater fiscal space for investment in development priorities and public welfare. Shehbaz Sharif emphasized that equipping young people with modern skills and technical education remains one of the government’s foremost priorities. He said the administration is also committed to creating quality employment opportunities and promoting the economic empowerment of women as part of its broader development strategy. During the meeting, the prime minister welcomed JICA’s technical assistance in Pakistan’s minerals sector, describing the cooperation as timely given the country’s vast untapped mineral resources. He also appreciated JICA’s collaboration with the Small and Medium Industrial Development Authority (SMIDA), saying such partnerships would help strengthen industrial capacity, improve productivity, and boost Pakistan’s exports. The discussions also covered ways to broaden bilateral cooperation in areas including infrastructure development, capacity building, vocational training, and investment promotion. Both sides acknowledged the importance of expanding technical collaboration to support Pakistan’s long-term economic transformation. JICA President Dr. Tanaka Akihiko thanked Prime Minister Shehbaz Sharif for his warm welcome and appreciation, reaffirming Japan’s commitment to supporting Pakistan’s development journey. He noted that JICA and Pakistan share a long-standing partnership built on mutual trust and cooperation, adding that the agency remains ready to further expand its engagement across multiple sectors, including economic development, human resource development, and technical cooperation.

The sharp rise in fuel prices across the United Kingdom has triggered a significant increase in petrol theft, with filling stations now losing an estimated £200,000 worth of fuel every day, according to media reports. Petrol station operators have reported a growing number of “drive-off” incidents, where motorists fill their vehicles with fuel and leave without making payment. The trend has become increasingly common as higher fuel costs continue to put pressure on household budgets. Reports indicate that the overall financial impact of fuel theft has climbed by 48 percent following the recent surge in petrol and diesel prices. Retailers say the increase has added to the challenges already facing fuel station businesses, many of which are struggling with rising operating costs. The spike in fuel prices followed heightened tensions during the Iran conflict, when global oil markets experienced sharp volatility. During that period, the price of petrol reportedly increased by 27 pence per litre, while diesel prices rose by 37 pence per litre, making fuel significantly more expensive for consumers. Industry representatives warn that the consequences extend beyond financial losses. According to the Petrol Retailers Association (PRA), the rise in fuel prices has also been accompanied by an increase in abusive and aggressive behaviour directed at petrol station employees. Pump attendants have reportedly faced more verbal harassment and confrontations from frustrated customers. Fuel retailers are urging authorities to take stronger action against theft and improve security measures at filling stations. They also stress the need for greater protection for frontline staff, who are increasingly being exposed to difficult and sometimes dangerous situations while carrying out their duties.

KARACHI: Buying activity dominated trading at the Pakistan Stock Exchange (PSX) on Thursday, with the benchmark KSE-100 Index rising more than 500 points during the early session. At around 9:45am, the benchmark index was trading at 180,864.26 points, recording an increase of 553.05 points, or 0.31%, from the previous close. The positive trend reflected renewed investor interest in several major sectors. Strong activity was witnessed in cement, commercial banking, fertiliser, oil marketing companies (OMCs) and power generation stocks. Several index-heavy companies also contributed to the upward movement. HUBCO, Fauji Fertilizer Company (FFC), MCB Bank, National Bank of Pakistan (NBP) and United Bank Limited (UBL) were among the stocks trading in positive territory during the early hours. The latest gains come after the stock market staged a recovery in the previous session. On Wednesday, the PSX rebounded as investors returned to buying after two consecutive sessions of profit-taking. Market sentiment also improved toward the end of Wednesday’s trading session following reports regarding an extension of the US-Iran ceasefire, which helped ease some concerns among investors about geopolitical developments and their potential impact on regional markets. The KSE-100 Index ultimately closed Wednesday’s session at 180,311.22 points. Global markets provide positive cues The positive momentum at the domestic bourse was also supported by a broadly upbeat trend in Asian equity markets. Asian stocks advanced on Thursday after fresh US inflation data broadly matched market expectations. The figures reduced some expectations of an immediate tightening move by the US Federal Reserve and provided support to investor sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.97%, while South Korea’s benchmark market climbed sharply, gaining 4.4%. Japan’s Nikkei index also advanced 1.86%. US stock futures remained relatively stable, with S&P 500 E-mini futures up 0.02% during the Asian trading session. US inflation remains in focus According to data released on Wednesday, US consumer prices increased by 0.1% in July, broadly matching economists’ expectations. The modest increase in consumer prices has lowered expectations of an immediate interest-rate hike by the Federal Reserve. Market participants are closely monitoring inflation figures as they assess the central bank’s next policy move. According to CME Group’s FedWatch tool, financial markets were pricing in around a 40% probability of a rate hike next month, down from approximately 54% a week earlier. Oil prices remain near $80 Meanwhile, international oil prices remained close to the $80-per-barrel level, as diplomatic efforts between Washington and Tehran remained unresolved. Developments in oil prices remain important for Pakistan’s economy and financial markets because changes in global crude prices can influence the country’s import bill, inflation outlook, exchange-rate pressures and corporate earnings. Investors at the PSX are expected to closely monitor both domestic economic developments and international market cues as trading progresses on Thursday.