PAKISTAN-DAILY BRIEF NEWS

Contempt case: Aitezaz to complete arguments today ISLAMABAD: Former Supreme Court Bar Association (SCBA) President and Pakistan People’s Party (PPP) leader Aitezaz Ahsan said he will try to complete his arguments based on Article-10A of the Constitution, SAMAA reports Thursday. Talking to media outside his residence before leaving for the apex court hearing the contempt case against PM Gilani, he noted he cannot utter a word about the ruling as Article-10A is yet to be decided. The PM Gilani’s counsel Ahsan reiterated his stance saying his client is innocent, adding the court acknowledges that he effectively presented his viewpoint before the bench. Bid foiled: Ministry’s plan to increase gas prices by 30% thwarted The petroleum ministry had planned to bring LPG-Air Mix project into full swing by increasing gas prices by 30% even for those consumers who would not be using it. Officials familiar with the matter told The Express Tribune that the Economic Coordination Committee (ECC) in its meeting a few days earlier was reviewing the LPG-Air Mix project tabled by Ministry of Petroleum when Ogra authorities pointed out that it would cause hike in gas prices by 30% and in return inject a mere 200 million cubic feet gas per day (mmcfd) into the system. ECC formed a committee to examine the impact of this project after Ogra authorities pointed out financial impact on gas consumers including household users who will not even be using it. Officials familiar with the matter termed the plan as favouritism by the petroleum ministry towards LPG companies. The project aims to inject LPG Air-Mix at various points in the pipelines of both Sui Southern Gas Company (SSGC) and Sui Northern Gas Pipelines Limited to help overcome the crisis. Gas companies have sought a subsidy of Rs6 billion for LPG-Air Mix plants to be recovered from gas consumers in a petition submitted to Ogra to set up LPG Air Mix plant from July 1, 2012. Finance minister Abdul Hafeez Shaikh and other members of the ECC also strongly expressed concern over capital cost of the project. It was noticed that consumers could use LPG cylinders instead of LPG-Air Mix plant that would burden the masses. Secretaries of Economic Affairs Division (EAD) and Finance also supported Ogra’s view point. Ogra authorities further said that project also lead to a monopoly of LPG companies in the country. In a summary tabled before ECC, the petroleum ministry proposed to approve the guidelines allowing Oil and Gas Regulatory Authority (Ogra) to include the cost of LPG air mix in the uniform cost of gas formula. According to a plan worked out by the ministry, the weighted average cost of the gas is expected to increase 1.57% to Rs313.79 per Million British Thermal Unit (mmbtu) if 10 million cubic feet of gas per day (MMCFD) of LPG air mix is injected into the system. The cost will rise 7.73% in case of 50 mmcfd LPG air mix injection, 15.21% in case of 100 mmcfd injections and 29.49% to Rs400.05 per mmbtu in case of 200 mmcfd injection of LPG air mix.

 

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Business News:

Thu, 19 Apr 2012 - Oil prices up, focus on Spanish bond sale SINGAPORE: Oil edged higher in Asian trade Thursday but prices were capped ahead of a Spanish government bond auction - Asian markets mixed, dealers await Spain debt sale HONG KONG: Asian markets were mixed on Thursday as dealers cautiously await a crucial bond auction in Spain, while - Euro inches up ahead of G20 debt-crisis talks TOKYO: The euro inched higher against major currencies in Asia on Thursday as traders looked to a G20 meeting focus - Pakistan upbeat on trade with India WASHINGTON: Finance minister on Wednesday voiced optimism about trade with India, saying that he saw popular support - Gold comes down to Rs48,642/10gm KARACHI: Gold slipped by Rs 215 to Rs 48,642 per 10 grams in the local market Wednesday as its international price - Karachi stocks pick up on earnings hopes KARACHI: Stocks at local equity market ended higher on Wednesday on buying by investors expecting strong corporate - Rupee retreats against dollar; overnight rates flat KARACHI: On Wednesday in currency market, the rupee ended weaker at 90.71/74 to the dollar, compared with Tuesday - Foreign investment falls 65pc in July-March: SBP KARACHI: Foreign investment into Pakistan fell nearly 65 percent to $516 million in the first nine months of 2011/ - Pakistan''s budget deficit seen at 6.7pc of GDP in 2012 ISLAMABAD: Country s budget deficit is likely to hover around 6.7 percent of the Gross Domestic Product (GDP) during - Asian markets rebound on easing Europe fears HONG KONG: Asian markets on Wednesday bounced back from recent loses following some much-needed positive news out - Oil prices mixed in Asian trade SINGAPORE: Oil prices were mixed in Asian trade Wednesday as concerns over Europe s sovereign debt crisis continue - Talks over TAPI gas pipeline project fail ISLAMABAD: Talks on the Turkmenistan-Afghanistan-Pakistan India (TAPI) gas project ended here on Tuesday without a - Rupee ends firmer at 90.66/71 to dollar KARACHI: In currency markets, the rupee ended firmer at 90.66/71 to the dollar, compared with Monday s close of 90 - KSE ends marginally lower KARACHI: The Karachi Stock Exchange (KSE) benchmark 100-share index closed 0.05 percent lower, or 6.48 points, at - Five major challenges identified for FY 2012-13 ISLAMABAD: The budget paper prepared by the Finance Ministry has identified five major challenges for the next yea MOHAMMED SALEEM MANSOORI