PM Shehbaz Urges The Energy Industry To Take Action To Decrease Circular Debt

December 20, 2022 / By Zunair Tahir / Business News

The decision to limit market hours to 8 p.m. on Monday was made by Prime Minister Shehbaz Sharif in order to conserve energy. He also instructed the relevant agencies to take action.

Participants at a meeting on the energy sector, presided over by the prime minister, discussed adopting a comprehensive plan to handle the current circular debt in the oil and gas industries.

The Pakistan Muslim League-Nawaz (PML-N) administration, according to the Prime Minister’s Office (PMO), declared had totally eliminated the circular debt during its 2013–2018 term in office. He promised to use consistent efforts and smart planning to get the debt issue under control.

PM Sharif gave the order to implement energy sector reforms in such a way that the circular debt could be paid off.

The prime minister was cited as stating that Sui gas distribution firms should enhance their bill-recovery procedures and that users of gas and electricity should not be subjected to any additional costs.

To preserve power and gas, Shehbaz orders all marketplaces in Pakistan to close at 8 p.m.

He stated that it was important to make the mechanism for paying gas and electricity bills efficient.

The federal cabinet will receive an overview of the energy-saving strategy on Tuesday during the meeting.

To get their input on the matter, the chief ministers of the provinces have also been called to the cabinet meeting.

According to the prime minister, it is important to combat gas and power theft and losses in the energy transmission system.

According to media sources citing the electricity division, the circular debt, which was Rs2.253 trillion by the end of September last year, has increased by Rs185 billion to reach Rs2.437 trillion.

The government has decided to limit market hours nationwide till 8pm in an effort to save gas and power.

According to a government source, the federal cabinet will convene on Tuesday to discuss the execution of an energy conservation plan, which is the only item on the agenda.

The plan to save energy, according to the source, was developed to stabilize the economy, save energy, and reduce import costs since the country was in an unusual position that called for extraordinary action.

All provincial governments were requested to do their homework about an energy conservation strategy, including market closing times till 8 o’clock, at the most recent meeting.

The proposal will be presented at the upcoming cabinet meeting for final approval, and all chief ministers will be called so that it can be put into action in conjunction with provincial governments, according to information minister Marriyum Aurangzeb.

The proposal calls for a crackdown on electricity theft and the conversion of several public and private structures to solar power.

The emergency energy saving plan’s primary goal is to relieve pressure on individuals and the economy as a result of the ongoing increase in oil and gas prices on the international market.

Dr. Talha Muhammad Younis Al Kashmiri has been named the PM’s coordinator for Arab digital media, and Mr. Waqas Mehmood has been named the PM’s coordinator for digital media, according to Prime Minister Shehbaz Sharif.

The prime minister made both of the positions on an honorary basis.

PM Shehbaz Urges The Energy Industry To Take Action To Decrease Circular Debt

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