SSGC & SNGPL increase security fee for domestic consumers; include more news updates – MMSPL Research

SSGC & SNGPL increase security fee for domestic consumers; include more news updates – MMSPL Research

By: Sania Zulfiqar,economy

sania@mmsecurities.com.pk

021-35317703-04

M.M. Securities (Pvt.) Ltd.

Although the government is yet to increase gas tariff, the two gas utilities – SNGPL and SSGC – have increased security fee for all domestic consumers by 200 per cent with immediate effect to generate Rs13 billion during the current year. As a consequence, security deposit for domestic consumers as been increased from Rs1500 to Rs4500 that would be recovered in six monthly installments along with routine bills. The two companies have already charged first installment of Rs448 from all consumers during the current billing month while the remaining Rs2,552 would be recovered in subsequent five billing months. The decision would yield about Rs9bn to Sui Northern Gas Pipelines Limited (SNGPL) and Rs5bn to Sui Southern Gas Company Limited (SSGCL).

Forex reserves soar to $10.3 billion

Pakistan’s foreign exchange reserves rose by $73 million to $10.399 billion during the week ended August 16, 2013 from $10.326 billion a week ago, the State Bank of Pakistan (SBP) said on Thursday. The forex holdings of the central bank went slightly up by $20 million to $5.248 billion against $5.228 billion during the previous week. Net foreign exchange reserves held by commercial banks soared to $5.151 billion from $5.098 billion during the preceding week. despite a meager increase in the foreign exchange reserves of the State Bank of Pakistan are adequate to cover the one month of imports. The State Bank of Pakistan has been inflating the level of its reserves by asking banks to arrange dollars with an aim to stem the falling rupee and improve foreign exchange reserves of the country. However, the reserves are melting away due to debt repayments to the International Monetary Fund (IMF)

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