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Solar Panel prices up in Pakistan amid speculations of more taxes in Budget

01:42 PM | 8 Jun, 2024
Solar Panel prices up in Pakistan amid speculations of more taxes in Budget

ISLAMABAD – Solar panel prices are affected amid reports of more additional taxes in Budget 2024-25. Manufacturers and suppliers jacked up prices to offset the additional tax burden.

The prices fluctuation comes as higher taxes could cut profit margins of sellers. Additionally, if taxes make solar panels more expensive, demand might decrease, which could also lead to price increases as suppliers try to maintain profitability in a potentially saturated market.

Reports in local media suggest that the price of solar panels saw increase by Rs8 per watt and 580-watt solar plate will cost Rs4,000 to Rs5,000 while small plates of 180 to 280 watts currently cost at Rs1,000 - Rs1,500.

The traders of solar panels started stockpiling and filling their warehouses with plates.

It was also reported that government mulls eliminating customs duty on solar panels and its related equipment in the budget for the fiscal year 2023–2024 in an effort to promote power generation using alternative energy sources.

The initiative aims to support domestic solar panel producers and promote solar energy consumption throughout the nation. The government also proposes to exclude inverters, batteries, and other similar equipment from the duty in the financial bill.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - PKR to US Dollar, Euro, Dirham, Riyal 18 June 2024

Pakistani rupee rates against US Dollar and other currencies on June 18, 2024 (Tuesday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.50 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 349.7 for buying, and 353.25 for selling.

UAE Dirham AED was at 74.80 and Saudi Riyal at 72.80.

Currency Symbol Buying Selling
US Dollar USD 277.50 280.65
Euro EUR 296.00 299.00
UK Pound Sterling GBP 349.70 353.25
U.A.E Dirham AED 74.80 75.60
Saudi Riyal SAR 72.80 73.55
Australian Dollar AUD 182.00 184.00
Bahrain Dinar BHD 741.18 749.18
Canadian Dollar CAD 204.00 206.00
China Yuan CNY 38.43 38.83
Danish Krone DKK 40.18 40.58
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.90 1.98
Kuwaiti Dinar KWD 909.34 909.34
Malaysian Ringgit MYR 59.30 59.90
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.88 731.88
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.65 205.65
Swedish Korona SEK 26.40 26.70
Swiss Franc CHF 311.90 314.40
Thai Bhat THB 7.58 7.73

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