Business community and Pakistan's power crisis

07:33 PM | 8 Sep, 2022
Business community and Pakistan's power crisis

As it is already in your kind knowledge, Pakistan is going through an unprecedented power crisis that is not only translating into hours-long outages but also immensely increasing the electricity prices like never before. Almost every class of our society stands badly affected by it, and despite all the tall claims made by those in power, none have actually been able to rescue the masses from this ever-growing burden. Just recently, Pakistan’s energy shortfall reached 6,500 Megawatts for the second time this summer, and the electricity bills have surged by more than PKR 15 per unit on average because of the increase in fixed and variable components. All in all, electricity has simply become a precious commodity today and, in fact, is going beyond affordability for many. 

Fortunately enough, the energy challenges that we are confronting today may be enormous, but their resolution, at least partially, requires just a slight change in our behaviours and some conscious efforts. If a few smart practices are adopted on a domestic and commercial level, an enormous amount of energy can be saved, and thus, a burden on consumers’ pockets can be reduced to a great extent. This is where public spaces such as malls and the business community come into play, as they can be quite effective in spreading the message of responsible use of electricity and developing a sense of urgency. 

What Mall Can Owners Do?

The Defence Minister Khwaja Asif rightfully suggested a couple of months back that if the markets and shops can open up early and follow early closure as well, they can further harness the daylight and thus, can conserve up to 3,500 MW of energy – which makes half of our current energy shortfall. Since our electricity bills are charged slab-wise, which means the more units we use, the extra amount needs to be paid in the form of higher unit prices and additional taxes, it will also lead to a significant reduction in the bills as well. Also, malls can put across energy conservation messages such as conservation tips and techniques at different and prominent places within their premises, which can keep re-emphasizing the importance of energy conservation among the masses. Additionally, they can limit the use of high-powered outdoor advertising by either limiting their working hours to one or two hours after sunset.

What Can Business Community Do?

If the advent of COVID-19 has taught us anything, it is that physical presence in the offices to keep the workflow going is not necessary at all, the same results, in fact, better in some cases, can be achieved if the employees are allowed to have flexible working policies and encouraged to work from home at least once a week. Just recently, the State Bank of Pakistan (SBP) issued a circular to banks to grant their employees to work from home one/two days a week in order to conserve energy including fuel and power. Since this measure is being promoted by banks following the SBP circular, every other sector can also adopt work-from-home policies to reduce the excessive use of energy. Likewise, to streamline the use of energy for ATMs, a procedure can be adopted to regulate and switch off AC units within ATM spaces. Similarly, if the employees can be kept informed about the smart use of electricity at work and at home via communication platforms prevalent in the workspace, this will also inspire people to reduce their excessive use of power. 

With electricity becoming scarce and its prices going incredibly high, serious measures need to be adopted on a war-footing basis to conserve it and make others aware of the adverse financial impact that continues to crush them. While the relevant authorities are proving to be too slow to arrest our ongoing energy crisis, the onus of moral responsibility to reduce consumption and advocate the smart use of electricity inevitably lies on the shoulders of our business community and shopping mall owners as they have a reach to the masses.


Pakistani rupee registers marginal gain against US Dollar, Euro, Pound, Riyal and Dirham; Check forex rates

Pakistani rupee continued its momentum against the US dollar, and orther currencies in the open market on Thursday, as the local currency also improved in the inter-bank market.

Dollar Rate in Pakistan Today

On Thursday, the US dollar moved down and was being quoted at 283.2 for buying and 286.15 for selling.

Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.

UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.

Today's currency exchange rates in Pakistan - 7 December 2023

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency Symbol Buying Selling
US Dollar USD 283.2 286.15
Euro EUR 308 311
UK Pound Sterling GBP 358.5 362
U.A.E Dirham AED 77.4 78.1
Saudi Riyal SAR 76 76.8
Australian Dollar AUD 187.2 189
Bahrain Dinar BHD 757.23 765.23
Canadian Dollar CAD 209 211
China Yuan CNY 39.89 40.29
Danish Krone DKK 41.19 41.59
Hong Kong Dollar HKD 36.41 36.76
Indian Rupee INR 3.42 3.53
Japanese Yen JPY 1.39 1.45
Kuwaiti Dinar KWD 921.71 930.71
Malaysian Ringgit MYR 61.02 61.62
New Zealand Dollar NZD 174.54 176.54
Norwegians Krone NOK 26.05 26.35
Omani Riyal OMR 739.62 747.62
Qatari Riyal QAR 78.22 78.92
Singapore Dollar SGD 211 213
Swedish Korona SEK 27.12 27.42
Swiss Franc CHF 324.94 327.44
Thai Bhat THB 8.06 8.21

Gold prices in Pakistan move down despite positive global cues; Check latest rates here

Gold price in Pakistan remained under pressure as the yellow metal moved down despite an upward trend in the international market.

Gold Rates in Pakistan Today - 7 December 2023

On Thursday, the price of a single tola of 24-karat gold stands at Rs217,100 and 10 grams of 24k gold costs Rs186,130. 

Single tola of 22 Karat Gold costs Rs199,000, 21 karat rate for per tola is Rs189,960 and 18k gold rate is Rs162,825.00 for each tola.

In the global market, gold prices hover at around $2026, gaining $8.30 on Thursday.

Today Gold Rate in Pakistan

Today Gold Price in Pakistan (4 September 2023)

City Gold Silver
Lahore PKR 217,100 PKR 2,565
Karachi PKR 217,100 PKR 2,565
Islamabad PKR 217,100 PKR 2,565
Peshawar PKR 217,100 PKR 2,565
Quetta PKR 217,100 PKR 2,565
Sialkot PKR 217,100 PKR 2,565
Attock PKR 217,100 PKR 2,565
Gujranwala PKR 217,100 PKR 2,565
Jehlum PKR 217,100 PKR 2,565
Multan PKR 217,100 PKR 2,565
Bahawalpur PKR 217,100 PKR 2,565
Gujrat PKR 217,100 PKR 2,565
Nawabshah PKR 217,100 PKR 2,565
Chakwal PKR 217,100 PKR 2,565
Hyderabad PKR 217,100 PKR 2,565
Nowshehra PKR 217,100 PKR 2,565
Sargodha PKR 217,100 PKR 2,565
Faisalabad PKR 217,100 PKR 2,565
Mirpur PKR 217,100 PKR 2,565


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