Pakistan’s petroleum group imports surged up 112.3 percent to $8.340 billion in the first five months of the current fiscal compared to $3.947 billion in the corresponding period of last fiscal. “The global price of petroleum products caused the massive surge in the import of petroleum groups, with increased quantity of these products also adding its share in it,” said…
Read MoreDay: December 20, 2021
Tight U.S. Oil Inventories Prop Up Oil Prices
U.S. oil demand and inventories have offered support to oil prices in recent months and, volatility excluded, have continued to do so, with stocks below the five-year average for this time of the year. While oil prices have swung in recent weeks between as high as $85 in late October to below $70 in late November amid fears of Omicron…
Read MoreEPD Circular Letter no. 17 of 2021 – Remittance for Petroleum Sector Operating under Petroleum Concession Agreement(s)
Attention of Authorized Dealers is drawn towards Para 27 of Chapter 14 of Foreign Exchange Manual in terms of which SBP notified the process of remittance for Petroleum Sector. 2. Based on representations received from various stakeholders, it has been decided to amend Para 27 of Chapter 14, as under: “27. Remittance for Petroleum Sector Operating under Petroleum Concession Agreement(s):Authorized…
Read MoreWhere Does Pakistan’s Electricity Go?
Electricity is the wheel that drives all facets of our daily lives such as production, consumption, communication, transportation and routine financial transactions. Despite its key role in powering the national economy, Pakistan’s electricity sector continues its struggle with significant challenges. Whether these manifest as costly energy production, overloaded infrastructure, high transmission and distribution losses, extraordinary load shedding, or mounting circular…
Read MoreNTDC Accelerates Construction Work of Grid Stations
The National Transmission and Dispatch Company Limited (NTDC) is expanding its infrastructure by constructing transmission lines and grid stations to meet the growing demand of electricity across the country expeditiously. In order to check the progress of the 500 kV substation Faisalabad West and 220 kV Lalian grid station, the Managing Director NTDC Engr. Manzoor Ahmad visited both sites of…
Read MoreGas Crisis Aggravates: GUNVOR Again Backs Out of LNG Cargo Delivery
Singapore based LNG trading company — GUNVOR has intimated the authorities in the government that it will not be able to deliver its term LNG cargo which is due on January 10, 2022 by claiming the force majeure. However, it has not yet informed Pakistan LNG Limited as to when this term cargo will be provided, a well placed senior…
Read MoreGovt May Rethink Energy Subsidy Policy as Misuse Surfaces
Amid major gas supply constraints, the government may have to rethink its energy subsidy priorities after coughing up over Rs80 billion per annum in handouts to the export industry in the last over three years as it found little connection between subsidies and export growth, with the textile industry even reneging on its side of the pledge. A senior government…
Read MorePower Companies Seek 116pc Higher Fuel Cost Charges
Despite 67 per cent power supplies from cheap domestic resources with static prices, ex-Wapda distribution companies (Discos) have sought almost 116pc increase — Rs4.33 per unit (kWh) — in fuel price adjustment for electricity they sold in November to grab around Rs36 billion additional funds. The National Electric Power Regulatory Authority (Nepra) has accepted their petition for public hearing on…
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