The Sui Southern Gas Company (SSGC) has submitted a petition to the Oil and Gas Regulatory Authority (OGRA) seeking a hike in the gas tariff. As per The News, SSGC requested the regulator to hike the price of gas by Rs58.42 per Million British Thermal Units (mmBtu) for the fiscal year 2022. The company had already submitted a review petition…
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Despite government efforts to shore it up, the national economy is facing growing problems. Inflation is on the rise and the rupee is performing poorly. The Pakistani currency has lost 15 percent of its value against the dollar in the last six months. In the past three years, food prices have increased by 35-40 percent and our external debt has…
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Qaumi Watan Party (QWP) Chairman Aftab Ahmad Khan Sherpao has said that the Pakistan Tehreek-e-Insaf (PTI) government would place more burden of taxes on the people in the proposed mini-budget. Addressing a gathering in Peshawar city on Sunday, he said the government, in the mini-budget, would impose more taxes on the people, who were already exposed to galloping inflation. On…
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OP-26 Glasgow ended without satisfactory outcome. It repeated the history of Copenhagen 2009. COP-15 Copenhagen was considered a game changing event after the commitments at Bali 2007. It was expected that developed world will rise to challenge and take the responsibility to combat the climate change. Unfortunately, COP-15 Copenhagen could not deliver, except the promise of US$ 100 billion. The…
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The US and Saudi Arabia have reached a detente after weeks of hostility about high oil prices, with the OPEC+ cartel announcing a production hike even as the new Covid variant threatens demand. The group led by Saudi Arabia and Russia surprised markets by agreeing to add 400,000 barrels a day of oil from January, even as the virus undermines…
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Retailers are continuing to put up fuel prices when they should reduce them in line with savings in wholesale oil prices, the RAC motoring services organisation has claimed. In response to concerns about the Omicron variant, oil prices fell by around $10 a barrel last week. But this reduced wholesale fuel price has not been reflected at the pumps. Retailers…
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Chinese buyers of liquefied natural gas (LNG) are pulling back on spot purchases of the super-chilled fuel as prices remain high and inventories are ample, several trade sources told Reuters. Close to record high freight rates are also crimping demand in the world’s top LNG buyer, resulting in only minor interest from Chinese buyers in the spot market for January…
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The country’s energy sector circular debt has increased by 120 percent to Rs 2.419 trillion on October 31, 2021 as compared to Rs 1.100 trillion when Prime Minister Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) took over the government in August 2018 despite over 50 increase in base tariff, including Rs 3.34 per unit this year, due to inefficiencies, well-informed sources told Business…
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Sui Northern Gas Pipelines Limited’s board of directors on Friday allowed a waiver of the minimum 66 per cent take-or-pay clause for three government-owned liquefied natural gas (LNG) power plants in Punjab in a bid to reduce the burden of capacity payments and increase the interest of both local and foreign investors in the government’s plan of privatising these projects.…
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The Petroleum Division has shared information on deemed duty of refineries with the Cabinet Committee on Energy (CCoE) aimed at updating the forum on this matter due to some controversies. “The summary on deemed duty was placed on CCoE agenda for information and about past upgradation. No decision was sought,” said Minister for Energy, Hammad Azhar while replying to a…
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