The oil sector has been hogging the investment limelight after a spectacular recovery that has set the sector as one of the top performers in 2021. However, it’s natural gas bulls who have been having a real ball with natural gas trading at their highest levels since 2014, outpacing oil and many other commodities. The natural gas sector is off…
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Oil prices traded to a more than seven-year high amid supply fears following a drone attack in Abu Dhabi which set off explosions in fuel trucks and stirred geopolitical tensions in the region. Brent crude futures ($BZ=F) rose $1.28 (£0.94), or 1.49%, to $87.34 a barrel on Tuesday morning, while US West Texas Intermediate ($CL=F) crude futures jumped $1.20, or…
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Federal Minister of Energy Mr. Hammad Azhar and Minister of Energy and Chief Executive of Qatar Energy Mr. Saad Sherida al-Kaabi held a virtual meeting through video conference today. Both sides discussed further promoting bilateral ties, particularly in the energy sector. Minister Hammad Azhar thanked Qatar for ensuring timely supplies of liquefied natural gas (LNG) to Pakistan despite its shortage…
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The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even more because of tight supplies. “These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones.…
Read MoreThe Business Group and Karachi Chamber of Commerce and Industry have cried out while forcefully urging the government not to enforce anti-business provisions of the IMF-dictated mini-budget and instead should concentrate on broadening the tax-base to generate revenue to run the affairs. In this regard, the government should put in place an effective mechanism to control smuggling of oil and…
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The taxes, duties, margin and levies of Rs31.57 have been imposed on the per liter prices of petroleum products. The burden of taxes, duties and levies on the prices of petroleum products has started bothering the people. Taxes, duties, margins and levies are being collected at Rs 31.50 per liter on diesel while the ex-refinery price of petrol is Rs…
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Despite all the hue and cry around gas shortages, Pakistan has not been able to develop any new liquefied natural gas (LNG) terminals since 2017, while smooth commercial import of the scarce commodity still remains a far cry. Energy is a very tricky subject as far as Pakistan is concerned, where the industrialists, compressed natural gas (CNG) sector and domestic…
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In the three years of the PTI government’s rule, the country’s economy has nosedived with indicators like trade deficit, double-digit inflation, interest rate and debt of the country reaching an unimaginable level, causing a huge surge in the economic miseries of 220 million countrymen, Senator Saleem Mandviwalla, the author of the white paper on the current economic state of Pakistan,…
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The ongoing dispute between government and oil and gas exploration and production firms over post facto implementation of the windfall levy on the profits of the said companies is holding back commercial production of oil and gas from new discoveries. “Foreign and local private companies are neither drilling new wells nor commercially producing anything from the new discoveries because of…
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The consumers of liquefied petroleum gas (LPG) are paying up to 209pc higher marketing/ dealer margins and transportation cost on petroleum gas, as compared to petrol and high speed diesel (HSD), which makes the prices of the cylinder gas 30pc expensive in Pakistan than the neighbouring India. For the month of January 2022, the prices of LPG per KG in…
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