Petroleum product prices have been reduced by the government despite rising international prices, which first crossed $100 per barrel mark and have now approached $130. The issue has been compounded by the Ukraine conflict. In Pakistan, petroleum prices have been and are the lowest in the region. Petroleum product prices have been reduced by Rs10 per litre. Gasoline and diesel…
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Pakistan and Saudi Arabia are to finalise agreement on oil facility by March 28, 2022, according to which the former will supply oil of $1.2 billion yearly for three years on deferred payment. This understanding was reached between Pakistan and Saudi Arabia during the visit of Prime Minister Imran Khan to Saudi Arabia in October last year. The issue of…
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Oil and Gas Regulatory Authority (Ogra) has granted an extension of two years to Sui Northern Gas Pipeline Limited (SNGPL) for construction of LPG Air-Mix plant in Gilgit as the company has failed to meet its earlier deadline for the completion of the project. Ogra has also imposed a fine of Rs 20 million on SNGPL for two years delay…
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Europe became the largest customer of U.S. producers of liquefied natural gas recently, taking in more than 50 percent of total U.S. shipments over the last three months. But U.S. LNG, as well as LNG from other sources, would only provide short-term relief. For starters, there are the long-term contracts that all LNG producers in the U.S., Australia, and Qatar…
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In the Recent Monetary Policy the State Bank of Pakistan left the benchmark interest rate unchanged at 9.75% for the next one and half month, significantly higher than the countries in the region, which is a surprise for the business community, said Ateeq Ur Rehman, economic & financial analyst. He said basically, Pakistan is struggling for foreign and local investment…
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State-owned Pakistan State Oil (PSO) refused to take responsibility of oil imports on behalf of other Oil Marketing Companies (OMCs), saying market situation was volatile with regards to product availability, The New learnt on Saturday. PSO said suggestions put forth by Oil & Gas Regulatory Authority (OGRA) were not only anti-competitive, but also appeared to be contrary to the public…
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The US-led West is placing sanctions on Russia. These have global repercussions in terms of energy pricing and security. The US and the UK are largely unaffected while the EU is facing consequences. The Middle East is a beneficiary as higher prices will add to oil producing countries’ coffers. Russia is economically doomed due to the sanctions. Second in line…
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The State Bank of Pakistan (SBP) decision of allowing commercial banks to extend cheaper loans for conversion of tube-well operations to solar power for availing the net metering facility, the power distribution companies have started receiving an overwhelming response from such consumers across the country. Under the provisions, the tube-well connections seeking net metering on a load up to 25kW…
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The Ghazi Barotha canal has turned into a death trap for picnickers who take a plunge in its lake since the absence of safety equipment makes it almost impossible to pull a bather out once the strong currents suck him down, a Senate panel observed on Thursday. The upper house’s standing committee on water resources called upon the authorities to…
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Sindh minister for Industries & Commerce and Cooperative Department Jam Ikramullah Dharejo has said that Government of Sindh believes in business beyond borders and that’s why we effectively and efficiently participate in CPEC initiatives. This he said as a key speaker in Sindh Industrial Cooperation B2B Investment Conference ( Sindh Chapter) organized by Board of Investment here at a local…
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