Crude oil prices remain exceptionally volatile on Tuesday, with WTI fluctuating between sub-$100 and nearly $104 per barrel after sinking from more than $110 on Monday as bearish and bullish factors push and pull crude benchmarks. Monday saw crude oil prices drop sharply as China lockdowns and Saudi Arabia’s crude oil price cutting contributed to worries about a possible slump…
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Not enough investment in global refining capacity is one of the key drivers of the global rally in gasoline, diesel, and jet fuel prices, according to Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, who reiterated the Kingdom’s view that a rushed transition to cleaner energy fails to take into account realities. “All mobility fuels have skyrocketed … and the…
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Countries should move from coal to renewable energy without shifting to gas as a “transition” fuel to save money, as high gas prices and market volatility have made the fossil fuel an expensive option, analysis has found. Natural gas has long been touted as a “transition” fuel for economies dependent on coal for their power needs, as it has lower…
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The consumption of petroleum products continue unabated as the petroleum product prices remain frozen. After 23 percent in March 2022, the petroleum products sold by the oil marketing companies in April 2022 were up by 25 percent year-on-year. The growth was largely led by furnace oil that increased by over two times in April 2022 versus April 2021, while motor…
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Federal Minister for Power Engineer Khurram Dastgir Khan said on Monday that electricity tariff would go up for the time being due to high international oil prices. “We are facing a critical situation and Prime Minister Shehbaz Sharif has asked to look out ways as to how a revolutionary reduction could be made to the non-development expenditures before asking the…
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Ministry of Finance (MoF) has urged the Power Division to clear Tariff Differential Subsidy (TDS) claims with all codal formalities in place to avoid late payment surcharge (LPS) and other issues of Karachi Electric (KE). According to Finance Ministry, for the CFY 2021-22, Rs.56 billion has been earmarked on account of Tariff Differential Subsidy (TDS) KE under Power Division’s demand,…
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With more than Rs300 billion in stuck up dues, more than two dozen Chinese firms operating in Pakistan on Monday said that they would be forced to shut down their power plants this month unless payments were made upfront. This was the overwhelming theme of a meeting presided over by Minister for Planning and Development Ahsan Iqbal with more than…
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A new World Bank study based on current projections says Pakistan needs to carry out competitive bidding for more than 11 gigawatts (GW) of solar and wind power capacity between now and 2028 to ensure that future procurement of variable renewable energy is carried out strategically, transparently, and at least-cost. Unfortunately, competitive bidding for new power capacity in Pakistan has…
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Low-carbon oil seems pivotal to the future of fossil fuel production as it becomes clear that the world is still highly dependent on crude. Working to fill the gap left by Russia, countries and oil firms around the world are increasing their oil production and long-term output plans. But to achieve ambitious carbon emissions promises, low-carbon oil will be necessary.…
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With Federal Minister for Power Division and State Minister for Petroleum Affairs in place, the government, headed by Shehbaz Sharif, has carved out a plan to wriggle the country out of the energy crisis under which the LNG terminal operators would be allowed to utilize their excess capacity for importing more LNG and would be permitted to ink long LNG…
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