Month: May 2022

It’s going to get even more volatile in energy markets – and hence for gasoline prices. Crude prices jumped on Wednesday after the European Union proposed a ban on oil imports from Russia as part of a new round of sanctions targeting the country after its invasion of Ukraine. The details are still being hammered out, and the proposal needs to be unanimously agreed upon by the 27 members of the bloc before going into effect. What to know about the U.S. emergency oil stash as Biden gears up to…

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Crude oil prices fell slightly today after the U.S. Energy Information Administration estimated oil inventories had added 1.3 million barrels during the week to April 29. At 415.7 barrels, the EIA said, inventories were 15 percent below the five-year average for this time of the year. Last week’s build compared with a modest build of 700,000 bpd reported for the previous week. In fuels, the EIA estimated inventory declines across the board. Gasoline inventories fell by 2.2 million barrels last week, according to the authority. This compared with a decline…

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Diesel prices hit yet another new record on Wednesday at $5.43 per gallon, now some $1.2 more than a gallon of gasoline, according to AAA. While high prices at that pump for gasoline have somewhat leveled off, diesel continues to steadily rise, causing an increase in prices of consumer goods because it fuels the trucks that transport an estimated 70% of consumer goods freighted in the United States. With diesel prices now up more than 75% from the year-ago average, Syracuse University supply chain expert Professor Patrick Penfield told New…

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The Directorate General of Gas (Petroleum Division) has Annual Turnaround (ATA) of 15 gas processing plants producing around 390 MMCFD gas, official sources told Business Recorder. The operators, the sources said, have been asked to proceed further accordingly while endeavouring to minimize the shutdown period to the extent possible in consultation with concerned gas utility company and ensuring that the tangible efforts would be made to deliver maximum quantity of deliverable gas, if any, during the ATA period. Moreover, all stakeholders have been directed to make sure that ATA’s of the…

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Oil and Gas Regulatory Authority (OGRA) on Saturday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of May, decreasing the commodity price by Rs180.28 per 11.8-kilogram cylinder. According to the notification, the authority reduced the locally produced LPG price by Rs 15.27 per kilogram. After the revised price, the LPG cylinder would be sold in the open market at Rs2,735.83 in May, which was available at Rs2,916.11 in April. Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs231,850.07 for May. The commodity…

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The Power Division on Sunday announced that it had ended power cuts across the country by injecting about 2,500MW additional electricity into the system. “In line with commitment of Prime Minister Shehbaz Sharif, loadshedding has been brought to zero with effect from 05:00am on May 1,” said Power Minister Engineer Khurram Dastgir Khan. However, in a tweet, he added, “There was zero loadshedding on feeders with better recovery”. The minister said more than 2,500MW had been added to the system. The ministry was striving for uninterrupted electricity during and after…

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Pakistan is blessed with enormous hydropower potential—up to remaining some 40,000MW that has not yet been harnessed effectively and optimally, whereas various hydropower project sites have been identified across the country and their technical and economic feasibility determined. In this context the energy policy in vogue, commonly known as Indicative Generation Capacity Expansion Plan (IGCEP) 2021-2030, has focused on utilising indigenous resources for power generation, and thus developing hydropower on a large scale during the decade, aiming at providing affordable, clean, and renewable energy. The plan envisages an addition of…

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