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…
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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…
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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%…
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Iran is moving ahead with a US$500-million contract for the production development and enhanced oil recovery from its strategically vital South Pars Oil Layer signed between the National Iranian Oil Company (NIOC), the Iranian Offshore Engineering and Construction Company, and an as-yet officially undisclosed foreign company. “In this contract, for the first time, horizontal drilling with new foreign technologies and…
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Here is the response by countries regarding purchases of Russian oil since the war in Ukraine started on Feb. 24 and how companies have acted. Australia, Britain, Canada and the United States have imposed outright bans on Russian oil purchases but the 27 members of the European Union have not been able to agree on the embargo. The bloc is…
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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…
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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…
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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…
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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…
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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…
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