In its largest hike since 1994, the Federal Reserve raised rates by three-quarters of a percentage point, or 75 basis points, with oil prices responding by drawing down just under 1%. Wall Street had largely anticipated a 75-basis point hike, and oil prices were down 1% on Wednesday, ahead of the Fed meeting, regaining some ground by the time of…
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Oil demand growth is set to accelerate next year, with global demand averaging a record 101.6 million barrels per day (bpd) and exceeding pre-COVID levels, the International Energy Agency (IEA) said on Wednesday in its first outlook for 2023. “While higher prices and a weaker economic outlook are moderating consumption increases, a resurgent China will drive gains next year,…
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Oil and Gas Development Company Ltd (OGDC) said on Wednesday the joint venture of Guddu Block — in which the company is an operator with a 70 per cent stake — has discovered gas in an exploratory well called Umair South East-1 in Ghotki district of Sindh. A regulatory filing said Umair South East-1 was spudded in on May 9…
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With receivables of the state-run Pakistan State Oil (PSO) already at a backbreaking Rs600 billion record and counting, the Petroleum Division has reported a gross liquidity requirement of about Rs1.98 trillion for the first quarter of the next fiscal year beginning July 1 for fuel imports to minimise the prevailing loadshedding. The PSO and Pakistan LNG Limited (PLL) are importing…
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The National Electric Power Regulatory Authority (Nepra) on Wednesday allowed 42 paise per unit increase in average tariff of distribution companies (Discos) of Wapda under quarterly tariff adjustments (QTA) for January-March. The decision was taken at a public hearing presided over by Nepra chairman Tauseef H. Farooqui. The higher rate would be charged to consumers for three months and would…
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Rimini/Bonn/Roma, 15 June 2022 – The world has substantially accelerated wind power deployment, with more than 100 Gigawatt being installed worldwide in 2021. Climate change and the latest geopolitical crises have underlined the need to accelerate these deployment rates, together with other renewables and complementary technologies, such as storage. The end of June, wind energy experts from around the world will…
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Abdul Rashid, President, Site Association of Industry, Karachi, while expressing deep concern over the increase in prices of petroleum products by Rs 59, has demanded Prime Minister Shehbaz Sharif, Finance Minister Miftah Ismail and Minister of State for Petroleum Division Senator Musadik Masood Malik to withdraw hike in POL prices and another alternative solution must be found to cover the…
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Mr. Shabbir Hassan Mansha, Acting President FPCCI, has expressed his shock and awe at the astronomical increase in the prices of petrol and diesel. Increase in petrol price by Rs. 24.03per liter will crush the masses and Rs. 59.16per liter in diesel price will have a multiplier effect on goods transportation costs; which will drive the commodities and food supplies…
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