OPEC+ has been cutting oil output since November in the face of flagging prices VIENNA: Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. OPEC+ has been cutting oil output since November in the face…
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DISCOs’ consumers will pay Rs22.6b; KE tariff will also rise by Rs1.45 per unit ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) indicated on Wednesday that electricity tariff would be increased by another Rs1.90 per unit under fuel cost adjustment (FCA) for May 2023, which would put a burden of Rs22.6 billion on consumers of all distribution companies (DISCOs). Separately…
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LESCO suffers serious damages due to record-breaking rain LAHORE: The installations of Lahore Electric Supply Company (LESCO) suffered severe damage due to heavy monsoon rain in the five districts falling in its region on Wednesday. Three people, including a woman, lost their lives due to electric shocks. LESCO sources said several electric poles collapsed and transformers were extensively damaged. The…
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President Karachi Chamber of Commerce & Industry (KCCI) Mohammed Tariq Yousuf, while referring to NEPRA’s Public Hearing held on Wednesday, rejected the Regulator’s decision to give go ahead to K-Electric for raising Fuel Cost Adjustment (FCA) by Rs1.495.
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ISLAMABAD: Pakistan has forcefully dismissed the notion being floated in social media that Russian crude oil was refined in an Indian refinery before being sent to Karachi Port. Indian media is repeatedly claiming that the Russian oil was first processed in an Indian refinery and then dispatched for consumption in Pakistan. According to an Indian news outlet, it was the…
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Islamabad/New Delhi: Pakistan’s prime minister Shehbaz Sharif has vowed to turn round the country’s crisis-hit economy as he faces hotly contested elections this year, after the government secured a crucial $3 billion IMF rescue financing deal to avert the threat of default. Pakistan and the IMF on Friday reached a preliminary agreement for a nine-month, short-term loan package after months…
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Three solar-powered rest areas for delivery riders have been launched in Abu Dhabi to offer crucial respite from the intense summer heat. The emirate’s Joint Committee for Traffic Safety has joined forces with the Ministry of Human Resources and Emiratisation and food delivery company Talabat to provide shelter for workers while supporting the county’s green goals, under the Summer Together campaign. The shelters –…
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ISLAMABAD: Pakistani’s maximum benefit on Russian crude would stand at $7-8 million/100,000 tonnes compared to Middle Eastern oil, translating to Rs1.30/litre discount on petrol for consumers, an Energy Ministry official told The News. The discount could further increase to Rs1.60/litre petrol for the end consumers, in case National Refinery Limited, Pakistan Refinery Limited, and PARCO refined URAL, the official added.…
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ISLAMABAD: The power sector circular debt has reached a staggering amount of Rs2.646 trillion by the end of May 2023, registering an increase of Rs394 billion from July 2022 to May 2023, according to a report by the Ministry of Energy. The mounting debt has become a major concern for the government and power sector policymakers, as it indicates monthly…
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Exclusive report by Energy Update The outgoing federal government has moved an ordinance in haste related to amendments in the NEPRA Act during the times when the president of the Pakistan is on the holy journey for the performance of Hajj and in his absence making efforts to get ordinance passed through acting president. In general the proposed amendments, if…
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