Prime Minister Muhammad Shehbaz Sharif has stressed the need for making untiring efforts and hard work to realize the dream of our forefathers to put the country on path of development and prosperity. Addressing the inaugural session of “Pakistan Minerals Summit” in Islamabad today, he said today is the day to learn lesson from the past and move forward in…
Read MoreDay: August 1, 2023
Govt hikes petrol, diesel prices by Rs19
Finance Minister Ishaq Dar on Tuesday announced a massive hike of Rs19 in petrol and diesel prices, taking them to Rs272.95 and 273.40 per litre, respectively. In televised remarks, the finance minister said that the price of high speed diesel (HSD) and petrol in the international market had increased over the last 15 days. He said that the government had…
Read MoreRussian oil imports face port, refinery, currency constraints
KARACHI: Pakistan is unlikely to meet a target for Russian crude to make up two-thirds of its oil imports, despite attractive prices, hampered by a shortage of foreign currency and limitations at its refineries and ports, officials and analysts say. The cash-strapped South Asian nation became Russia’s latest customer snapping up discounted crude that has been banned from European markets…
Read MoreSix MoUs inked with China
ISLAMABAD: Pakistan and China, on Monday, signed six memorandums of understanding (MoUs) to further enhance bilateral cooperation and promote economic relations between the two countries during the visit of Vice-Premier He Lifeng. Under the 10–year celebrations of China-Pakistan Economic Corridor (CPEC), Pakistan and China have signed MoUs during a ceremony held at the Prime Minister’s Office after a meeting between…
Read MoreGovt has settled KE dispute, reduced circular debt: minister
ISLAMABAD: The coalition government of Pakistan Muslim League-Nawaz (PML-N), on Monday, claimed that it settled Rs171 billion tariff differential claims of K-Electric (KE) besides reduction of Rs157billion in power circular debt in the last 15 months. Addressing a news conference here on Monday, Minister for Power Khurram Dastgir claimed that the government had added 5,063-MW electricity to the national grid…
Read MoreOgra hikes LPG prices by Rs24/kg
ISLAMABAD: The government announced on Monday a 13.45 per cent or Rs23.9/kg increase in liquefied petroleum gas (LPG) prices for domestic and commercial consumers for August 2023 compared to the previous month. According to a notification issued by the Oil and Gas Regulatory Authority (Ogra), the price per kilogram of LPG would be raised to Rs201 in August, up from…
Read MoreOMAP calls out OGRA chief for favouring big OMCs
ISLAMABAD: The Oil Marketing Association of Pakistan (OMAP) on Monday criticised the Oil and Gas Regulatory Authority (OGRA) OGRA chairman for extending all out support to Oil Companies’ Advisory Council (OCAC) – forum of the big oil marketing companies. In a strongly worded letter to OGRA Chairman Masroor Khan, OMAP Chairman Tariq Wazir Ali pinpointed the deplorable attitude of the…
Read MoreOGDCL registers ‘significant’ oil, gas production boost during July
KARACHI: The Oil and Gas Development Company Limited (OGDCL) on Monday notified a significant increase in oil and gas production from four of its wells located in Sindh. In a notice to the Pakistan Stock Exchange (PSX), the company shared its production boost during July 2023, attributing the enhancement to the use of “cutting-edge technologies”. OGDCL posted a total increase…
Read MoreGovt all set to approve brownfield refining policy this week
KARACHI:The government is likely to approve a policy this week to upgrade its existing refineries and enhance their capacity and efficiency, industry officials said on Monday. The policy, known as the ‘brownfield refining policy’, has been pending for several months and the government wants to finalise it before its term ends next week. “The government has communicated its intention to…
Read MoreCPEC moves into second phase with ‘simple’ celebration
ISLAMABAD: China and Pakistan decided to accelerate the second phase of the China-Pakistan Economic Corridor, hailing the progress on development initiatives in the decade since the project’s launch in 2013. In a special ceremony held to commemorate 10 years of CPEC on Monday, six new documents were signed for joint cooperation. The celebrations, however, were kept simple out of respect…
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