In a move to stabilize domestic prices and facilitate refinery maintenance, Russia has announced a six-month prohibition on gasoline exports starting March 1. The ban, approved by Prime Minister Mikhail Mishustin and confirmed by Deputy Prime Minister Alexander Novak, aims to address surging demand from consumers and farmers while mitigating the impact of recent attacks on Russian refineries. Deputy Prime…
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The interim government has crafted a blueprint for the LPG policy in 2024, proposing the deregulation of LPG pricing alongside a range of tax incentives. Under this draft, new LPG production would enjoy a 10-year tax holiday, while petroleum levy would be abolished, and GST reduced from 18 percent to 5 percent. In this proposed framework, the Petroleum Division’s role…
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In Islamabad, the caretaker Federal Government has announced plans to amend the National Electric Power Regulatory Authority (NEPRA) and Oil and Gas Regulatory Authority (OGRA) Acts with the aim of insulating both regulatory bodies from governmental interference in future tariff notifications. Sources close to the caretaker Minister for Power and Petroleum revealed this significant decision, which was made at the…
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In Islamabad, Pakistan is set to emulate the successful Turkish model by outsourcing the management of its power distribution companies (DISCOs) in a bid to curtail losses, enhance efficiency, and attract investment. Following an agreement with the International Monetary Fund (IMF), Pakistan aims to engage a transaction adviser for long-term concessions by April 2024. The World Bank has offered grant-based…
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In Islamabad, Outgoing caretaker Minister for Power and Petroleum, Muhammad Ali, reflected on recent “painful” gas pricing reforms as one of the administration’s significant accomplishments, despite acknowledging the hardship it brought to consumers. During his departure address, he also conceded the government’s inability to negotiate debt relief with foreign independent power producers (IPPs), particularly those from China, throughout the caretaker…
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Islamabad, February 27, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL) in its meeting held on February 27, 2024, at OGDCL Head Office, Islamabad announced the financial results for the half year ended on December 31, 2023, of the fiscal year 2023-24. Net sales revenue clocked at Rs.235.375 billion translating to Profit after tax of…
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In a historic event held in Lahore, Pakistan, Sunova Solar, a leading global provider of renewable energy solutions, unveiled groundbreaking Tier-1 Solar products, signaling a transformative shift in the nation’s energy landscape. With over 260 distinguished guests in attendance, including industry luminaries such as Mr. Tauseef, former chairman of NEPRA, and visionary Usama Khalid Malik, Director of Strategic Projects, the…
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KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Iftikhar Ahmed Sheikh has strongly condemned NEPRA’s decision to allow an increase of Rs7.0562 per kWh as adjustment in fuel charges component for the month of January 2024 which was totally unacceptable as it would not only raise the cost of doing business but also intensify hardships for common man who…
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In response to a recent surge in power tariffs, the federal government of Pakistan is poised to raise petroleum prices, effective from February 29. Sources indicate that preparations have been finalized for the implementation of these price adjustments. It is anticipated that petrol prices will climb by Rs4.50 per liter, while diesel may witness a Rs2.50 increase. Additionally, Kerosene oil…
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In a significant development, Saudi investors leading the consortium owning majority shares of Karachi Electric (KE) have expressed satisfaction with the progress made in resolving operational issues hindering the sale of the utility to Shanghai Electric Power (SEP), a prominent Chinese entity. The Pakistani government, through a committee established to address regulatory hurdles and payables issues, has successfully resolved three…
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