NEW DELHI: In July, India overtook China as the largest importer of Russian oil, driven by reduced purchases from Chinese refiners who faced lower profit margins from fuel production. Russian crude accounted for a record 44% of India’s total oil imports, reaching 2.07 million barrels per day (mbpd), marking a 4.2% increase from June and a 12% rise compared to…
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ISLAMABAD: Following a recent approval to charge about Rs10.5 billion in additional fuel cost adjustments (FCA) for May and June, K-Electric (KE) is now seeking to extract another Rs6.2 billion from its consumers through a Rs3.1 per unit FCA for July. The National Electric Power Regulatory Authority (Nepra) has scheduled a public hearing for August 29 to address KE’s latest…
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MPCL would like to address and clarify recent misinformation circulating about a supposed gas discovery by Mari Petroleum Company Limited (MPCL) in Chagi, Balochistan. We categorically deny these reports and confirm that no such discovery has been made or claimed by MPCL.As a responsible and reputable organization, MPCL is committed to the highest standards of transparency and disclosure. We urge…
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ISLAMABAD: Karachi residents are set to experience a significant hike in their electricity bills in October and November, following a decision by the National Electric Power Regulatory Authority (Nepra). The regulatory body has approved K-Electric’s request to impose additional charges of Rs2.5934 per unit in October and Rs3.1688 per unit in November, leading to a total increase of Rs5.763 per…
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ISLAMABAD: In a bid to address the nation’s escalating energy needs, Pakistan is set to auction 20 offshore blocks for oil and gas exploration, Petroleum Minister Musadik Malik informed a parliamentary panel on Wednesday. This marks the first time the country will auction offshore blocks, with the government hopeful of discovering new reserves. Minister Malik, speaking at the National Assembly’s…
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ISLAMABAD: The Central Power Purchasing Agency–Guaranteed (CPPA-G) has requested the Auditor General to settle an audit para concerning an “irregular payment” of Rs151 billion made to Kot Addu Power Company (KAPCO) due to an unauthorized extension of its Power Purchase Agreement (PPA) without approval from the National Electric Power Regulatory Authority (NEPRA). KAPCO, privatized in 1996, had its original PPA…
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ISLAMABAD: Petroleum Minister Musadik Malik assured that 66 percent of gas consumers remain unaffected by recent tariff hikes, thanks to the tiered pricing system. Addressing a parliamentary committee chaired by Syed Mustafa Mehmood, Malik explained that indiscriminate reductions in gas prices would only worsen the country’s circular debt. He emphasized the importance of maintaining balanced tariffs, noting that targeted subsidies…
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PM Defends Punjab’s Autonomy in Funding ReliefEnergy Minister Promises ‘Good News’ on IPPs SoonISLAMABAD: The Punjab government’s exclusive power subsidy has sparked tension among ruling coalition partners, with the PPP and PTI-led provincial governments in Sindh and Khyber Pakhtunkhwa (KP) accusing the PML-N of favoring Punjab over other provinces. The controversy erupted when PML-N President Nawaz Sharif, alongside Punjab Chief…
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Sindh Chief Minister, Syed Murad Ali Shah, has suggested to the federal government that electricity at reduced rates should be supplied to at least one additional shift at factories to ensure greater industrial productivity and increased power consumption in the country.The Sindh CM put forth this suggestion while interacting with a delegation of journalists from Lahore who came to Karachi…
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ISLAMABAD: Minister for Petroleum Musadik Malik announced on Tuesday that the current gas tariff will stay unchanged for the next three months, covering the crucial winter period. Speaking at a press conference, the minister emphasized that this decision is part of the government’s strategy to ease the financial burden on citizens, assuring that no tariff hikes are planned. He added…
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