Federal government has raised the petroleum levy (PL) rates by Rs 50 per litre on petrol instead of pass on to public. The prices of petroleum products are maintained at current level with effect from November 1-15). In a fortnightly review, the government has announced that the prices of petroleum products will be same which was announced on October 16.…
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The government has decided to revive 11 revoked petroleum exploration licences as out-of-court settlement after receiving no objection from the Office of Attorney General for Pakistan (AGP), sources in Ministry of Energy told Business Recorder. According to Petroleum Division, under the Pakistan Petroleum (Exploration and Production) Rules, the Federal Government/ authority grants exclusive petroleum Exploration Licences (EL) for petroleum exploration for…
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For policymakers grappling with global energy shortages and households scrambling to pay record high utility bills, some unwelcome news: This year’s energy crisis is going to look mild once next year’s kicks in. It is winter 2023-2024 that is going to be the real crisis. Any current energy planning that fails to account for next year and beyond is jumping…
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I tell people that to understand OPEC, you have to put yourself in their position. Their objective is to maximize the value of the oil they have in the ground. That objective is directly contrary to the desires of most U.S. politicians and consumers — which is access to cheap gasoline. Oil prices have been rising since the pandemic-related production disruption…
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The imposition of a price cap on oil from Russia – being finalised last week by senior officials from the G7 governments in Washington – is an even trickier matter in current oil market and geopolitical circumstances than it usually is. The unofficial oil price range of US$40-75 per barrel of Brent (pb) in place for the vast majority of…
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Prime Minister Shehbaz Sharif on Monday said that he will discuss the revitalisation of the China-Pakistan Economic Corridor (CPEC) in his talks with President Xi Jinping and Premier Li Keqiang during his two-day official visit to China. The premier left for Beijing today and is among the first few leaders to visit the neighbouring country following the historic 20th National…
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Domestic, industrial and commercial consumers require a new LPG policy taking into account new ground realities as the last liquefied petroleum gas (LPG) policy was formulated in 2015. The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President, Irfan Iqbal Sheikh received the Petroleum Minister, Musaddik Malik, who visited the Federation House and consulted a large gathering of local…
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Federal Minister for Power Khurram Dastgir Khan inaugurated 220 kV grid station Lalian and 500 kV grid station Faisalabad West in districts Chiniot and Faisalabad respectively on Monday. Speaking on the occasion, the federal minister said that the reliability of the power transmission network is equally important to provide an uninterrupted power supply to consumers with an improved voltage profile.…
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The fiscal year FY22 witnessed spiking oil and energy prices, which lifted the revenues and earnings of the E&P sector. Mari Petroleum Company Limited (PSX: MARI) also announced its higher revenues coming from higher oil and gas prices in FY22. In 1QFY23 as well, MARI’s revenues were seen climbing by 53 percent year-on-year on account of higher gas wellhead prices…
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Moscow has pointed the finger at London for the explosions that put the Nord Stream 1 and 2 pipelines out of commission. London has denied any involvement, Reuters reported this weekend. “According to available information, representatives of this unit of the British Navy took part in the planning, provision and implementation of a terrorist attack in the Baltic Sea on…
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