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In its Asian Development Outlook (ADO) Supplement, the Manila-based lending agency also lowered economic growth forecast for South Asia to 8.6 per cent, from its earlier projection of 8.8pc, and increased inflation forecast to 5.9pc, up from 5.8pc rate of inflation it had earlier estimated for current year. “Much of the forecast upgrade reflects a higher projection for Pakistan, where adjustments to energy tariffs and higher global commodity prices are expected to exert upward pressure on domestic prices,” reported the ADO supplement without actually projecting an inflation number. In September,…

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Pakistan is working to boost the capacity of its shipping fleet to draw on its strategic geographical position and help tackle the effects of a global supply chain crisis, the country’s maritime minister told Reuters. Pakistan has a coastline of over 1,000 kilometres (621 miles) and three major ports, including Karachi. It is two days sailing time from destinations in Africa and the Middle East and its western shoreline is close to the Strait of Hormuz oil chokepoint. A surge in demand for retail goods from people stuck at home…

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Federal Minister for Information and Broadcasting Fawad Chaudhary said on Tuesday that deregulation of gas sector is going to take place and private companies would provide gas to the people after importing it. While briefing the media about the decisions taken by the federal cabinet chaired by Prime Minister Imran Khan, he said the Oil and Gas Regulatory Authority’s (OGRA’s) annual report 2019-20 was presented to the federal cabinet and for the first time a major reform has been taken by issuing license to 10 companies for supplying gas to…

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Noreen Fatima, a housewife, said “Every time when we approach LPG dealers they inform us about new prices. When we make argument then they suggest us to contact any other dealer.” “We bought LPG at Rs250 per kilogramme last time and now they are charging Rs265 for one kilogramme to cash in on the miseries of the people,” she said. She said “When we see the official rates that are too below from the rates being charged by the LPG dealers. So there is a need to keep vigil over…

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Egypt’s long-suffering LNG industry is finally experiencing some success as it takes advantage of European gas market constraints and exploits regional geopolitical developments. Cairo’s dream of becoming a global LNG player was derailed by a combination of the Arab Spring, conflict with Turkey, and then COVID demand destruction. Now, however, the country’s LNG industry is poised for major growth, with its largest producer, EGAS, having just offered a cargo on a free-on-board (FOB) basis for loading over December 28 and 29 from its Damietta LNG plant. The EGAS LNG tender…

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