The decision by the Pakistan to import fuel oil in a hurry towards the end of last year due to gas shortages and high LNG prices created a problem of plenty in the domestic market. As a result, Pakistani refiners are left with no choice but to reduce throughput. “The fuel oil glut is a combination of fuel oil imports…
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NGI’s Spot Gas National Avg. dropped $1.280 to $5.510 as prices pulled back sharply in the volatile Northeast amid a spate of moderate weather to start the week. NatGasWeather said forecasts showed mild conditions would push across the country through Wednesday. However, heating demand “is still on track to spike late this week as an Arctic blast sweeps across the Midwest and…
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GEO-economy has become the “mantra” of every government in the world. Now Chinese “shared prosperity” and the US & West “hegemonic concepts” are competing to sway the hearts and souls of the people. China’s posture is open, transparent, unconditional, interactive, productive and participatory. Whereas, the US and the West are giving mixed signals pertaining to their obsession of military might,…
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The approval of the Indicative Generation Capacity Expansion Plan (IGCEP) 2021-30 marked a major milestone for the development and planning of power sector. The approval itself was shrouded in controversy, with the Sindh representative opting to withhold his approval and subsequently Sindh government openly challenging this approval process. Nevertheless, it highlighted a key opportunity for growth in the energy sector:…
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Crude oil’s latest bull run, which saw Brent climb to its highest level since 2014 on Tuesday, has put geopolitics front and center of market concerns. Having spent the last year fretting over supply, markets and investors appear suddenly more spooked by the what ifs of global politics and its impact on still tight supplies. This week’s drone attack by…
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The federal government on Tuesday imposed 2.5 per cent of the sales tax on petrol. According to the issued notification, the sales tax of 5.44 per cent has been imposed on diesel. The sales tax rate on kerosene has been increased to 8.3 per cent and on light diesel to 2.7 per cent. Under the sales tax notification, the price…
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Federal Minister of Energy Mr. Hammad Azhar received World Bank’s Country Director for Pakistan Mr. Najy Benhassine at his office in Islamabad today. The meeting also reviewed progress about the World Bank funded ongoing projects in the energy sector. Mr. Najy Benhassine appreciated the energy sector reforms undertaken by the Government. Appreciating World Bank’s support in economic development of Pakistan,…
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To celebrate the achievements of NEPRAs licensees in the area of Corporate Social Responsibility (CSR), NEPRA organized the first ever CSR Award Ceremony at NEPRA Headquarters today. The ceremony was chaired by Chairman NEPRA, Mr. Tauseef H. Farooqi and was attended by large number of NEPRA Professionals and licensees, including, K-Electric, Pakistan Atomic Energy Commission (PAEC), Water and Power Development…
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The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even further because of tight supplies. “These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones.…
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Pakistan’s oil and food import bill surged 73 per cent to $14.97 billion in the July-December period compared to $8.67bn a year ago owing to higher international prices and massive depreciation of the rupee. The share of these products in the total import bill also rose to 37pc during the six-month period, data released by the Pakistan Bureau of Statistics…
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