The Economic Coordination Committee (ECC) has deferred approving increases in the margins of oil marketing companies (OMCs) and revising oil prices on a weekly basis. Sources said that Miftah Ismail chairman ECC said that they would consider the agenda in the upcoming meeting. The petroleum division had requested ECC to approve margins of ECC by…
It is going to be tough for Pakistan to import LNG in the upcoming winter season due to the curb on Australian gas exports, which would tighten LNG supplies in the international market. Pakistan has been dependent on LNG exports due to the rising demand for gas in the domestic market. The country has been…
A heavy spell of rain caused major infrastructural damage in various areas of Baluchistan Province. OGDCL has provided Rs 20 million. as flood relief assistance for affected people in Balochistan Province. In the wake of the massive disaster; OGDCL, being a responsible corporate, played an exemplary role in the form of extending relief to flood-affected…
Saudi Arabia and the United Arab Emirates have agreed to “substantially increase” oil production if necessary. The countries agreed to pump more oil if there is a global supply shortage this winter. Saudi Arabia, the United Arab Emirates, and other OPEC nations have a spare capacity of up to 2.7 million barrels per day (BPD)….
The government has agreed to give the oil industry a free hand in setting oil prices by enacting deregulation as part of a new proposed energy policy beginning on November 1, 2022. Currently, furnace oil prices are deregulated, although the prices of gasoline and high-speed diesel (HSD) are regulated. In a meeting conducted on Wednesday,…
Prime Minister Shehbaz Sharif has asked the Power Division to seek the legal opinion of the Law Ministry to nominate government directors to the KE board directors. Prime Minister has directed the Power division to inquire with the Ministry of Law as to whether Federal Cabinet consent is required to nominate GOP directors to the…
The first unit of K-Electric’s Bin Qasim Power Station 3 (BQPS-III) is currently offline following a fault identified during a test being conducted as part of the plant’s commissioning. Per a statement by K-Electric, “The development arose during testing being performed by Siemens AG as part of the final stages of commissioning. Representatives from Siemens…
The government on Sunday reduced the petrol price by Rs 3.05 per litre, effective from August 1, 2022. It hiked the increased price of high-speed diesel (HSD) by Rs 8.95 per litre. The government had also increased the price of kerosene oil by Rs 4.62 per litre. It reduced the price of light diesel oil…
The Economic Coordination Committee (ECC) has approved the transfer of Rs 30 billion to prevent Pakistan State Oil (PSO) to stop from defaulting on its international obligations. PSO was on the verge of financial default as its receivables ballooned to Rs 605 billion, a record amount in Pakistan’s history. ECC was reportedly informed by sources…
Govt set to reduce the rate of petrol by Rs 3 per litre, Rs 10 per litre increase in diesel price from August 1 Ibn-e-Ameer Oil companies have warned the government to go on strike due to capping dollar prices at Rs 225 in the revision of oil prices for the next fortnight effective from…