Massive relief: Govt. reduces petrol price by Rs 40 per liter
The government reduced petrol price by Rs 40 per liter and HSD Rs 15 which would be applicable from October 16, 2023 and remain enforced for the next fortnight.
Adil Aziz
Saudi Arabia to continue voluntary oil output cut of one million barrels per day
SAUDI Arabia said it would continue with its voluntary oil output cut of one million barrels per day for the month of November and until the end of the year. The kingdom’s production for November and December will be approximately 9 million bpd, an energy ministry statement posted on the Saudi state news agency SPA said….
Govt slashes petrol prices by Rs.8 per liter
The caretaker federal government reduced prices of petrol by Rs.8 per liter, according to press statement issued by finance ministry. “In the wake of variations in international prices of petroleum products and the improvement in the exchange rate, the government of Pakistan has decided to revise the consumer prices of petroleum products,” the statement. Accordingly,…
OGRA for avoiding speculation on POL prices
Oil and Gas Regulatory Authority underlined the need for avoiding speculations regarding the prices of petroleum products (POL) as these were primarily dependent on international market trends and the Rupee-dollar exchange rates. “Petroleum product prices in our country are primarily dependent on international market prices and the exchange rate of the Dollar. In recent times,…
Russia imposes temporary restrictions on fuel exports
RUSSIA has introduced temporary restrictions on exports of petrol and diesel in order to stabilize the domestic market, the government said on Thursday (Sep 21). It did not specify how the restrictions would work. The energy ministry said separately that they would prevent unauthorized “grey” exports of motor fuels. “Temporary restrictions will help saturate the…
Inefficient SOEs inflict Rs 500 Billion loss to national exchequer in 2022: Finance Minister
Owing to inefficiencies and mismanagement, the deficient State-Owned Enterprises (SOEs) incurred overall losses of around Rs 500 billion to the national exchequer during last year (2022), Caretaker Federal Minister for Finance, Revenue, Economic Affairs, Dr Shamshad Akhtar said. Addressing a press conference, the minister said there were also profit-making enterprises, which earned an aggregate profit…
Oil inches higher on supply concerns
OIL prices inched higher on Monday, buoyed by forecasts of a widening supply deficit in the fourth quarter after Saudi Arabia and Russia extended cuts and on optimism of a demand recovery in China, the world’s top crude importer. Brent crude futures rose 5 cents, or 0.1 per cent, to US$93.98 a barrel by 0027…
Oil rises to highest in 2023 on tight supply expectations
OIL prices climbed on Thursday to their highest this year, as expectations of tighter supply outweighed worries about weaker economic growth and rising US crude inventories. Brent crude rose US$1.82, or 1.98 per cent, to settle at US$93.70, after touching US$93.89, its highest since November 2022. US West Texas Intermediate crude (WTI) gained US$1.64, or 1.85…
Disastrous electricity tariffs renegotiate capacity charges and put a halt on sales tax: Irfan Iqbal Sheikh
Mr. Irfan Iqbal Sheikh, President FPCCI, has said that Pakistani households and businesses are facing mounting power prices. NEPRA’s latest forecast for power purchase prices for the fiscal year 2023 – 24 reveals a substantial financial burden, with consumers to bear 68 percent of costs for fixed capacity payments; primarily benefiting coal plants. Mr. Irfan…
FPCCI concerns over power hike; demands cut in taxes
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) President Irfan Iqbal Sheikh said that Pakistani households and businesses were facing mounting power tariff. He demanded for renegotiating capacity charges and put a halt to sales tax, besides reducing the ratio and number of taxes in the electricity bills. Addressing a press conference here at…