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…
Adil Aziz
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…
KCCI Chief appeals immediate relief in electricity bills by tomorrow
President Karachi Chamber of Commerce & Industry (KCCI) Mohammed Tariq Yousuf has said that although the Caretaker Prime Minister convened an urgent meeting on Sunday wherein the concerned authorities were directed to devise concrete measures within 48 hours to alleviate extraordinary burden of inflated electricity bills but the Karachi Chamber was under tremendous pressure being…
BMG, KCCI Leadership term unbearable electricity tariff as ‘un-viable’
The Leadership of Businessmen Group and Karachi Chamber of Commerce & Industry (KCCI), while referring to Caretaker Prime Minister’s meeting scheduled in Quetta on Sunday (August 27) with representatives of Power Sector, stated that the Karachi Chamber once again strongly protests the unbearable rise in electricity tariff as it was neither affordable for common man…
Historic hike in petroleum prices is equivalent to adding fuel to the fire: Suleman Chawla
Mr. Muhammad Suleman Chawla, Acting President FPCCI, has strongly rejected the massive hike in the prices of petroleum products effective from August 16, i.e. petrol by 6.4 percent or PKR. 17.50 per liter to make it 290.45 & high speed diesel by 7.3 percent or PKR. 20.00 per liter to take it to 293.40 per…
KCCI asks govt. to withdraw hike in Petroleum Prices, electricity tariff
President Karachi Chamber of Commerce & Industry (KCCI) Mohammed Tariq Yousuf, while expressing sheer dismay over exorbitant upsurge in petrol and diesel prices by Rs17.50 and Rs20.00 respectively, stated that this extraordinary increase in fuel prices was totally unbearable for all segments of society including the business & industrial community as it would open up…