Day: May 18, 2020

Oil prices climbed by more than $1 a barrel on Monday to their highest in more than a month, supported by ongoing output cuts and signs of gradual recovery in fuel demand as more countries ease curbs imposed to stop the coronavirus pandemic spreading. Brent crude was up $2.00, or 6.2%, at $34.50 per barrel, after touching a high since April 13. U.S. West Texas Intermediate crude was up $2.57, or 8.7%, at $32.01 a barrel, after rising to its highest since March 16. “Oil prices may show further upside…

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ISLAMABAD, (APP – UrduPoint / Pakistan Point News – 17th May, 2020 ) :All Pakistan Petroleum & Compressed Natural Gas Association (APPCNGA) has demanded of the Federal and provincial governments to restore the public service transport as its closure, enforced due to the coronavirus pandemic, had left around 2.5 million people jobless across the country. “The people associated with the public transport business have received no financial assistance from anywhere and now their economic condition is worsening with each passing day,” Association Chairman Ghiyas Abdullah Paracha said in a statement.…

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The Khyber Pakhtunkhwa (KP) government has recently decided to set up a provincial grid company, a decision being widely hailed as a move in the right direction by high ups in the province. If the plan is successful, KP will become only the second province to be granted a provincial grid company license, with Sindh being the first.  Before getting into what this grid company would actually do, let us try to understand a few things. Consider the example of a small bulb in your home. For electricity to light…

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ISLAMABAD: Amid tight demand-supply conditions of high-speed diesel during the wheat harvesting season, the government has asked the oil marketing companies and refineries to beef up supplies of major transport fuels ahead of Eidul Fitr. In an advisory issued on the weekend, the petroleum division directed “all OMCs to enhance their logistics movement from Karachi to upcountry locations so that sufficient stocks would be maintained at OMC depots”. It also directed all the OMCs and refineries to operate their depots and installations even during the Eid holidays, except the first…

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The COVID-19 pandemic is casting a shadow over the world of a possible economic recession which could be even worse than the one a decade ago, scholars said during the 2020 Tsinghua PBCSF Global Finance Forum held in Beijing on Saturday, calling for global approach and preparation for a long and bumpy recovery. “I don’t think we are at the bottom,” Eric Maskin, 2007 Nobel laureate in economics, told CGTN in a video interview, noting the economy has been hit too hard for financial markets to stay high and, when…

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