Month: September 2020

Saudi Arabia’s Oil Exports To The U.S. Slump To Lowest Level In Decades

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The world’s top oil exporter, Saudi Arabia, continues to try to tighten the world’s most transparently reported oil market by slashing crude oil shipments to the United States to the lowest levels in decades. OPEC’s de facto leader Saudi Arabia is estimated to have sent to America just 177,000 barrels per day (bpd) in August, according to tanker-tracking data compiled by Bloomberg. To compare, the Saudis shipped as much as 1.3 million bpd to the United States in April, when they sent a fleet of supertankers to flood the U.S.…

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PAC Recommends No More Collection of NEELUM JEHLUM Surcharge

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Islamabad September 2, 2020: The PAC having agreed with the Chairman WAPDA and Auditor General of Pakistan that Neelum Jhelum Surcharge is being levied in the electricity bills despite completion of the Project and expiry of notification in the year 2015, unanimously recommended that Neelum Jhelum surcharge should no more be collected from the consumers of electricity through electricity bills as the Project has already been completed.

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NEPRA Reveals Distribution Companies Are Creating Hurdles & Not Solving Issues

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Central Power Purchasing Agency (CPPA) along with international consultants are in the process of developing a competitive market model for the power sector in Pakistan. The State of Industry Reports 2019 by NEPRA reveals some major issues with the development of the power market. The ground realities and the situation in the country are two of the most fundamental requirements while evaluating and developing the model. According to the report, the major stakeholders in the power sector do not have the required understanding of the market models. Distribution Companies (DISCOs)…

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Doing the right thing the wrong way

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After extensive discussions in the cabinet’s energy and economic coordination committees, the government agreed to the demand of the oil industry to switch the petroleum pricing mechanism from a monthly to fortnightly basis on Arab Gulf Mean oil prices published in Platts Oilgram. The key objectives of the change in the pricing mechanism were to “ensure fair competition … alignment of margins with international pricing trends and (the) smoothing out of volatility and distortions because of purchasing dates of one oil marketing company (OMC)” meaning Pakistan State Oil (PSO). Simultaneously,…

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NEPRA reserves decision on tariff hike

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ISLAMABAD: After questioning the justification for furnace oil-based expensive power generation, the National Electric Power Regulatory Authority (Nepra) on Tuesday reserved judgement on 86 paisa per unit increase in electricity rates demanded by ex-Wapda distribution companies (Discos). “The decision will be issued after carrying out analysis with regards to the statements made by National Power Control Center (NPCC) during the course of hearing,” announced the regulator in a statement after a public hearing presided over by Vice Chairman Saifullah Chattha and attended by three other members. Interestingly, the case officers…

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