Year: 2020

ISLAMABAD: Prime Minister Imran Khan is keen on addressing the challenges related to climate change and the introduction of Euro-V standard fuel in a short span of time shows the government’s commitment to reduce air pollution for a clean environment, said Petroleum Minister Omar Ayub Khan. At an event organised by Pakistan State Oil (PSO) to mark the upgrading of Pakistan’s fuel standard to Euro-V, the minister termed it the need of the hour to adopt upgraded fuel standards that would reduce the negative impact on environment and help the…

Read More

KARACHI: The government has achieved a major breakthrough by reducing the price of electricity for end-consumers as power producers have agreed in principle to limit their profit margins and will no more be entitled to capacity payments in case power generation is not needed in future. In case the independent power producers (IPPs) earn a higher profit than the one agreed with the government, then they will share the maximum proportion of the additional profit with the state. The government has ended the award of profit in US dollars to…

Read More

KARACHI: The country should take full benefit of the relaxations under arrangement of special and emergency clauses allowed by the global trading system under World Trade Organisation, said Federation of Pakistan Chambers of Commerce and Industry Vice President Sheikh Sultan Rehman. Speaking at a webinar on “Covid-19: Trade and Trade Related Measures”, he said that the trade and trade facilitated allowances should also be capitalised for making appropriate pressure on public sector to structure the temporary policies towards the gain economy in the present crisis generated by declining world trade…

Read More

ISLAMABAD: A Senate panel was informed on Tuesday that latest memorandums of understanding (MOU) with power producers did not include circular debt. The committee was also informed that K-Electric had caused a loss of Rs144 billion to the federal government and is holding back Rs44bn of consumers’ money through stay orders. This was the crux of a meeting of the Senate Standing Committee on Power presided over by Senator Fida Muhammad. Senator Nauman Wazir of PTI, who had led a sub-committee of the senate panel that recommended investigations against independent…

Read More

As the Nation’s own Oil Marketing Company (OMC), PSO continues to revolutionize the industry by becoming the first OMC to upgrade Pakistan’s fuel standard from Euro 2 to Euro 5. PSO’s Hi-Octane 97 Euro 5 was launched at a grand ceremony held at PSO Service Station-2, Diplomatic Enclave, Islamabad. Minister for Energy, Mr. Omar Ayub Khan and Special Assistant to the Prime Minister on Petroleum, Mr. Nadeem Babar were Chief Guests at the ceremony. PSO’s Euro 5 standard Hi-Octane 97 RON fuel is available at PSO retail outlets in all major cities…

Read More