Month: November 2021

Tax breaks kick Pakistan’s electric car shift into higher gear

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Pakistani businessman Nawabzada Kalam Ullah Khan had been planning to swap his family’s petrol-powered cars for electric models for years. But it wasn’t until a set of massive tax cuts came into effect in July that the 29-year-old from Pakistan’s capital Islamabad finally put in an order for two electric cars. “Someone has to take the initiative to switch to these cost-efficient, environment-friendly vehicles in the face of increasing pollution in big cities — and we’ve done it,” Khan said. His new cars, he said now cost about five times…

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Pakistan to import LPG from Iran in exchange of rice, says Dawood

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Pakistan and Iran have agreed on a barter deal to exchange rice and import liquified petroleum gas (LPG), announced Adviser to Prime Minister on Trade and Commerce Abdul Razak Dawood. Pakistan would import LPG from Iran in exchange of rice under the barter arrangement, a memorandum of understanding for which was signed during 9th Joint Trade Committee (JTC) meeting in Tehran earlier this month. At JTC, both sides resolved to take bilateral trade to $5 billion by 2023. Dawood, while addressing a press conference at the Karachi Press Club, said…

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LNG Tanker Rates Surge to Record as Asia Buys More U.S. Gas

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Spot freight rates for liquefied natural gas tankers in the Asia-Pacific have surged to record highs as a steady flow of U.S. cargoes to the region boosts demand for ships. The cost of chartering a vessel to carry a shipment of the super-chilled fuel from Australia to Japan spiked to $316,750 per day on Tuesday, five times higher than two months ago, according to data from Spark Commodities. That beats the previous high in January during a cold snap in Northeast Asia. The jump comes in the run-up to the…

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IMF and Pakistan

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IMF Gas Reforms

When a country’s economy is in shambles, it can hardly afford more conditions from the lenders; that’s what Pakistan is facing in dealing with the IMF. Adviser to the PM Shaukat Tarin has once again outlined the necessity to comply with five prior conditions that Pakistan must fulfil before the IMF calls a meeting of its board of directors to approve the revival of its six-billion-dollar extended fund facility. The IMF suspended the facility in April 2021, and since then Pakistan’s economy has been on tenterhooks. The statement by Tarin…

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Biden Urges Government Regulator To Examine High Gas Prices

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President Joe Biden called on US regulators to look into the causes of the nationwide spike in gasoline prices, which he said is hurting workers. The president last week made fighting inflation a top priority after data showed consumer prices hit a 30-year high in October, fueling a slump in his public approval. In a letter to the Federal Trade Commission (FTC), Biden took aim at oil companies he says are raising prices at the pump even as their expenses decline and profits soar. He instructed the agency to look…

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