Day: December 4, 2021

Retailers Make Shocking Petrol Profit, Says RAC

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petrol

Retailers are continuing to put up fuel prices when they should reduce them in line with savings in wholesale oil prices, the RAC motoring services organisation has claimed. In response to concerns about the Omicron variant, oil prices fell by around $10 a barrel last week. But this reduced wholesale fuel price has not been reflected at the pumps. Retailers added on average another 3.1p to a litre of unleaded petrol and 2.7p to diesel in November. The RAC said this hike in petrol prices was “completely unjustified”, with larger…

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China pares spot LNG purchases as high prices bite, inventories ample

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Chinese buyers of liquefied natural gas (LNG) are pulling back on spot purchases of the super-chilled fuel as prices remain high and inventories are ample, several trade sources told Reuters. Close to record high freight rates are also crimping demand in the world’s top LNG buyer, resulting in only minor interest from Chinese buyers in the spot market for January cargoes in recent days, sources said. LNG shipments to China in November slipped by about 2% from the previous month to the lowest monthly volume since February, shiptracking data from…

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Circular Debt Soared to Rs2.419trn by Oct 31st

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The country’s energy sector circular debt has increased by 120 percent to Rs 2.419 trillion on October 31, 2021 as compared to Rs 1.100 trillion when Prime Minister Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) took over the government in August 2018 despite over 50 increase in base tariff, including Rs 3.34 per unit this year, due to inefficiencies, well-informed sources told Business Recorder. Another average increase of Rs 0.63 per unit in base tariff is in the offing on the basis of tariff petitions filed by the Distribution Companies (Discos). Nepra has…

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Gas-Buying Clause Abolished for Three LNG Power Plants

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 Sui Northern Gas Pipelines Limited’s board of directors on Friday allowed a waiver of the minimum 66 per cent take-or-pay clause for three government-owned liquefied natural gas (LNG) power plants in Punjab in a bid to reduce the burden of capacity payments and increase the interest of both local and foreign investors in the government’s plan of privatising these projects. The board also approved a proposal in principle for setting up another LNG terminal by a private firm at Karachi port. Federal Minister for Energy Hammad Azhar appreciated the decision…

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Refineries: Petroleum Div has Shared info on Deemed Duty with CCoE

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The Petroleum Division has shared information on deemed duty of refineries with the Cabinet Committee on Energy (CCoE) aimed at updating the forum on this matter due to some controversies. “The summary on deemed duty was placed on CCoE agenda for information and about past upgradation. No decision was sought,” said Minister for Energy, Hammad Azhar while replying to a query sent by Business Recorder on Friday. The summary presented before the CCOE on December 2, 2021, on deemed duty says that refineries have spent Rs 199 billion against collection…

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