Year: 2021

Prime Minister Imran Khan has sought an explanation from the Petroleum Division in the wake of complaints from ministers for railways and maritime affairs over failure of Pakistan State Oil (PSO) to utilise services of state units for oil transport. During discussion in a cabinet meeting last week, the railways minister said that PSO had discontinued transport of POL products through Pakistan Railways. The minister for maritime affairs pointed out that, despite repeated directives of the cabinet, the first right of refusal was not being sought from Pakistan National Shipping…

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With Rs9.6 billion extra cost due to shortage of Liquefied Natural Gas (LNG) in July, the National Electric Power Regulatory Authority (Nepra) on Wednesday finalised about Rs1.38 per unit increase in electricity rates for ex-Wapda distribution companies (Discos) for a month under the fuel cost adjustment (FCA). At a public hearing presided over by Nepra chairman Tauseef H. Farooqui, the authority did not agree to a Rs28bn (Rs1.47 per unit) worth of additional FCA for electricity consumed in July owing to deviation from economic order of dispatch and some other…

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Pakistan has stepped up its oil and gas imports this year from last year as demand from its power sector increases amid more economic activities as coronavirus-induced restrictions are lifted, industry sources said. Any significant increase in imports typically push up prices for these fuels. So far in 2021 through September, Pakistan has imported at least 785,000 tonnes of fuel oil through tenders, up 52 per cent from what it imported all of last year, according to data from tender documents and traders. Its total imports of oil and refined…

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Amid unending liquefied natural gas (LNG) difficulties, the country’s pioneer importer — Pakistan State Oil — did not get even a single bid for Oct 22-24 delivery window due to supply constraints in the international market. When contacted, a PSO spokesperson confirmed that the company was scheduled on Wednesday to technically qualify bidders for LNG supply, but did not receive any bid. This comes a day after PSO awarded an LNG cargo to commodity trader Vitol at 24.5456 per cent of Brent (about $17.86 per mmBtu) — the most expensive…

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