Year: 2021

Oil sales jump 26pc to 14mln tons last month

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KARACHI: Sales of petroleum products surged 26 percent year-on-year to 1.4 million tons in February as consumer demand was seen recovering back to the pre-COVID level, official data showed on Tuesday. The off-takes of petroleum products stood at 1.1 million tons in February 2020. However, sales of petroleum products were down eight percent month-on-month partly due to two working days less in February compared to January. “The growth in sales volumes was primarily attributable to resilience displayed by the economy and the ensuing demand for motor spirit, better agricultural yields…

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NA told: Debt-to-GDP ratio may soar to 87pc by end-FY21 Zulfiqar Ah

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Finance Minister Dr Abdul Hafeez Shaikh Monday informed the National Assembly that the debt-to-GDP ratio was expected to be 87 percent by end-fiscal year 2020-21, saying enough had been done to rationalise expenditures, broadening of tax base, and restructuring of the public sector enterprises. In a written reply, he said that the robust policy adopted by the government had resulted in a much lower debt accumulation during FY 2019-20 compared to 2018-19. “Over the medium-term, the government’s objective is to ensure gradual reduction in fiscal deficit which would subsequently reduce…

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Power sector marching towards unresolvable problems’

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Chairman of National Business Group and President of Pakistan Businessmen and Intellectuals Forum Mian Zahid Hussain has said that the power sector may crumble under the burden of defective planning and wrong contracts, and the business community hope that China will bail out Pakistan from this mess. He said the power sector was marching towards un-resolvable problems while Prime Minister Imran Khan and COAS Qamar Javed Bajwa were trying their best to tackle the issue which was highly laudable. Mian Zahid Hussain said that the government had completed talks with…

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Local LPG price increases by Rs21.78 per 11.8-kg cylinder The new p

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Oil and Gas Regulatory Authority (OGRA) on Monday issued a price-revision notification of Liquefied Petroleum Gas (LPG) for the month of March. According to the notification, the authority increased the locally produced LPG price by Rs 21.78 per cylinder of 11.8 kilograms. After the revised price, the cylinder would be sold in the open market at Rs1,884.92 during the current month, which was available at 1,863.14 in the last month. Whereas, the per Metric Ton (MT) LPG rate has been fixed at Rs159,738.70 for the month of March.

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Bitcoin mining: A solution to Pakistan’s new energy problem?

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After decades of shortfall, Pakistan is facing a new energy conundrum. We are producing a lot more energy than we need but without a distribution and grid system, we have no way to make use of this energy. I know some of you might have lost this one in the list of problems such as circular debt, IPP power contracts, and the frequent changes and discussions about energy tariffs. Others might even find it hard to believe that we’re producing more than we need as the excruciating memory of load shedding…

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