Year: 2021

Govt to end supply of subsidised gas to industry

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With supply shortages and unsustainable average cost of gas, the government is going to withdraw subsidised gas rates of $6.5 per unit for the industrial sector as first part of a three-phased tariff rationalisation plan. A senior government official told Dawn that Ministry of Energy (Petroleum Division) had already moved a summary to the federal cabinet for ending subsidised gas supply to the industrial sector, including captive power plants, immediately. He said a meeting of the cabinet scheduled for Tuesday (tomorrow) is expected to take up the summary for a…

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Business community rejects steep hike in petroleum products

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petrol

Business community have rejected yet another record increase in prices of petroleum products and urged the government to revise its decision forthwith. Traders while talking to this scribe on Sunday said that a relief package was announced by Prime’s Minister during address to nation, but at the same time, the government has continuously increased prices of petroleum commodities, which was completely incomprehensible and illogical. Terming the increasing prices of petrol and diesel as well electricity and gas tariffs as a part of IMF conditions, the business community described the government’s…

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Blow to $3 bn gas pipeline project: Russia upset over new move by PD for renegotiation on settled issues

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gaspipeline_akhbar

Top sources said that the Russian delegation that was due to start talks on November 9-12 in Islamabad to finalize the remaining points of the shareholding agreement has been stopped by the authorities in Moscow. They took the letter, the sources said, from the Petroleum Division as a shocking surprise and called back the Russian delegation to Moscow that was in Dubai to reach Pakistan on November 9, 2021. Pakistan and Russia earlier held four-day talks to finalize the shareholding agreement in Islamabad on October 25-28, which ended inconclusively with…

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Asia LNG prices slip below $30/mmBtu as supply improves in Europe

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Asia liquefied natural gas (LNG) prices fell for a third straight week, as improved gas supply in Europe reduced the competition for LNG in Asia, though losses were limited by fresh demand from Pakistan and Turkey. The average LNG price for December delivery into Northeast Asia fell to $29.50 per metric million British thermal units (mmBtu), down $1.50 or about 5% from the previous week, industry sources said. European wholesale gas prices fell this week after flows from Russia through the Yamal pipeline resumed after a five-day pause. LNG cargoes…

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Gas must be supplied to industries on priority basis: leading exporters

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Leading industrialists/ exporters have demanded that first priority in respect of gas supply must be given to industries of Karachi which contribute more than 54 percent to national exports, provide highest urban employment and generate highest taxes for the Government, besides being the highest subsidy provider. They demanded that the Government must give industry total preference and top priority and cross subsidies should be reduced drastically and done away with. The gas charges for the domestic sector, fertiliser and other sectors should be rationalised. There should be some other mechanism…

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