Year: 2021

The petroleum dealers association on Wednesday withdraw their protest strike call after a government team agreed to increase their margins on sale of petroleum products by 6 per cent within a few days. The association had given a countrywide strike call for November 5 against inability of the government to increase their margins for two years. They met the government team led by Energy Minister Hammad Azhar in which the petroleum division agreed to increase the margins by 6pc this month. The meeting constituted a committee led by petroleum secretary…

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More than 40 countries have agreed to phase out their use of coal-fired power, the dirtiest fuel source, in a boost to UK hopes of a deal to “keep 1.5C alive”, from the Cop26 climate summit. Major coal-using countries, including Canada, Poland, South Korea, Ukraine, Indonesia and Vietnam, will phase out their use of coal for electricity generation, with the bigger economies doing so in the 2030s, and smaller economies doing so in the 2040s. However, some of the world’s biggest coal-dependent economies, including Australia, China, India and the US…

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China thermal coal futures rebounded nearly 9% on Wednesday after falling for 10 straight days, as the government indicated to pace down price intervention at a meeting earlier in the day, traders said. Traders took cue from a meeting earlier on Wednesday as the country’s top economic planner, the National Development and Reform Commission, told miners and power plants at a web-based conference that prices should not fall too much too fast, several traders with knowledge of the meeting told Reuters. The planner stressed that prices in the long-run shall…

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Major coal-using countries including Poland, Vietnam and Chile are among those to make the commitment. But some of the world’s biggest coal-dependent countries, including China and the US, did not sign up. In a separate commitment, 20 countries, including the US, pledged to end public financing for “unabated” fossil fuel projects abroad by the end of 2022. Such projects burn fossil fuels, like coal, oil and natural gas, without using technology to capture the CO2 emissions. Coal is the single biggest contributor to climate change. What is the coal pledge?Signatories…

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