Day: February 27, 2022

Another big rise in oil prices likely

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As tensions boil over in Europe after Russia’s invasion of Ukraine, the prices of petroleum products in Pakistan are likely to surge by up to Rs9.59 per litre from March 1, 2022. In mid-February, the government has already made a record increase in prices of petroleum products, when it raised the price of petrol by Rs12.03 per litre to Rs159.86 per litre. On February 16, the crude oil price stood at $94 per barrel in the international market. As Russia launched an attack on its neighbour, the price of oil…

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New exploration, more gas production: PD asked to set up technical group

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The Economic Coordination Committee (ECC) of the Cabinet has directed Petroleum Division to constitute a technical group to examine the options of new exploration as well as enhancing gas production from existing fields through some incentives, and diverting new exploration towards LPG. These directions were issued at a recent meeting of the ECC during discussion on a proposal of Petroleum Division regarding revision of Gas Price of Mazarani Gas Field held by M/s PPL and GHPL. Petroleum Division, in its summary, proposed that the request of the Pakistan Petroleum Limited…

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The rudderless energy sector

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The country’s print media this week brought to surface the prevailing state of affairs in the energy sector of the country, exposing the extent to which the sector has slid down. Some of the developments are rather very concerning — notably: — “Large Taxpayers Office (LTO), Karachi has attached all bank accounts of Sui Southern Gas Company Limited (SSGC) to recover Rs 23 billion pending sales tax of which the tax department had successfully recovered Rs 312 million through bank account attachments. — “The National Electric Power Regulatory Authority (Nepra)…

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Oil prices take breather as Russia advances further on Ukraine

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Oil prices slipped on Friday, after sharp rises in the session, on concern over potential global supply disruptions from sanctions on major crude exporter Russia. The April Brent crude futures contract was down $0.33, or 0.3%, to $98.75 a barrel at 1045 GMT, after climbing to as high as $101.99. The more active May contract shed $0.4, or 0.4%, to $98.75. US West Texas Intermediate (WTI) crude were down $0.3, or 0.3%, to $92.51 a barrel, after hitting a session high of $95.64. Russia’s invasion of Ukraine on Thursday caused…

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Will Biden’s Freezing Of Oil And Gas Leases Exacerbate The Energy Crisis?

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As oil prices continue to rocket, now further helped along by Russia’s invasion of Ukraine, the Biden administration is still fighting tooth and nail to freeze new oil and gas drilling leases – even after a court ruled against the administration for using a metric to estimate “the societal cost of carbon emissions” to justify their move.  Despite the court’s ruling, Biden’s administration has stopped new leases and permits for federal oil and gas drilling, MSN reported this week.  The administration was previously prevented from using the “social cost of carbon”…

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