While expressing concern over the rising oil prices, Economic Coordination Committee (ECC) of the Cabinet has held that capping of fuel price would generate additional burden on the exchequer, especially in the current international scenario and oil market volatility. The ECC, headed by Finance Minister Shaukat Tarin shared their concern during the ECC meeting held on March 7, 2022 when reduction in electricity tariff by Rs 5 per unit came under discussion. On February 28, Prime Minister Imran Khan, who is facing severe political pressure from the opposition parties, announced…
Read MoreDay: March 9, 2022
Oil sanctions take west into uncharted waters
While some care has been taken to phase in the UK ban on Russian oil, the UK and US cannot cut out the world’s third largest oil producer without tangible consequences. Some of this is already factored in to the global price for crude oil and record pump petrol and particularly diesel prices. The price of an average tank in the UK is approaching £90 now, and there is a clear path to £100. Even without formal diplomatic bans, an unofficial embargo is occurring in the markets. Shell was pilloried…
Read MoreUS bans Russian oil: What is next for oil and gas prices?
President Joe Biden has imposed an immediate ban on Russian oil and other energy imports in retaliation for Russia’s invasion of Ukraine, while the United Kingdom said it would phase out imports by the end of 2022. The latest sanctions are likely to push up oil prices — resulting in even higher prices at the pump. Russia is the world’s top exporter of crude and oil products combined, producing about 7 million barrels per day (bpd), or 7 percent of global supply. In 2021, the US imported an average of…
Read MoreSSGCL: PSM sell-off process hits a snag
Sui Southern Gas Company Limited (SSGCL) has not yet issued requisite No Objection Certificate (NOC) to Pakistan Steel Mills Corporation (PSMC), which is necessary to move forward on privatisation process, despite strong recommendations by Finance Minister Shaukat Tarin, well informed sources told Business Recorder. On February 16, 2022, Finance Minister, while presiding over a meeting on pending issues had snubbed Managing Director, SSGC for delaying the issue of NOC to be submitted to SECP for approval of Scheme of Arrangement (SoA). “SSGCL has not issued NOC as of today as the…
Read MorePress Release – Pakistan’s first Multimodal Logistics Conference kicks off today – 09-03-2022
To initiate a public policy debate on multimodal logistics and freight services focusing their pivotal role in national trade growth, President of Pakistan H. E. Dr. Arif Alvi will be inaugurating Pakistan’s first-ever multimodal logistics conference “Trade Growth of Pakistan through Multimodal Logistics” here at Serena Hotel tomorrow. One-day conference will be featuring interactive sessions and insightful debates on a diverse range of topics focusing national industry of multimodal and freight network. The conference would be attended by federal ministers, federal secretaries of different ministries/divisions, senior government officials, representatives of…
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