Day: March 9, 2022

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…

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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…

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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…

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