Month: April 2022

Subsidy ‘reversal’: Diesel disappearing in small cities on hoarding

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ogra

As the government weighs ceasing fuel subsidy to ensure the IMF loan, diesel, the main transport fuel, is nowhere to be found in smaller stations in Punjab courtesy hoarding, officials said, warning the crisis was not far from big cities. Sources in the oil sector said the hoarding of diesel has started in view of likely price hike in the next fortnightly review, which looks imminent after the government agreed with the International Monetary Fund (IMF) to withdraw the fuel subsidy. Though Oil & Gas Regulatory Authority (OGRA) and Oil…

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Govt seeks increase in size, duration of IMF programme

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Pakistan has sought an increase in the size and duration of its $6 billion International Monetary Fund (IMF) programme, the country’s Finance Minister, Miftah Ismail, said on Monday. Ismail made the comments in a video statement following talks with the IMF in Washington. It came after the fund said Islamabad has agreed to roll back subsidies to the oil and power sectors ahead of a resumption next month of a review of the IMF’s support for the country. “I’ve requested the fund and I think they have, largely, they’ve agreed…

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Fuel shortage causing power outages

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The country is facing electricity load-shedding of 5-8 hours in different areas/localities due to higher demand and lower generation due to shortage of fuel especially gas supply to power plants. On Monday at 2:36 pm, generation was recorded at 17976 MW against demand of over 21,000 MW, showing a substantial gap in demand and generation. Of this, 14536 MW was from IPPs, 837 MW from Gencos and 2603 MW from Wapda hydel. According to sources, LNG-fired plants are being supplied only 500 MMCFD RLNG against their demand of 690 MMCFD,…

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Saudi Arabia and Pakistan’s unique, profound and durable relationship

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The Kingdom of Saudi Arabia and the Islamic Republic of Pakistan have an exceptional relationship, rooted in the love between the two peoples, making it immune to changes in leadership. This bond has continued to strengthen over the past several decades in the political, security, economic and cultural spheres. It will be boosted further under the charismatic leadership of Mian Mohammed Shehbaz Sharif, the newly elected prime minister of Pakistan.Sharif will soon visit the Kingdom to perform Umrah and seek the blessings of Allah and Prophet Muhammad, peace be upon…

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If Oil Companies Control Prices, Why Do They Ever Lose Money?

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With oil prices still over $100 a barrel, one thing is certain. Oil companies are going to make big profits. But misconceptions abound about the connection between high oil prices and high profits. After years of observing the reactions of both the public and our political leaders, it seems like they believe something like the following fictional narrative. They can see ExxonMobil XOM -3.4% executives sitting around a smoke-filled boardroom, saying “Well, we have the public right where we want them. It’s time to jack up the price of gasoline…

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