Saudi Energy Minister: Insufficient Investment To Blame For High Fuel Prices

Not enough investment in global refining capacity is one of the key drivers of the global rally in gasoline, diesel, and jet fuel prices, according to Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, who reiterated the Kingdom’s view that a rushed transition to cleaner energy fails to take into account realities.   “All mobility fuels have skyrocketed … and the…

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Petroleum consumption in 10MFY22

The consumption of petroleum products continue unabated as the petroleum product prices remain frozen. After 23 percent in March 2022, the petroleum products sold by the oil marketing companies in April 2022 were up by 25 percent year-on-year. The growth was largely led by furnace oil that increased by over two times in April 2022 versus April 2021, while motor…

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Power tariffs to rise for now: govt


Federal Minister for Power Engineer Khurram Dastgir Khan said on Monday that electricity tariff would go up for the time being due to high international oil prices. “We are facing a critical situation and Prime Minister Shehbaz Sharif has asked to look out ways as to how a revolutionary reduction could be made to the non-development expenditures before asking the…

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PD asked to clear KE’s TDS claims

Ministry of Finance (MoF) has urged the Power Division to clear Tariff Differential Subsidy (TDS) claims with all codal formalities in place to avoid late payment surcharge (LPS) and other issues of Karachi Electric (KE). According to Finance Ministry, for the CFY 2021-22, Rs.56 billion has been earmarked on account of Tariff Differential Subsidy (TDS) KE under Power Division’s demand,…

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Bidding for 11GW of solar, wind power capacity


A new World Bank study based on current projections says Pakistan needs to carry out competitive bidding for more than 11 gigawatts (GW) of solar and wind power capacity between now and 2028 to ensure that future procurement of variable renewable energy is carried out strategically, transparently, and at least-cost. Unfortunately, competitive bidding for new power capacity in Pakistan has…

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