Month: May 2022

Fuel subsidy to cost govt Rs75bn over next fortnight

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petrol-price

The prices of petroleum products may increase by up to Rs86 per litre for the next fortnight — with no taxes included — in case the government decides to do away with the subsidy payable to oil companies as price differential claims (PDCs) under IMF conditions. IMF Resident Representative in Islamabad Esther Perez Ruiz said on Friday that an IMF team would start a staff mission on May 18 with the Pakistani authorities in Doha, Qatar. The IMF and the country’s economic team led by Finance Minister Miftah Ismail had…

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New govt buys LNG at 40pc higher prices

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Despite a large majority of cargoes imported at cheaper long term contracts, the basket price for imported Regasified Liquefied Natural Gas (RLNG) has surged 40 per cent to a record $22-24 per million British Thermal Unit (mmBtu) for May owing to a string of spot cargoes procured by the new coalition government in first month in office to meet energy shortages. In a notification issued on Friday, the Oil and Gas Regulatory Authority (Ogra) worked average sale price for Lahore-based SNGPL at $21.83 per mmBtu for May, up 40pc from…

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Government Of Pakistan Press Information Department Karachi

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Pakistan is going to be water scarce by 2025, therefore water need to be utilised economically: Federal Minister for Climate Change, Ms. Sherry Rehman. Karachi: Pakistan is going to be water scarce by 2025, therefore water has to be utilised economically, Federal Minister for Climate Change, Ms. Sherry Rehman. This she said while addressing to the ceremony of expedition indus held at Marina Club, Karachi saturday. She congratulated the team who travelled 45 days from stardu to Karachi through Indus River and Kharo Chann and ended in Karachi on rafts…

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Greed and fear’: How BP and Shell oil profit is boosted by own traders

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The British oil giants BP and Shell reported huge quarterly profits this month, reigniting calls for a windfall tax to ease the burden of bills on struggling families. Tesco’s chairman, John Allan, this week argued that there was an “overwhelming case” for a one-off levy on North Sea extractors. While the focus was on their oil production businesses, both “supermajors” have benefited from a boom in trading revenues. BP and Shell do not simply produce and sell oil, they employ thousands of traders whose job it is to buy and…

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OPEC Cuts Global Oil Demand Growth Forecast, Again

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Slower global economic growth, China’s fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022. In its Monthly Oil Market Report (MOMR) out on Thursday, OPEC revised down—again—its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day (bpd) less than the growth anticipated in the April report. Back in April, OPEC slashed its oil demand growth estimate for 2022 by 480,000 bpd on the back of lower expected global economic growth…

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