Month: May 2022

Oil Prices Go For Wild Ride On Heightened Volatility

Admin

Crude oil prices remain exceptionally volatile on Tuesday, with WTI fluctuating between sub-$100 and nearly $104 per barrel after sinking from more than $110 on Monday as bearish and bullish factors push and pull crude benchmarks. Monday saw crude oil prices drop sharply as China lockdowns and Saudi Arabia’s crude oil price cutting contributed to worries about a possible slump in crude oil demand in the world’s top crude importer. But oil prices seesawed on Tuesday as the EU continued to try to reach a consensus on a Russian crude…

Read More

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

Admin

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 gap between crude prices and these products in some cases is actually 60%,” Prince Abdulaziz bin Salman said at an aviation conference, as carried by Reuters.  If the industry is…

Read More

Avoid using gas as ‘transition’ fuel in move to clean energy, study urges

Admin

Countries should move from coal to renewable energy without shifting to gas as a “transition” fuel to save money, as high gas prices and market volatility have made the fossil fuel an expensive option, analysis has found. Natural gas has long been touted as a “transition” fuel for economies dependent on coal for their power needs, as it has lower carbon dioxide emissions than coal but requires similar centralised infrastructure, and gas-fired power stations take only a couple of years to build. Earlier this year, before Russia invaded Ukraine, the…

Read More

Petroleum consumption in 10MFY22

Admin

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 gasoline and high-speed diesel also witnessed double digit growth of 10 and 13percent year-on-year, respectively. The month-on-month growth of petroleum products’ consumption was also over 15 percent but was however…

Read More

Power tariffs to rise for now: govt

Admin
feeders

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 people to sacrifice”, he said while responding to a query at a press conference at the Lahore Electric Supply Company (Lesco) headquarters. Additional Secretary (Power Division), Musaddiq Ahmed Khan Tahirkheli…

Read More