Month: May 2022

Hike in gas tariff by 40-50pc likely soon

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In a bid to restore the $6 billion IMF programme, this time the government is left with no option but to increase the system gas tariff by around 40-50 percent as it is expecting the revenue requirement determination for financial year 2022-23 by OGRA in mid-June, a senior official at the Energy Ministry told The News. “The increase in gas tariff will be enforced from July 1, 2022. “So far both the Sui gas companies, Sui Southern and Sui Northern are faced with mammoth losses of Rs550 billion accumulated in…

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BofA: Sharp Decline In Russian Exports Could Send Oil Above $150

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Brent Crude prices could jump to well above $150 per barrel if Russia’s oil exports fall off a cliff in the coming months, according to Bank of America. “With our $120/bbl Brent target now in sight, we believe that a sharp contraction in Russian oil exports could …. push Brent well past $150/bbl,” analysts at Bank of America (BofA) Global Research wrote in a research note on Friday carried by Reuters. In a base-case scenario, Bank of America expects Brent Crude prices to average $104.48 a barrel this year and $100…

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G7 Calls On OPEC To Boost Oil Supply To Ease Tight Market

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The energy ministers of the world’s leading industrial nations on Friday urged OPEC to increase oil supply amid high oil prices that are hitting consumers and threatening an economic slowdown. “We call on oil and gas producing countries to act in a responsible manner and to respond to tightening international markets, noting that Opec has a key role to play,” the G7 energy ministers said in a communique, carried by the Financial Times, at the end of a two-day summit in Berlin. The energy ministers of Canada, France, Germany, Italy, Japan,…

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LNG, An Instant Remedy To Meet Growing Energy Needs

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Over the decades, the rising demand of natural gas rapidly depleted its reserves and the country is now facing serious challenge of meeting gas and electricity demand of consumers. Rising population, improper usage of gas and electricity resource and injudicious subsidies equally benefiting both the poor and the rich, had been exerting extra burden on our resource as well as national kitty. By the time, the country’s domestic gas extraction varies around 3.5-7 Billion Cubic Feet per Day (BCFD) against the demand of 8 BCFD and it is difficult for…

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Pakistan’s Electricity Shortfall Reaches 6,500 MW

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The electricity crisis in the country has worsened as the power shortfall reached 6,500 megawatts (MW), ARY News reported on Saturday. According to sources, the power supply in the country remained at 19,500 MW against a demand of 26,000 MW. The duration of loadshedding has also increased across the country. The duration of loadshedding has reached up to 12 hours in the rural areas of the country. Similary the shortfall of LESCO has reached 8,00 MW. The supply is 4,000 MW against the demand of 4,800 MW due to hot…

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