Day: November 1, 2022

Lucky enough!

Admin

Typically, a 30 percent decline in off take would be troubling for any company looking to make a decent earning but that company is not Lucky Cement (PSX: LUCK). In 1QFY23 in fact, Lucky not only saw volumes shrink by 30 percent, higher than the industry wide decline in sales of 25 percent but also experienced a slight shift in market share—down from 17.6 percent to 16.4 percent. Despite that, both the top-line and the bottom-line delivered a positive performance where revenue and post-tax profits grew 17 percent year on…

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POL products’ prices remain unchanged

Admin

Federal government has raised the petroleum levy (PL) rates by Rs 50 per litre on petrol instead of pass on to public. The prices of petroleum products are maintained at current level with effect from November 1-15). In a fortnightly review, the government has announced that the prices of petroleum products will be same which was announced on October 16. However, the Oil and Gas Regulatory Authority (OGRA) notified a raise of Rs 2.74 in PL rate. The rate of PL is now Rs 50 per litre and general sale…

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Out-of-court settlement: Govt agrees to revive 11 oil exploration licences

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oil

The government has decided to revive 11 revoked petroleum exploration licences as out-of-court settlement after receiving no objection from the Office of Attorney General for Pakistan (AGP), sources in Ministry of Energy told Business Recorder. According to Petroleum Division, under the Pakistan Petroleum (Exploration and Production) Rules, the Federal Government/ authority grants exclusive petroleum Exploration Licences (EL) for petroleum exploration for an initial period of five years generally through competitive bidding process against work program/ units. The Rules also empowered the Government/ authority to revoke the ELs if a holder of…

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Think the Energy Crisis Is Bad? Wait Until Next Winter

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pollution

For policymakers grappling with global energy shortages and households scrambling to pay record high utility bills, some unwelcome news: This year’s energy crisis is going to look mild once next year’s kicks in. It is winter 2023-2024 that is going to be the real crisis. Any current energy planning that fails to account for next year and beyond is jumping out of the frying pan and into the fire—where this winter is a problem, 2023’s may be a catastrophe. The immediate problem is simple: There is not enough fuel, and…

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Deep OPEC Output Cuts Upend Biden’s Attempt To Lower Oil Prices

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I tell people that to understand OPEC, you have to put yourself in their position. Their objective is to maximize the value of the oil they have in the ground. That objective is directly contrary to the desires of most U.S. politicians and consumers — which is access to cheap gasoline. Oil prices have been rising since the pandemic-related production disruption in 2020. That price rise accelerated when Russia invaded Ukraine. In an effort to combat rising prices, earlier this year President Biden began the largest drawdown of the Strategic Petroleum…

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