Year: 2022

LPG prices increased

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After increasing petrol and diesel prices, the government on Friday also raised the liquefied petroleum gas (LPG) rates by Rs2 per kg for the current month, according to a notification issued by the Oil and Gas Regulatory Authority. The LPG Distributors Association said the price now jumped to Rs220 per kg from Rs218. The domestic LPG cylinder will now cost Rs2,601 against Rs2,581 and the commercial cylinder Rs10,007 against Rs9,932. “The LPG is a fuel of poor people. And now it also seems going out of their buying capacity,” the…

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Energy prices to rise until year-end, ministers warn

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The government on Friday said the energy prices will keep increasing for the next three to four months because of ‘landmines laid by Imran Khan’ and then start a downward trend in November–December this year. Speaking at separate news conferences here, energy ministers – Khurram Dastgir and Musadik Malik – on Friday said the previous government had tied their hands with legal compulsions for price and there was no way out of the quagmire to provide upfront relief to the people before the completion of corrective reforms. Both ministers said…

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Engro Fertilizers issues esg report

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engro

Engro Fertilizers issued a sustainability report on Friday highlighting the company’s progress toward environmental stewardship, social responsibility, and governance (ESG) goals. The report is based on Global Reporting Initiative (GRI) Standards and has been externally validated by an independent certification agency, the company said. It covers how core values and governance model of Engro Fertilizers incorporate sustainable practices into its day-to-day operations. Key highlights of the report include prioritisation of UN Sustainable Development Goals (SDGs) to address education, healthcare, gender equality, clean water and sanitation, decent work and economic growth,…

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Has OPEC+ Reached Peak Production Capacity?

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The production pact OPEC+ struck in April 2020 is set to end a month earlier than initially planned, in August 2022. The oil-producing group, however, is already facing its next dilemma—it has been facing it since the alliance’s key member, Russia, invaded Ukraine in February, sending oil prices above $100 a barrel.     The war premium and the sanctions and bans on Russian oil in the West are keeping prices so elevated that inflation in developed economies, including in the United States, has surged to a four-decade high, also driven up…

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The G7 Has Paved The Way For Increased Oil And Gas Spending

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Despite repeated commitments to emission reduction and a switch to cleaner energy sources on the part of governments in Europe and North America, oil investment is about to start growing again. The clearest sign yet was the G7 meeting this week, where the members of the rich club negotiated a delay in the complete halt of investments in fossil fuels in third countries as their own countries grapple with energy shortages that have no recent precedent. Per media reports, Britain, Canada, France, Germany, Italy, Japan, and the United States—although reiterating their…

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