Year: 2022

UltraTech said to pay for Russian coal in Chinese yuan

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Indian cement maker importing fuel valued at 172.7 mn yuan from SUEK. India’s biggest cement producer, UltraTech Cement, is importing a cargo of Russian coal and paying using Chinese yuan, according to an Indian customs document reviewed by Reuters, a rare payment method that traders say could become more common. UltraTech is bringing in 157,000 tonnes of coal from Russian producer SUEK that loaded on the bulk carrier MV Mangas from the Russian Far East port of Vanino, the document showed. It cites an invoice dated June 5 that values…

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In yet another hike, govt jacks up petrol price by nearly Rs15

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Petrol-prices

The government on Thursday announced a hike of Rs14.85 per litre in the price of petrol, the fourth such raise in the last 35 days, taking the cumulative amount of all hikes since May 26 to nearly Rs100. According to a notification issued by the Finance Division, petrol will now be priced at Rs248.74 after the latest hike, followed by high speed diesel at Rs276.54, kerosene oil at Rs230.26 and light diesel at Rs226.15. The new prices will come into effect from midnight tonight. The notification said in view of…

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Load shedding in Karachi to reduce ‘within 24 hours’: govt

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The Sindh government on Wednesday announced a reduction in power outages “within 24 hours”. This was announced by Sindh Minister for Energy Imtiaz Sheikh and provincial minister Saeed Ghani during a press conference fowling their meeting with K-Electric (KE) officials in Karachi. Terming the situation “extremely bad”, Imtiaz said that KE – the sole power distribution company in the metropolis – has outstanding dues to pay to Sui Southern Gas Company (SSGC). However, he added, the clearance of the amount would require three to six months. He said that he…

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Special logo ‘Azm Aali Shan, Shad Rahey Pakistan’ launched

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Minister for Information and Broadcasting Marriyum Aurangzeb on Wednesday announced that on the occasion of the completion of 75 years of creation of Pakistan, as part of Diamond Jubilee celebrations a special ‘Logo’ has been launched under the title “Azm Aali Shan, Shad Rahey Pakistan”. In a tweet, she said that it was manifestation of the love for Pakistan and renewal of the determination with which brave and great forefathers and martyrs built Pakistan. “With the same determination, we will make it economically strong and self-sufficient, a welfare state and…

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Pakistan mulls plan to import oil from Russia

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oil

The Ministry of Energy has sought analyses from industrial experts for import of cheap oil from Russia, as the country faces a financial crunch. Pakistan’s monthly fuel oil imports are set to hit a four-year high in June, Refinitiv data shows. The country’s fuel oil imports could climb to about 700,000 tonnes this month, after hitting 630,000 tonnes in May, according to Refinitiv estimates. Imports last peaked at 680,000 tonnes in May 2018 and 741,000 tonnes in June 2017. In a letter written to the managing directors of Pak-Arab Refinery,…

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