Year: 2022

Would A Price Cap On Russian Oil Help Curb Its Revenue?

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The U.S. is discussing with its European allies a price cap on Russian oil. The goal is to keep Russian oil flowing into international markets but curb budget revenues from it to discourage Russia from continuing the war in Ukraine. Theoretically. The situation is not dissimilar to wanting to eat your cake and have it, too. On the one hand, both the U.S. and Europe, suffering the most severe consequences of sanction action so far, are aware that banning Russian oil from international markets would hurt them even more. On…

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KE seeks payment of Rs25bn to clear SSGC dues

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K-Electric (KE) has sought immediate payment of Rs 25 billion from the federal government to clear outstanding amount of SSGC as the latter has threatened to encash bank guarantee of Rs 6 billion provided by former as security deposit in addition to immediately reducing gas supplies by 10 MMCFD on daily basis, which may increase load-shedding. This was the crux of two letters separately written by KE to Finance Minister, Dr. Miftah Ismail and Managing Director SSGC to Secretary Petroleum, Ali Reza Bhutta. KE’s Chief Regulatory Affairs and Government Relations…

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Pakistan to seek deferred payments for Qatari LNG

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Pakistan will seek a deferred payment plan for liquefied natural gas bought under long term deals with Qatar, Finance Minister Miftah Ismail said on Saturday, as country faces a balance of payments crisis and falling foreign exchange reserves. “We’ve talked about a deferred payment plan … or at least I’ve requested this … and (Pakistan’s) petroleum minister is doing negotiations and is going to do the talks,” Miftah told Reuters in an interview. Global energy prices have risen to record levels in recent months amid reduced Russian supply and resurgent…

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Petrol to soar to Rs310, power tariff to go up to Rs40/unit from July: Umer Ayub

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petrol

Former federal minister and Pakistan Tehreek-e-Insaf (PTI) leader Umer Ayub said on Saturday that their government left had left the price of electricity at Rs 16 per unit that would shoot up to Rs 40 per unit next month, while the petrol price would soar to Rs 310 per liter. Addressing a press conference flanked by former finance minister Shaukat Tarin and former spokesperson for ministry of finance Muzzamil Aslam, he said that according to the Oil and Gas Regulatory Authority, the electricity bills of poor people will increase 400…

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Pro-HEVs policies can bring substantial savings’

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Pakistan can achieve substantial savings due to policies favouring Hybrid Electric Vehicles (HEVs). The country can save approximately $779 million per annum if 40 percent of vehicles are converted into Hybrid Electric Vehicles (HEVs). Around 19 percent of total imports by Pakistan are petroleum products and it is the largest sector that consumes huge foreign exchange. According to an estimate, Pakistan imports $4.6 billion worth of petrol and diesel and $3.2 billion worth of crude oil for refineries. It is expected that in the financial year 2022 the imports will…

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