Oil Markets Are Bearish But Downside Is Limited

WTI and Brent crude oil prices fell for a third straight session on Tuesday, with the U.S. benchmark now at its lowest level in a year. Front-month Nymex crude for January delivery closed the day -3.5% to $74.25/bbl, its lowest in nearly a year, while February Brent crude finished -4% to $79.35/bbl, its weakest close since January 3. It’s now clear that the broader market selloff and worries about more aggressive monetary tightening by the Federal Reserve have overshadowed any positive effect from the new price cap on Russian oil sales.  Oil…

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Gas crisis raises monthly expenses

Hours of electricity shutdowns in the summer and hours of gas load shedding in the winters, such is life for the residents of the country’s most populated city – who are irked by the additional costs they are having to bear to cook food or keep warm ever since the mercury dropped. The residents of Karachi, much like the rest of the country, cannot light up their stoves or heaters this winter for extended periods of time due to the ongoing gas crisis, which forces them to rely on either…

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Steel Sector: LCCI Urges Environment Dept to Stop Action Against Furnaces

The Lahore Chamber of Commerce and Industry (LCCI) has urged the Environment Department to immediately stop coercive measures against furnaces installed in the steel sector until standardised scrubbers are finalised. President of LCCI Kashif Anwar while speaking to a delegation of the All Pakistan Small Steel Re-Rolling Association said that it is encouraging to know that the SIDB is planning to provide loan of up to Rs10 million to five sectors for the installation of scrubbers. Before taking action against any business, Kashif Anwar said, the process to determine the…

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Ombudsman asks PD, Discos to resolve complaints Immediately

Federal Ombudsman Ejaz Ahmad Qureshi has directed Power Division and Distribution Companies (Discos) to resolve complaints of citizens immediately. On Wednesday, a meeting was presided over by the Federal Ombudsman which was attended by senior Officers of WMS, Secretary Power Division Rashid Mahmood Langrial, Chief Executives of IESCO, LESCO and PESCO. The meeting was informed that during the year 2022 more than 56,000 complaints were registered by the citizens against power sector companies. Federal Ombudsman directed the Secretary Power Division to review the performance of those companies and to address…

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Timely Completion Of Dams, Energy Projects Vital To Address Loadshedding

As the mercury level drops in the winter season, the demand of electricity and gas increased significantly in Khyber Pakhtunkhwa particularly in hilly areas where people extensively use power and gas appliances for cooking and heating purposes. The people normally gather around wood fire and stoves while also use electric rods and heaters to keep themselves warm as the fogs and cold weather gripped KP for the last couple of days forcing masses to wear additional warm clothes. In Chitral, Upper Dir, Lower Dir, Swat, Malakand, Bajaur, Mohmand, Abbottabad, Batagram, Manshera, Buner, Torghar, and Shangla districts, the temperature has dropped to a great extent especially at night in these districts due to which people mostly rely…

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