Year: 2022

The country’s economic managers are claiming that the economy is now at a sustainable growth trajectory and a post Covid pandemic turnaround stands well and truly achieved. Well, to be honest they have a fair point, as exports are growing and corporate turnovers and profits results are depicting perhaps some historically best numbers. The recent financial figures from almost all LSM sectors have been robust and a few turnover transformations have been absolutely amazing. For example, only in last week’s reporting, I was reading that Attock Refinery, from being a…

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As the burden of the price differential needed to be absorbed by the government following the announcement of a petroleum relief package by Prime Minister Imran Khan increases by the day, the Economic Coordination Committee (ECC) of the cabinet on Tuesday approved another Rs12 billion for oil companies, taking the total expenditure on such products to Rs32bn this month alone. The meeting of the ECC presided over by Finance Minister Shaukat Tarin also approved the Ramazan Relief Package worth Rs8.3bn, under which 19 kitchen items would be supplied at subsidised rates through…

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Federal Minister for Energy Hammad Azhar held a meeting with Mr. Shixin Chen, Vice President (operations) for Asian Development Bank (ADB) at Ministry of Energy today. Both sides broadly discussed the ADB’s energy program in Pakistan, Government’s energy reforms. Minister lauded ADB’s support in pursuing reforms agenda and various development projects for the country. He expressed satisfaction on the firm commitment of ADB as key partner in reforms agenda in priority sectors including energy. Various projects in power sector are moving forward with good pace including the Advance Metering Infrastructure…

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Pakistan is finding it difficult to obtain diesel from international markets due to a supply crunch created by the Russia-Ukraine conflict, reported Bloomberg. While merchants are exploring avenues to import diesel from Europe, Pakistan State Oil (PSO) is struggling to stock additional diesel from its key source, Kuwait Petroleum Corp (KPC). It had sought extra diesel from KPC and purchased cargoes on the spot market, according to a spokesman for the retailer. The spokesperson told Bloomberg that the “product is flowing west,” and there is a need to diversify foreign…

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