Year: 2022

Energy challenge

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power-sector

WITH global gas prices soaring to new highs in the aftermath of the ongoing military conflict between Russia and Ukraine, Pakistan’s energy chaos is going to aggravate. The government is left with no choice but to either buy expensive LNG — if and when available — in order to meet the fuel requirements of the country’s power sector and industry, or reduce spot gas imports to protect its meagre foreign exchange reserves. The sole mitigating factor is the supply of seven cargoes a month by Qatar — currently at almost…

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Latest Petrol Prices in Pakistan – 1 March 2022

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Petrol-Price

The Government has announced a massive reduction in the Petrol Prices in Pakistan from 1 March 2022 on the directives of Prime Minister Imran Khan to provide relief to general public amid the rising inflation rate in the country. The announcement was made by Prime Minister Imran Khan during his address to the nation on Monday. According to the announcement, Petrol Price in Pakistan has been decreased by Rs. 10.00 per litre, while the Price of High-Speed Diesel (HSD) in Pakistan has also been reduced by Rs. 10 per litre. Meanwhile, the Price of Kerosene Oil has been…

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Lesco issues notices to owners having houses under transmission lines

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powertariffs

The Lahore Electric Supply Company (Lesco) has issued notices to as many as 650 people for ‘unlawfully’ constructing houses and the buildings for various uses under the high voltage lines emanating from grid stations for power distribution to consumers. The Lesco issued notices to the people in the areas of Lahore, Kasur, Sheikhupura, Nankana and Okara keeping in view various fatal/non-fatal incidents of electrocution being reported frequently. The company may also issue similar notices to hundreds of more such people in near future, Dawn has learnt. “Unfortunately, the land grabbers…

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Oil prices could determine how markets react to Russia’s Ukraine invasion

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The U.S. and allies have sanctioned Russian banks and its central bank, and so far the markets are not showing signs of strain. But it’s oil that strategists are watching, since it could drive inflation, affect the economy and affect Federal Reserve policy. “Whatever happens with oil will reverberate across all the other markets … even though the sanctions so far are not aimed at restricting oil,” said Daniel Yergin, vice chairman of IHS Markit. The heavy new round of sanctions on Russia by the U.S. and its allies are…

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Crude oil futures leap in Asia as West imposes tougher sanctions on Russia

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Crude oil futures were sharply higher in mid-morning Asian trade Feb. 28 as Russia puts its nuclear deterrence force on alert following a new round of financial sanctions imposed on the country after its military advanced into Ukraine over the weekend. The US, Canada, and European allies on Feb. 26 imposed new financial sanctions on Russian banks, including curbing access to the SWIFT messaging system, but the specific measures and names of Russian banks have yet to be specified. “The massive escalation of sanctions notably by the EU, to cripple…

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