Year: 2022

Fuel crunch likely as refineries lack essential chemicals

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petrol-price

The country is likely to face a shortage of POL products as the import of essential chemicals — required by the refineries to process the crude oil — is in jeopardy due to the ongoing US dollar liquidity crisis. “The LC for the import of chemicals critical for refinery operations is not being opened and this situation may lead to reduction or suspension of the refineries’ operations, resulting in a shortage of POL products, particularly of Mogas (petrol),” industrial sources told The News. “The central bank has informed us that…

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Europe’s oil plan plunges Pakistan into darkness; Imran Khan amplifying citizens’ anger on inflation

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Europe’s campaign to quit Russian fuelis designed to punish Moscow for itsinvasion of Ukraine. It’s also wreakinghavoc thousands of miles away fromthe conflict, plunging Pakistan intodarkness, undermining one regime andthreatening the stability of thecountry’s new leadership.A decade ago, the world’s fifth-most populous country took specific steps toinsulate itself from the kinds of violent price spikes that are roiling the markettoday. It made a massive investment in liquified natural gas and signed longtermcontracts with suppliers in Italy and Qatar. Now some of those suppliershave defaulted, though they continue to sell into…

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Pakistan steeply hikes petroleum prices under deal with IMF to revive bailout programme

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The Pakistan government has steeply hiked petroleum prices to implement the tough preconditions set by the International Monetary Fund (IMF) to revive the stalled USD 6 billion bailout package for the cash-strapped country. Prices of all petroleum products went up by about Rs14-19 per litre after the decision came into effect from midnight on Thursday. According to a notification issued by the finance ministry, the government imposed a Rs 10 per litre petroleum levy on petrol and Rs 5 each on high-speed diesel (HSD), kerosene and light diesel oil (LDO).…

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Pakistan’s PM says no to private imports of wheat to save forex reserves

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Pakistan’s Prime Minister Shehbaz Sharif said on Thursday the country has sufficient stocks of wheat and he will not allow its private import to save “precious foreign exchange”, according to a statement from his office. The country is reeling from the impact of severe floods last month which killed 1,700 and submerged huge swathes of the country, damaging farmlands, infrastructure and inflicting over $30 billion in damage to the economy. Sharif’s statement came a day after European traders said a government agency in Pakistan had issued a new international tender…

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Pakistan’s impending gas crisis this winter

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Pakistan may be staring at a severe availability of natural gas crisis this winter. Last week Pakistan government’s Petroleum Division informed a National Assembly panel that there was no option “but natural gas rationing in the coming winter in view of the increasing shortage every year”, according to a report in leading Pak English daily Dawn. Pak government officials have warned that there would be “no gas supply to household consumers for 16 hours,” adding that natural gas was scarce in Pakistan and the coming winter was quite difficult in…

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