Year: 2022

Oil hits 2014 high after drone strike on UAE

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Oil prices traded to a more than seven-year high amid supply fears following a drone attack in Abu Dhabi which set off explosions in fuel trucks and stirred geopolitical tensions in the region. Brent crude futures ($BZ=F) rose $1.28 (£0.94), or 1.49%, to $87.34 a barrel on Tuesday morning, while US West Texas Intermediate ($CL=F) crude futures jumped $1.20, or 1.43%, from Friday’s settlement to $85.02 a barrel. Monday was a bank holiday in the US. Overall, oil prices climbed more than 10% since the start of the year, hitting…

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Pakistan Qatar to further deepen energy sector collaboration

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Federal Minister of Energy Mr. Hammad Azhar and Minister of Energy and Chief Executive of Qatar Energy Mr. Saad Sherida al-Kaabi held a virtual meeting through video conference today. Both sides discussed further promoting bilateral ties, particularly in the energy sector. Minister Hammad Azhar thanked Qatar for ensuring timely supplies of liquefied natural gas (LNG) to Pakistan despite its shortage globally. Welcoming the decision of Qatar Energy to invest in setting up the LNG terminal in partnership with a consortium of leading Pakistani companies, the Minister assured all possible support…

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Vitol sees bullish oil price pattern continuing on tight global crude supply

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The world’s biggest independent oil trader said crude prices, already up more than 10% this year, could rise even more because of tight supplies. “These prices are justified,” Mike Muller, head of Asia for Vitol Group, said Sunday. “Strong backwardation is very much justified,” he said, referring to a bullish pattern whereby near-term futures are more expensive than later ones. Oil posted a fourth-straight gain last week, its longest rising streak since October, amid signs consumption will hold up despite the spread of the omicron variant of the coronavirus. At…

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Business community demands not to enforce mini-budget

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The Business Group and Karachi Chamber of Commerce and Industry have cried out while forcefully urging the government not to enforce anti-business provisions of the IMF-dictated mini-budget and instead should concentrate on broadening the tax-base to generate revenue to run the affairs. In this regard, the government should put in place an effective mechanism to control smuggling of oil and host of other items costing the national exchequer billions of rupees each month. The Karachi business community lamented the government for enforcing tax on the export processing zones for the…

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Govt imposes taxes, duties of Rs31 on petrol

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petrol-price

The taxes, duties, margin and levies of Rs31.57 have been imposed on the per liter prices of petroleum products. The burden of taxes, duties and levies on the prices of petroleum products has started bothering the people. Taxes, duties, margins and levies are being collected at Rs 31.50 per liter on diesel while the ex-refinery price of petrol is Rs 116.26 per liter. The price of petrol has been fixed at Rs147.83 per liter, the ex-refinery price of high speed diesel has been fixed at Rs113.12 per liter, the price…

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