Month: January 2023

Protest against gas loadshedding causes gridlock

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A traffic mess was witnessed on I.I. Chundrigar Road, Mauripur Road, Saddar and adjoining areas due to the protest organised by hundreds of residents of Lyari in protest over loadshedding of gas and electricity in their area. The protesters, mostly belonging to the Kutchhi community of Lyari, chanted slogans against the K-Electric and Sui Southern Gas Company. They said that the power utility resorted to up to 18-hour of loadshedding while there was no sign of gas in their area for 16 hours on a daily basis. Later, the protesters…

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Experts for decarbonising energy sector

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At the launch of Sustainable Development Goal 7 (SDG 7) Roadmap for Pakistan, experts stressed the need for decarbonizing energy sector by reducing emissions, and increasing energy efficiency and the share of renewable energy, which they said is possible through vigorous advocacy and awareness campaigns across the country.  The launch was jointly organized by United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP), Private Power and Infrastructure Board (PPIB), and Sustainable Development Policy Institute (SDPI). Matthew Wittenstein, Section Chief, Energy Division, UNESCAP said that we are off…

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PSO, SNGPL in a Debt Trap

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pso

rising cost of liquefied natural gas (LNG), Pakistan State Oil (PSO) and Sui Northern Gas Pipeline Limited (SNGPL) have found themselves in a debt trap. In the past, the power sector used to be a key defaulter of payments to PSO on supply of furnace oil. Today, however, SNGPL is liable to pay PSO a whopping Rs396 billion. In March of last year, its dues stood at Rs277.8 billion and have been piling up ever since. This means that PSO’s receivables against SNGPL have almost doubled, as the company has…

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Where Are Oil Prices Heading In 2023?

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At the beginning of 2023, several factors are at play in determining the short and medium-term trend in oil prices this year. Supply and demand concerns, tightening monetary policy globally, expectations of a material slowdown in economic growth and possible recessions, and China’s reopening with a Covid exit wave are all impacting crude oil prices.    During the first week of the year, oil prices tumbled by 9% in the first two trading days for the worst start to a year since 1991. The price of Brent Crude dipped to below year-ago levels…

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Energy markets start 2023 with biggest weekly dive in years

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Energy futures for crude oil, refined products and natural gas have plummeted in the new year as traders reconsidered near-term worries over cold weather and fears of supply shortages and dumped contracts. Prices rose last year on worries of Europe freezing due to the loss of Russian fuel, as OPEC+ cut production targets and as critically low U.S. distillate stocks raised the prospect of fuel export curbs. Those fears have proven overblown, driving prices down. European gas stocks are well above seasonal norms, Saudi Aramco this week cut prices for…

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