Month: July 2023

Oil industry, OGRA at odds over HSD price cut

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Oil-and-Gas

KARACHI/ISLAMABAD: The oil industry and the Oil and Gas Regulatory Authority (OGRA) are at odds over the decision to lower the price of high speed diesel (HSD) by 2.4 percent for the second half of July, a move that the industry says violates the pricing formula agreed upon last year. The Oil Companies Advisory Council (OCAC) on Wednesday reiterated its stance, saying that the government and OGRA have violated the pricing formula decided in the Economic Coordination Committee of the cabinet meeting held on July 28, 2020. The OCAC, earlier…

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IBA report on Pakistan’s economy

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Pakistans-economy

KARACHI: The Institute of Business Administration (IBA), Karachi successfully launched its report titled ‘The State of Pakistan’s Economy 2023-24 | Trials and Turmoil: Navigating the Interconnected Challenges of Politics, Economy, and Climate Change’. The report is authored by the esteemed faculty members of the Department of Economics, School of Economics and Social Sciences (SESS). The report provides a critical analysis of the persistent issues faced by Pakistan and offers valuable recommendations for sustainable economic growth and societal well-being. The report sheds light on three key challenges that have significantly impacted…

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GHPL allows its outgoing MD to stay

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Oil price

ISLAMABAD: Government Holding Private Limited (GHPL) has allowed its managing director, whose tenure expired on June 18, to continue in his position without approval of the Cabinet. In an unexpected development, the GHPL board, during its 178th meeting on June 15, 2023, appointed Nadeem Javed Bajwa as the acting MD/CEO of GHPL on an additional charge basis. The board asked him to continue in this role until the regular MD/CEO is appointed. This information was conveyed in a letter, numbered CS/04/2023, issued by the company on June 21, 2023. These…

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RLNG prices cut by up to 1.5pc for July

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Oil-and-Gas

ISLAMABAD: The government on Tuesday cut the re-gasified liquefied natural gas (RLNG) prices for both the Sui companies by up to 1.5 percent, or $0.1938 per MMBtu, for the month of July 2023. The price of RLNG for Sui Northern Gas Pipelines Limited (SNGPL) consumers has been reduced by $0.0688 per MMBtu, while for Sui Southern Gas Company (SSGC) clients, prices have been decreased by $0.1938 per MMBtu from the previous month (June 2023). According to a notification issued by the Oil and Gas Regulatory Authority (OGRA), the RLNG weighted…

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OGRA defends diesel pricecut amid industry backlash

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LPG-plant

KARACHI: The Oil and Gas Regulatory Authority (OGRA) dismissed the complaints of the oil industry over the recent reduction in diesel prices, saying the move was in line with the government’s policy guidelines. The prices of petrol and diesel have been worked out in accordance with the formula approved by the Economic Coordination Committee of the Cabinet on July 28th, 2020, according to ORGA. “Accordingly, reduction of Rs9/litre in petrol and Rs7/litre in diesel prices have been passed on to general public on July 16, 2023,” it said in a…

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