Month: July 2023

Oil prices up 2 percent to 6-week high on supply concerns

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fuel-oil

NEW YORK: Oil prices climbed about 2 percent to a six-week high on Friday as supply concerns outweighed fears that further interest rate hikes could slow economic growth and reduce demand for oil. Brent futures rose $1.21, or 1.6 percent, to $77.73 a barrel by 1506 GMT. U.S. West Texas Intermediate (WTI) crude rose $1.23, or 1.7 percent, to $73.03. Both benchmarks were on track for their highest closes since May 24 with Brent was up about 4 percent for the week and WTI headed for a weekly rise of…

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Marketing firms told to ensure LPG at govt rate

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Oil-and-Gas

ISLAMABAD: As the rampant black market and overpricing of liquefied petroleum gas (LPG) go unchecked, the Oil and Gas Regulatory Authority (Ogra) on Friday issued a directive to all LPG marketing companies and provinces to ensure the availability of the fuel at notified retail price. Ogra has said that it was essential for all companies operating in the LPG sector to ensure that they comply with the notified price to promote transparency and fair practices in the industry. “The companies are further directed to prominently mention the cylinder selling rates…

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Import of solar equipment halves on LC curbs

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Solar-imports

KARACHI: The State Bank of Pakistan’s curbs on opening fresh letters of credit (LCs) has restricted imports of solar panels and inverters from China from $2.4 billion in FY22 to just $1bn in FY23. This figure was last seen in FY17, which swelled to $1.8bn in FY19 after growing awareness among customers about alternative sources of energy. The central bank had initiated steps to slow down the demand for imported items from July 2022 to control a dearth of foreign currency, which kept creating problems in the import of solar…

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OGRA warned LPG Marketing Companies on price hike of LPG price and asked to ensure compliance with the LPG notified price

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Oil-and-Gas

The Oil and Regulatory Authority has issued a directive to all LPG Marketing Companies, emphasizing the importance of adhering to the LPG notified price for the month of July. It is essential for all companies operating in the LPG sector to ensure that they are in compliance with the notified price to promote transparency and fair practices in the industry.The companies are further directed to prominently mention the cylinder selling rates on the sales invoices while dispatching to distributors. This step aims to provide transparency and clarity to the distributors…

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