Month: July 2023

Saudi-Russia oil cooperation going strong

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Oil price

OPEC+ has been cutting oil output since November in the face of flagging prices VIENNA: Russia-Saudi oil cooperation is still going strong as part of the OPEC+ alliance, which will do “whatever necessary” to support the market, Saudi Energy Minister Prince Abdulaziz bin Salman told a conference on Wednesday. OPEC+ has been cutting oil output since November in the face of flagging prices. Saudi Arabia and Russia, the world’s biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Yet the move only briefly…

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NEPRA indicates another tariff hike of Rs1.9

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power-sector

DISCOs’ consumers will pay Rs22.6b; KE tariff will also rise by Rs1.45 per unit ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) indicated on Wednesday that electricity tariff would be increased by another Rs1.90 per unit under fuel cost adjustment (FCA) for May 2023, which would put a burden of Rs22.6 billion on consumers of all distribution companies (DISCOs). Separately for K-Electric (KE), Nepra indicated a tariff hike of Rs1.45 per unit under the FCA for May. With this hike, KE consumers will pay a total of Rs2.6 billion. A…

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6 million power consumers brave 12-hour shutdown

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power-consumers

LESCO suffers serious damages due to record-breaking rain LAHORE: The installations of Lahore Electric Supply Company (LESCO) suffered severe damage due to heavy monsoon rain in the five districts falling in its region on Wednesday. Three people, including a woman, lost their lives due to electric shocks. LESCO sources said several electric poles collapsed and transformers were extensively damaged. The falling trees and poles caused a 12-hour power outage, leading to severe difficulties for more than six million consumers. Due to a shortage of workforce and unavailability of new material,…

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Indian oil refining claims rubbished

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Indian-oil

ISLAMABAD: Pakistan has forcefully dismissed the notion being floated in social media that Russian crude oil was refined in an Indian refinery before being sent to Karachi Port. Indian media is repeatedly claiming that the Russian oil was first processed in an Indian refinery and then dispatched for consumption in Pakistan. According to an Indian news outlet, it was the Russian president’s policy not to annoy India. However, the Pakistani side has rejected such claims, terming them “rubbish”. Pakistan Refinery Limited (PRL), which is processing the Russian crude, has turned…

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