Year: 2023

Finance Minister Ishaq Dar on Sunday announced keeping the prices of petroleum products unchanged for the next 15 days. “We have decided to maintain the existing prices of petroleum products from Jan 16 to 31,” Mr Dar said as he announced the fortnightly revision of prices. He said the price of petrol, diesel and kerosene will remain at Rs214.80, Rs227.80 and Rs171.83 per litre, respectively. “The price of light diesel is currently Rs169 per litre which will also remain the same till January 31,” he added. This is the second…

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Oil prices settled more than a dollar a barrel higher on Friday, notching their biggest weekly gains since October, as the US dollar dropped to a seven-month low and more indicators pointed toward growing demand from top oil importer China. Brent crude futures settled at $85.28 a barrel, up by $1.25, or 1.5%. West Texas Intermediate (WTI) crude futures rose for the seventh-straight session to settle at $79.86 a barrel, up by $1.47, or 1.9%. Brent gained 8.6% this week, while WTI rose by 8.4%, recouping most of the previous…

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As the world enters a new industrial age, where technology manufacturing for clean energy will lead the way, total investments in clean energy technologies and infrastructure have to top $4.5 trillion in 2030 under the net-zero emissions by 2050 scenario, the International Energy Agency (IEA) said in a new report this week. The unprecedented scale of required investment will need industrial strategies from the countries to mobilize those investments across all regions, technologies, and supply chains. The task is enormous, and risks are also greater due to the heavily concentrated…

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In order to keep the POL [petrol, oil, lubricants] prices unchanged for the next fortnight, the government jacked up petroleum development levy (PDL) on high-speed diesel (HSD) by Rs2.50 per litre and increased it from Rs32.50 to Rs35 per litre with effect from January 16, 2023. Under the IMF [International Monetary Fund] agreement, the government seeks Rs855 billion through petroleum development levy in the current fiscal year, 2022-23. The government wants to maximise the PDL collection up to Rs50 per litre on all POL products, but so far it has…

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