Year: 2023

Economic Coordination Committee (ECC) Allows Release Of Rs. 10 Billion Budgeted Subsidy To Petroleum Division

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In order to enable PSO to remain current in its payment obligations to LNG suppliers as well as to maintain LNG supply chain, the Economic Coordination Committee (ECC) allowed release of Rs. 10 billion budgeted subsidy to Petroleum Division and allowed GoP guarantee against bank financing upto Rs. 50 billion In order to enable PSO to remain current in its payment obligations to LNG suppliers as well as to maintain LNG supply chain, the Economic Coordination Committee (ECC) allowed release of Rs. 10 billion budgeted subsidy to Petroleum Division and…

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Moving towards becoming a sovereign country

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Pakistan is a country of 230 million people, a nuclear power, and rich in natural resources but we rank 138 in the world prosperity index and cannot provide quality health and education to our people. With the dwindling reserves, stalled IMF programme, limited bilateral /multilateral inflows and expensive commercial lending to Pakistan, the situation can’t be worst. There is also a lack of vision as how Pakistan can get out of this cycle and stand on its feet. Pakistan roughly generates US$60 billion/year (remittances, exports, little FDI) but need around…

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Would shutting down the lights early really save Rs62 billion? 

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To help stabilise the economy, the federal cabinet resolved on Tuesday to take drastic steps, such as closing markets at 8:30 p.m. and wedding halls at 10.00 p.m. This is part of the government’s greater plan to cut back on energy consumption in order to save precious foreign exchange reserves.  According to Defence Minister Khawaja Asif, “with this initiative, which has been taken in consultation with trade bodies, there will be a saving of around Rs 62 billion (annually).” During a press conference, Asif also stated that, “the approval to…

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Oil Prices Plunge Below $80 As Near-Term Demand Worries Grow

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Oil prices crashed early on Wednesday, with Brent Crude falling below the $80 a barrel mark again, as concerns about immediate global oil demand intensified with soaring Covid cases in China and slowing economies globally. As of 8:33 a.m. ET on Wednesday, the U.S. benchmark, WTI Crude, had plummeted below $75 per barrel and traded down by 2.68% at $74.91. The international benchmark, Brent Crude, dipped below $80 and the front-month contract was down by 2.70% at $79.92. Oil prices continued on Wednesday the Tuesday rout when both benchmarks dipped…

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Saudi Arabia May Cut Oil Prices To Asia Even Further

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Saudi Arabia could reduce the official selling price for its flagship Arab Light crude further for Asian buyers, Reuters has reported, citing four analysts it surveyed. The discount will be for Asian purchases. Aramco already cut the price of its Arab Light for Asian buyers to the lowest in 10 months for shipments taking place this month. The price was set at a $3.25 premium to the Dubai/Oman benchmark, a cut by $2.20 per barrel from the prior month’s price. Now, according to the four analysts surveyed by Reuters, Aramco…

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