Karachi (PR): Mr. Irfan Iqbal Sheikh, President FPCCI, has demanded that the federal government should announce a reduction of 18 – 20 rupees per liter in the prices of petroleum products as international oil prices are showing a declining trend despite the harrowing ongoing conflict and supply cuts announced by Saudi Arabia and Russia till December 2023. I can project that these major producers of oil will continue their cuts beyond December 2023, he added. Mr. Sheikh added that international oil prices are now down to $81.30 per barrel and…
Read MoreYear: 2023
Projects face lengthy delays
World Bank declares more than half of $6.7b project portfolio unsatisfactory or problematic ISLAMABAD: More than half of the World Bank-funded portfolio of federal projects worth $6.7 billion has been declared unsatisfactory or problematic by the lender, highlighting deep-rooted problems that have remained unaddressed for years due to serious governance issues. The Ministry of Economic Affairs and the World Bank, the largest creditor of Pakistan, have recently completed a review of the $6.7 billion lending for 20 projects. These schemes are managed by the federal government. Details showed that only…
Read MoreFuel prices may drop amid global market decline
ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are expected to decline by Rs8 to Rs10 per litre each on Nov 15 for the next fortnight, mainly due to lower prices in the international market. Informed officials said that the international prices of both HSD and petrol had fallen over the past two weeks. However, the rupee depreciated against the dollar during the same period, reducing the benefit of lower international prices for consumers. For price calculations, officials said that HSD had become about $9 per barrel cheaper on…
Read MorePSO keen on OGDCL, Mari Petroleum shares
Makes move to tackle risk of mounting debt crisis, default ISLAMABAD: Pakistan State Oil (PSO), grappling with severe financial challenges, is exploring a strategic path to acquire shares in state-owned oil and gas exploration companies and power firms. This move is aimed at addressing the pressing issue of the company’s burgeoning circular debt, which threatens to push it into default. The Economic Coordination Committee (ECC) recently approved sovereign guarantees of Rs100 billion to bolster PSO’s financial position, signaling the gravity of the situation. The company is currently burdened with receivables…
Read MoreGovt focusing on alternative energy resources: caretaker info minister
Caretaker Minister for Information and Broadcasting Murtaza Solangi has said that the government is focusing on alternate renewable energy resources to reduce dependence on imported expensive fuel, state-run Radio Pakistan reported on Sunday. Talking to newsmen in Lahore, he said the country produces 60 percent of electricity through thermal sources while one-fourth through hydel. “Generation of electricity from expensive imported fuel has increased the circular debt and Pakistan cannot afford this,” he said. Solangi said that China is leading in generation of electricity through renewable energy resources in the world. Caretaker govt…
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