Year: 2023

PD proposes gas prices for Mari-based fertiliser plants

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gas-russia

ISLAMABAD: Petroleum Division has proposed gas sale prices for Mari-based fertiliser plants at Rs.580/ mmbtu for feed stock and Rs.1,580/ mmbtu for fuel-stock from October 1, 2023, sources close to Petroleum Minister told Business Recorder. Petroleum Minister Muhammad Ali has tailored a plan to unify feed gas prices of fertiliser industry at par with industrial rate of Rs 1,260/ MMBTU instead of subsidised rates, amid accusations that fertiliser industry is not passing on subsidy to the farmers. The new proposal, if implemented, will result in an increase in urea price by…

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Cnergyico imports Pakistan’s first private-sector Russian crude cargo

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oil-and-gas

KARACHI: Pakistan refiner Cnergyico has imported the country’s first private-sector shipment of Russian crude oil, it said on Monday, as the cash-strapped nation takes advantage of Moscow’s discounts on its oil exports. The South Asian nation has started snapping up crude oil that Russia has discounted after its exports were banned from European markets over Russia’s invasion of Ukraine. Pakistan’s first cargo, imported by the government, arrived in June and a second government-to-government shipment is under negotiation. It had been assumed that private imports would not be commercially viable because,…

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Power reforms: Broken promises and rising costs

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power-sector

Are unabated market reforms in the power sector delivering? LAHORE: Financial globalisation has driven the microeconomic reforms in the power sector in the last 30 years. After the unbundling of the Water and Power Development Authority (WAPDA), electricity generation is being done by WAPDA, Pakistan Atomic Energy Commission and a plethora of Independent Power Producers (IPPs). Transmission function is performed by the National Transmission and Dispatch Company (NTDC), while the distribution is done through 10 DISCOs at the moment. Some critics associate power sector crisis to governance failure. They are…

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OMC, dealers’ margin increased by up to 88 paisas

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Petroleum-prices

Govt is charging Rs50 per litre petroleum levy on diesel, Rs60 on petrol ISLAMABAD: The government has further increased the margin of oil companies and dealers on petrol and diesel, as a result of which complete relief on petroleum products could not reach the people. In the caretaker government’s first step of providing relief to the inflation-hit people, the prices of petroleum products had been reduced by up to Rs11 per litre, in a first major decline in two months on the back of a strengthened rupee. The new prices…

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Govt injects more clarity into SIFC initiative

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Pak-Army

Notification issued by Board of Investment says Special Investment Facilitation Council shall have three tiers ISLAMABAD: The government is to follow Chinese and Indonesian model with respect to utilisation of Armed Forces services in some specific areas. According to the notification issued by Board of Investment (BoI), Special Investment Facilitation Council (SIFC) shall have three tiers with the following composition: (i) Apex Committee-SIFC ( a) Prime Minister; (b) Federal Ministers (Planning, Development & Special Initiatives (PD&SI), Finance, IT & Telecom, National Food Security & Research (NFS&R), Power, Water Resources, Industries…

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