KARACHI: The first half of FY24 ended on a dismal note for the petroleum sector due to a 15 per cent drop in sales of petroleum products to 7.686 million tonnes from nine million tonnes in the same period last fiscal year. Petrol sales posted a drop of 7pc to 3.57m tonnes during the July-December period from 3.83m tonnes in the same period of FY23 despite a price drop to Rs267.34 from Rs331.38 per litre in September 2023. High-speed diesel (HSD) price had also fallen to Rs276.21 from Rs329.18 in September 2023…
Read MoreMonth: January 2024
NTDC Successfully Replaces Circuit Breaker at Guddu Switchyard
The technical teams at National Transmission and Despatch Company Limited (NTDC) have accomplished the replacement of a damaged circuit breaker at the 500 kV Guddu Switchyard. On the direction of NTDC management, additional staff was deployed to ensure the swift completion of replacement works. Moreover, NTDC has also successfully energized the 500kV Guddu-Muzaffargarh transmission line. The NTDC spokesman said that dense fog in the vicinity of Guddu caused the tripping of NTDC’s 500kV and 220kV transmission lines. Consequently, one pole of the 500kV circuit breaker at the switchyard was also…
Read MoreS M Tanveer pledges FPCCI as truly representative apex body
Patron In-Chief of United Business Group (UBG) S M Tanveer extends warm congratulations to all UBG members across Pakistan for the monumental triumph achieved in the FPCCI Elections 2024-25, marked by a record-breaking historical margin. This victory stands as a testament to the unwavering commitment, tireless efforts, and wholehearted dedication of UBG members who tirelessly worked day and night to secure this remarkable success. Central President ZubairTufail, Chairman Khalid Tawab and Secretary General Sindh Zone HanifGohar have also congratulated the business community across Pakistan on the unprecedented success of the…
Read MoreFuel oil exports jump 116pc in first half as domestic demand slumps
KARACHI: Pakistan exported a record amount of fuel oil in the first half of the current financial year, surpassing the total exports of the previous year, as domestic demand plunged due to a shift to cleaner energy sources, data from the oil sector showed on Monday. The country exported around 600,000 tonnes of fuel oil from July to December 2023, surpassing the total exports of 277,000 tonnes for the entire fiscal year that ended June 30, 2023, the data showed. Fuel oil exports surged in November and December, when local…
Read MorePrivatisation of power plants urged
Policymakers seek to curb circular debt, note challenges in way of sell-off ISLAMABAD: As a major portion of Pakistan’s sovereign debt comprises loans of power sector, policymakers have stressed the importance of privatising state-owned electricity producers to rein in the runaway circular debt. They voiced serious concerns that a considerable amount of foreign loans were outstanding against the government power producers (GPPs), which should be recovered from the payments proposed to be made to those generation companies (Gencos). Sources in the Ministry of Energy (Power Division) pointed out that Gencos…
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