Month: February 2024

Caretaker Government Likely to Raise Gas Prices in ECC Meeting Today

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Gas-Prices

The caretaker government is poised to present a plan to the Economic Coordination Committee (ECC) today, in accordance with IMF directives, aiming to increase gas prices further. The proposal follows the recent recommendation by the Oil and Gas Regulatory Authority (OGRA) for a 23.16% average hike in gas prices effective from January 1, 2024. Under the proposed plan by the petroleum division, the price of Compressed Natural Gas (CNG) may also rise to Rs3800 per mmBtu from the current Rs3600 per mmBtu, alongside hikes in gas sale prices for other…

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Attock Refinery Limited Delays Maintenance Shutdown Following Regulatory Advice

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New-ARL

Attock Refinery Limited announced on Monday that it has postponed the scheduled month-long closure of certain units for maintenance by a week. Originally planned to begin on February 10, the annual turnaround will now commence on February 18, as per the company’s notice to the Pakistan Stock Exchange. The decision to delay the maintenance shutdown was made in response to advice from the Oil and Gas Regulatory Authority (OGRA). This adjustment aims to minimize the overlap with another refinery’s shutdown and ensure uninterrupted petroleum product supplies. Maintenance shutdowns are crucial…

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US Calls for Independent Probe into Alleged Election Irregularities in Pakistan

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Pak-Election

The United States has proposed an independent investigation into claims of election irregularities in Pakistan, suggesting that the country’s legal system should be the first to address the issue. State Department Spokesperson Matthew Miller stated during a press briefing that allowing the legal system in Pakistan to play out would be the appropriate initial step. Responding to inquiries about US lawmakers urging the Biden administration to advocate for an independent investigation, Miller highlighted the need for clarity regarding the proposed investigative body. However, he expressed willingness to explore additional steps…

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Ministry of Energy Shares Spot LNG Price Forecasts with Utilities Amid Concerns Over Outstanding Dues

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LNG-1

The Ministry of Energy (Petroleum Division) has disseminated spot LNG price projections to Sui gas companies, the National Transmission and Despatch Company (NTDC), and the Central Power Purchasing Agency-Guaranteed (CPPA-G) until September 2024. As per projections by M/s Pakistan LNG Limited (PLL), the anticipated spot LNG prices from March to September 2024 are: March-April: $9.43/MMBTU, May: $8.81/MMBTU, June: $8.39/MMBTU, July: $7.56/MMBTU, August: $7.37/MMBTU, and September: $8.35/MMBTU. These forecasts, provided by S&P Global on January 24, 2024, are subject to market fluctuations. The NTDC has shared tentative RLNG demand figures for…

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IMF Rejects Pakistan’s Energy Sector Plans, Citing Fiscal Risks

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IMF-board

The International Monetary Fund (IMF) has declined Pakistan’s proposals aimed at addressing the energy sector’s Rs1.3 trillion circular debt and reducing electricity prices for industries. Nathan Porter, IMF’s Mission Chief to Pakistan, expressed skepticism about the proposals, stating that they would burden residential consumers and pose fiscal risks. Porter emphasized that the proposed industrial tariff reduction plan fails to tackle underlying issues, questioning its effectiveness in achieving circular debt neutrality. He cautioned that such a plan would significantly burden vulnerable households. The interim government’s proposal aimed to reduce the cross-subsidy…

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