Year: 2024

Pakistan Unveils NEV Policy to Transition 30% Vehicles to Electric by 2030

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electric-vehicles

ISLAMABAD: The government has launched a New Energy Vehicle (NEV) policy aiming to transition 30% of all new vehicles in Pakistan to electric by 2030. The policy, announced by Industries and Production Minister Rana Tanveer Hussain, includes subsidies, tax breaks, and financing incentives to promote electric vehicles (EVs) and hydrogen-powered transport. Key measures include subsidies of Rs50,000 for electric motorcycles and Rs200,000 for electric rickshaws, supported by a Rs4 billion allocation. Financing will be available at a reduced 3% KIBOR rate, with consumers paying monthly installments of around Rs9,000—lower than…

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Petroleum Production and Exports Surge in First Four Months of FY25

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petrol-price

ISLAMABAD: Pakistan’s petroleum sector witnessed remarkable growth during the first four months of FY25, driven by a 30.98% surge in crude oil imports, resulting in increased production by local refineries and a significant rise in exports. According to preliminary estimates, this growth in production and exports is expected to positively contribute to the country’s economic progress in the ongoing fiscal year. Data from the Pakistan Bureau of Statistics (PBS) revealed a 16.80% increase in the value of crude oil imports and a 30.98% rise in quantity, reaching 3.137 million tonnes…

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US natgas prices slid 2pc on mild weather and lower demand

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us natgas

NEW YORK: US natural gas futures slid about 2% on Tuesday on forecasts for mild weather and less heating demand over the next two weeks than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to $2.930 per million British thermal units (mmBtu) at 7:53 a.m. EST (1253 GMT). Analysts have said that mild weather so far this autumn should allow utilities to keep injecting more gas than usual into storage for the weeks ended Nov. 15 and possibly the…

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Oil steadies as Sverdrup field restart counters geopolitical concerns

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crude oil

NEW YORK: US natural gas futures slid about 2% on Tuesday on forecasts for mild weather and less heating demand over the next two weeks than previously expected. Front-month gas futures for December delivery on the New York Mercantile Exchange fell 4.3 cents, or 1.5%, to $2.930 per million British thermal units (mmBtu) at 7:53 a.m. EST (1253 GMT). Analysts have said that mild weather so far this autumn should allow utilities to keep injecting more gas than usual into storage for the weeks ended Nov. 15 and possibly the…

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Oil prices climb as market weighs Ukraine war escalation

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oil price

LONDON: Oil edged higher on Wednesday as concerns about escalating hostilities in the Ukraine war potentially disrupting oil supply from Russia outweighed data showing rising U.S. crude stocks. Brent crude futures for January were up 49 cents, or 0.7%, to $73.80 a barrel at 1313 GMT. U.S. West Texas Intermediate crude futures for December, due to expire on Wednesday, were up 71 cents, or 1%, to $70.10, while the more active WTI contract for January was up 56 cents, or 0.8%, at $69.80. The escalating war between major oil producer…

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