Year: 2025

Oil rises on signs of strong demand, investors await OPEC+ output decision

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oil

NEW YORK: Oil prices edged higher on Tuesday as investors took stock of positive demand indicators, while also treading cautiously ahead of an OPEC+ meeting to decide the group’s August output policy. Brent crude was up 18 cents, or 0.3%, to $66.92 a barrel at 11:36 a.m. ET (1536 GMT), while U.S. West Texas Intermediate crude was up 27 cents, or around 0.4%, to $65.38 a barrel. The gains were likely due to supportive data from a private-sector survey in China, which showed factory activity returned to expansion in June,…

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Saudi Arabia raised crude exports in June, Kpler data shows

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Crude supply

LONDON: Saudi Arabia’s oil exports jumped to the highest level in more than a year in June as the kingdom shipped more crude to overseas storage amid fears of possible supply disruptions owing to conflict in the Middle East. OPEC’s biggest producer has intervened in oil markets for decades to provide more oil during disruptions or cut output when it felt the market was oversupplied. Crude exports rose by 450,000 barrels per day (bpd) from May’s level to 6.33 million bpd in June, Kpler data shows. There could be a…

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PAC Orders K-Electric to Pay Sindh Govt Rs700 Million Monthly in Electricity Duty

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New-KE

KARACHI: The Public Accounts Committee (PAC) of the Sindh Assembly has ordered K-Electric to start paying the Sindh government between Rs500 million to Rs700 million monthly from electricity duty collections, effective retroactively from September 2024. The directive follows a dispute over Rs32 billion that K-Electric has collected from consumers under electricity duty but has yet to transfer to the provincial government. The PAC, chaired by Nisar Khuhro, ruled that the monthly payments must continue until the issue is resolved, including KE’s pending receivables of Rs23.5 billion from the Karachi Water…

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IPPs Warn: Proposed Furnace Oil Levies to Hike Power Costs, Threaten Refineries

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IPPs

ISLAMABAD: Independent Power Producers (IPPs) have cautioned the government that proposed levies on furnace oil (FO) in the 2025–26 federal budget could sharply increase electricity generation costs and severely impact refinery operations. In formal communications to the Petroleum Division, the Hub Power Company (Hubco) and the IPPs Advisory Council (IPPAC) raised alarms over the draft Finance Bill’s proposed imposition of a Rs77 per litre Petroleum Levy (PL) and a Rs2.5 per litre Carbon Levy (CL), effective July 1, 2025. Combined, these would raise FO prices by over Rs84,700 per metric…

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Govt to Stop Collecting Electricity Duty Through Bills from July 2025

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New-IPPS1

ISLAMABAD:Federal Energy Minister Awais Leghari has formally written to all provincial chief ministers, announcing the government’s decision to discontinue the collection of Electricity Duty through power bills starting July 1, 2025. In his communication, Leghari urged provincial governments to support efforts to streamline billing by eliminating various add-on charges that burden consumers. He emphasized that already high electricity tariffs are made even more complex and confusing due to multiple taxes and levies being bundled into monthly bills. The minister underscored the federal government’s ongoing reforms to bring down electricity costs,…

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