Author: Admin

PM urged to expedite Rs23bn power bill relief

Admin
power bills

KARACHI: President Karachi Chamber of Commerce & Industry (KCCI) Muhammad Jawed Bilwani has appealed the Prime Minister Shehbaz Sharif to ensure that the long-pending relief of Rs23 billion in the electricity bills on incremental consumption is released without further delay by duly incorporating provision in the forthcoming federal budget for FY 2025–26. Despite being allocated in previous budgets, the relief has yet to be disbursed, causing severe financial stress to the Karachi’s industrial sector only as this relief has been provided to the rest of the country. In a formal…

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Ministry seeks ECC nod for new OMCs, dealers’ digitisation

Admin
PETROLEUM

KARACHI: The Petroleum ministry is set to send a summary to the Economic Coordination Committee (ECC), in near future, for imposition of additional fees for oil marketing companies (OMCs) and dealers to digitize supply chain and petrol pumps in a bid to curb fuel smuggling. While talking to the media during his visit to the Sui Southern Gas Company Limited (SSGC) on Friday, Federal Minister for Petroleum Ali Pervaiz Malik said that the additional fee will be added to the price of petroleum products. However, he claimed that the imposition…

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OPEC+ agrees further accelerated oil output hike for July

Admin
opec

LONDON/MOSCOW: OPEC+ agreed on Saturday to hike July oil output by 411,000 barrels per day (bpd), the same as in May and June, as the group of oil-producing countries continues to bring back supply more rapidly than earlier planned. Eight OPEC+ countries have been raising output faster than scheduled since May, even though the extra supply has weighed on prices. Group leaders Saudi Arabia and Russia are seeking partly to punish over-producing allies and to win back market share. On Saturday, the eight countries agreed to the July increase in…

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Oil leaps 4% after OPEC+ keeps output increase unchanged

Admin
oil

LONDON: Oil prices jumped by about 4% on Monday after producer group OPEC+ kept output increases in July at the same level as the previous two months. Brent crude futures climbed by $2.28, or 3.6%, to $65.06 a barrel by 1335 GMT. U.S. West Texas Intermediate crude was up $2.99, or 4.9%, at $63.78. Both contracts lost more than 1% last week. The Organization of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, decided on Saturday to raise output by 411,000 barrels per day (bpd) in July,…

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Pakistan Refinery receives EPCF bids for major expansion

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pakistan refinery

Pakistan Refinery Limited (PRL) has received formal bids from companies interested in handling the Engineering, Procurement, Construction, and Finance (EPCF) work for PRL’s Refinery Expansion and Upgrade Project (REUP). The refinery, a key player in Pakistan’s energy sector, disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Monday. “PRL has received Engineering, Procurement, Construction & Finance (EPCF) bids for its Refinery Expansion & Upgrade Project (REUP). PRL is in the process of evaluating these EPCF bids and will provide further updates in due course as necessary,”…

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