Author: Admin

Oil steady ahead of OPEC+ meeting as trade war concerns ease

Admin
Oil falls

LONDON: Oil prices were little changed on Tuesday as easing trade war concerns offset expectations OPEC+ will decide to increase output at a meeting later this week. Brent crude futures were down 28 cents, or 0.4%, at $64.46 a barrel by 1154 GMT, while U.S. West Texas Intermediate (WTI) crude fell 33 cents, or 0.5%, to $61.20 a barrel. Easing trade war concerns are lifting prices, but the upside remains limited until it is clear what the OPEC+ will decide on Saturday, said UBS analyst Giovanni Staunovo. The Organization of…

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Massive Blaze Destroys Solar Factory in Karachi’s Korangi Industrial Area

Admin
Solar-2025

KARACHI – A massive fire erupted at a solar panel manufacturing factory in the Korangi Industrial Area near Murtaza Chowrangi, causing extensive damage and losses worth millions of rupees, according to a report by 24NewsHD TV Channel on Tuesday. Upon receiving the emergency call, the Central Command and Control of Rescue 1122 immediately dispatched a response team, including one ambulance and two fire brigade trucks, to the scene. Firefighters swiftly launched operations to contain the blaze and prevent it from spreading to nearby units. Despite their prompt response, the inferno…

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Oil Sector Pushes for Rs10/Litre Margin to Avert Financial Strain

Admin
Petrol-oil

KARACHI: Pakistan’s oil marketing sector has urged the government to approve a revised margin of Rs10 per litre for Oil Marketing Companies (OMCs), warning that delays in adjustments are jeopardizing the sector’s financial stability. In a letter to the Minister for Petroleum, the Oil Companies Advisory Council (OCAC) highlighted that the last OMC margin revision was implemented in September 2023, setting the rate at Rs7.87 per litre. A scheduled revision for September 2024 remains pending, despite rising operational costs. OCAC originally proposed a revised margin of Rs12.65 in June 2024,…

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K-Electric Reports Rs44 Billion Loss in 2024 Due to Theft, Billing Irregularities

Admin
K-Electric

ISLAMABAD: K-Electric (KE) has reported a staggering Rs44 billion loss in 2024 alone, driven by rampant electricity theft through the illegal kunda system, non-metered usage, and unpaid bills, senior company officials informed the National Assembly’s Standing Committee on Government Assurances on Monday. Chaired by MNA Nuzhat Sadiq, the committee lambasted KE for its persistent operational failures, including unscheduled load-shedding and reliance on average-based billing, despite receiving substantial federal support. Lawmakers directed KE to immediately halt unannounced power outages and work with local representatives to expand metered coverage. The committee emphasized…

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PMO Urges Swift Action on DISCOs’ Privatisation and Provincialisation Roadmap

Admin
PM-Office

ISLAMABAD: The Prime Minister’s Office (PMO) has instructed the Power Division to expedite consultations and finalize proposals regarding the privatisation and provincialisation of power distribution companies (DISCOs), according to informed sources. The finalized roadmap is to be developed through the Task Force on Power Sector Reforms and submitted to the Steering Committee on DISCOs Privatisation. In a significant decision, the Cabinet approved the outright privatisation of three DISCOs—Islamabad Electric Supply Company (IESCO), Faisalabad Electric Supply Company (FESCO), and Gujranwala Electric Power Company (GEPCO)—in its meeting held on August 13, 2024,…

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