Author: Admin

Oil jumps over 7% after Israel strikes Iran

Admin
Oil prices

HOUSTON: Oil prices jumped over 7% on Friday to multi-month highs after Israel launched air strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.94, or 7.12%, to $74.30 a barrel at 1442 GMT, after hitting an intraday high of $78.50, the strongest level since January 27. U.S. West Texas Intermediate crude was up $4.72, or 6.94%, at $72.75, touching its highest since January 21 at $77.62 earlier in the session. Friday’s gains were the largest intraday…

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Energy ministry seeks cabinet nod for fuel levies in line with IMF commitments

Admin
Petroleum Division

The Ministry of Energy (Petroleum Division) has proposed amendments to the Petroleum Products (Petroleum Levy) Ordinance, 1961, to introduce new levies on fuel, specifically Carbon Levy and Petroleum Levy (PL) on furnace oil, petrol, and diesel. As per the summary prepared by the ministry for the consideration of the cabinet, under the ongoing International Monetary Fund (IMF) programme for Resilience and Sustainability Financing (RSF), the government has agreed for imposition of Carbon Levy on petrol, diesel and furnace oil along with imposition of Petroleum Levy (PL) on furnace oil. “This…

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Global LNG: Asian spot prices gain on geopolitical tensions, rising temperatures

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LNG

SINGAPORE: Asian spot liquefied natural gas (LNG) prices saw gains this week as rising temperatures in the northeast part of the region led to some pick-up in demand, and as escalating geopolitical tensions in the Middle East raised concerns about supply disruptions. The average LNG price for July delivery into north-east Asia was at $12.60 per million British thermal units (mmBtu), up from $12.30/mmBtu last week and its highest levels since early April, industry sources estimated. The average price for August delivery was estimated at $12.70/mmBtu. Following Israel’s attack on…

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KE Concludes EPIC 2025, Advancing Innovation for Pakistan’s Energy Future

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K-Electric1

KARACHI: K-Electric (KE) successfully concluded the Grand Finale of the Energy Progress & Innovation Challenge (EPIC) 2025, reaffirming its commitment to innovation and localisation in Pakistan’s evolving energy landscape. From over 250 national submissions, 10 standout projects were shortlisted, with three top teams awarded Rs1.5 million, Rs1 million, and Rs750,000, respectively. The first prize went to NUST for a tamper-proof PMT-based load shedding solution. GCU Faisalabad secured second place for their AI-powered demand forecasting model, while NED University claimed third for an optimised AI-based electricity forecasting system. A prestigious jury…

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IMF Rebuff Halts \$6 Billion Refinery Upgrade Projects in Pakistan

Admin
New-IMF

ISLAMABAD: In a significant blow to Pakistan’s oil refining sector, the International Monetary Fund (IMF) has rejected key government proposals intended to unlock \$6 billion in refinery upgrade investments, stalling efforts to produce Euro-V standard fuels. According to senior Petroleum Division officials, the IMF’s disapproval has derailed plans critical to Pakistan’s energy transformation. The proposals aimed to restore zero-rated status for petroleum products and introduce a 10% sales tax on imports of new machinery and spare parts necessary for upgrades. The IMF rejected both, citing implementation and verification concerns. Federal…

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