Author: Admin

KARACHI: The oil industry has expressed serious concerns over recent changes in the government’s petroleum product pricing methodology, warning that the revised mechanism could threaten fuel import sustainability and long-term energy security. In a formal communication to the Ministry of Energy (Petroleum Division) and the Oil and Gas Regulatory Authority (OGRA), the Oil Companies Advisory Council (OCAC) said the revised pricing framework, effective June 6, 2026, introduces a calendar year-to-date averaging approach for key cost components of motor gasoline (Mogas), including import premiums, customs duties, and incidentals. The industry body…

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SINGAPORE: A fifth liquefied natural gas (LNG) tanker linked to Qatar has successfully transited the Strait of Hormuz carrying a full cargo, according to ship-tracking data, despite heightened regional tensions. The latest passage brings the total number of loaded LNG vessels exiting the strategic waterway to nine since the outbreak of the conflict. The Strait of Hormuz remains a critical global energy chokepoint, through which a significant share of the world’s LNG and oil supplies pass. Despite security concerns, shipping activity has continued, indicating that key energy flows from the…

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ISLAMABAD: Federal Minister for Energy Sardar Awais Ahmed Khan Leghari has said that Pakistan is actively considering joining the International North–South Transport Corridor (INSTC), a move aimed at strengthening regional connectivity and enhancing trade links across Eurasia, including potential integration with Gwadar Port. He made the remarks while addressing a high-level webinar titled “Pakistan–Russia Bilateral Relations at the Cusp of a Shifting Global Order,” jointly organised by the Institute of Strategic Studies Islamabad (ISSI) and the University of World Civilizations, Moscow. Leghari highlighted expanding cooperation between Pakistan and Russia in…

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ISLAMABAD: Prime Minister Shehbaz Sharif on Tuesday directed authorities to accelerate the privatisation of key electricity distribution companies (Discos), underscoring the government’s commitment to power sector reforms aimed at improving efficiency and reducing fiscal burdens on the national economy. Chairing a high-level meeting to review progress on the privatisation programme, the prime minister emphasized that the divestment of government stakes in distribution companies must be conducted in a transparent, competitive, and efficient manner to strengthen investor confidence and maintain public trust. He also instructed relevant authorities to establish a strong…

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ISLAMABAD: Pakistan is set to witness one of its largest energy-sector investments as SPEC Refinery Pvt Ltd advances plans to establish the country’s first deep-conversion greenfield refinery at Hub, Balochistan, with an estimated investment of $4.5 billion. The development was discussed during a meeting between Federal Minister for Commerce Jam Kamal Khan and a delegation of SPEC Refinery Pvt Ltd led by its Chairman, Zafar Sheikh, according to an official statement issued on Wednesday. During the meeting, the delegation briefed the minister on the project’s progress and underscored its strategic…

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