Author: Admin

KARACHI: The government has increased the price of jet fuel for commercial aircraft, according to aviation sources. Sources said that the price of jet fuel has been raised by Rs53.11 per litre, pushing the new price to Rs441.66 per litre. The significant increase in aviation fuel prices is expected to raise operational costs for airlines, potentially adding further pressure on the aviation sector. Industry sources noted that higher fuel costs could impact airline expenditures and may eventually affect airfares and operational planning for commercial carriers operating in Pakistan.

Read More

ISLAMABAD: Oil and Gas Development Company Limited (OGDCL) has significantly increased domestic oil production in recent months, with output rising from 32,500 barrels per day to 41,000 barrels per day, according to the company’s Managing Director Ahmed Hayat Lak. Speaking about the country’s energy reserves and production capacity, Ahmed Hayat Lak revealed that OGDCL has the capability to further increase oil production beyond 43,000 barrels per day. He stated that before the recent tensions in the Middle East, OGDCL’s nationwide oil production stood at around 32,500 barrels per day. However,…

Read More

ISLAMABAD: The International Monetary Fund (International Monetary Fund) has urged Pakistan to maintain domestic prices of petroleum, electricity, and gas in line with actual costs while ensuring targeted protection for low-income and vulnerable consumers, as the country continues to implement its reform programme alongside a $1.3 billion tranche approval. In its latest statement, the IMF stressed that energy sector reforms remain essential, particularly in a volatile global commodities environment. It said Pakistan must continue efforts to strengthen anti-corruption institutions, advance privatization of state-owned enterprises, and remove unnecessary regulatory barriers to…

Read More

ISLAMABAD: The Power Division is set to sign Public Service Obligation (PSO) agreements with power Distribution Companies (DISCOs) for the management of tariff subsidies, relief packages, and the collection of statutory surcharges under the National Electric Power Regulatory Authority (NEPRA) Act, informed sources told Business Recorder. According to sources, the move is being undertaken in line with the State-Owned Enterprises (Governance and Operations) Act, 2023, which allows the federal government to assign specific public service obligations to state-owned enterprises (SOEs). Historically, DISCOs have been carrying out several public service functions…

Read More

DUBAI: Saudi Aramco CEO Amin Nasser has warned that the global oil market will take time to recover after losing nearly one billion barrels of oil over the past two months amid severe shipping disruptions in the Strait of Hormuz. Speaking to Reuters on Sunday following Aramco’s announcement of a 25 percent increase in first-quarter net profit, Nasser said the energy market remained under significant pressure despite ongoing efforts to maintain stable oil supplies. “Our objective is simple: keep energy flowing, even when the system is under strain,” Nasser stated.…

Read More