Category: Highlights

Cheaper Power to Revive Economy: Business Leaders Laud PM’s Tariff Cut

Admin
Tariff-Cut

KARACHI: Pakistan’s business community has welcomed Prime Minister Shehbaz Sharif’s decision to reduce electricity tariffs, calling it a crucial step toward easing the burden on consumers and reviving industrial activity. M. Abdul Aleem, Secretary General of the Overseas Investors Chamber of Commerce and Industry (OICCI), termed it a “positive move,” especially in light of stringent IMF conditions and limited fiscal flexibility. However, he emphasized the need for further policy measures to stimulate the large-scale manufacturing (LSM) sector. Ehsan Malik, CEO of the Pakistan Business Council (PBC), also praised the initiative,…

Read More

PM Shehbaz Announces Rs7.41 Per Unit Power Rate Cut to Revive Economy

Admin
New-Project

Islamabad: In a major relief for consumers and businesses, Prime Minister Shehbaz Sharif on Thursday unveiled a substantial reduction in electricity tariffs, slashing rates by Rs7.41 per unit for residential users and Rs7.59 per unit for commercial consumers. “With this reduction, electricity will now be provided at Rs34.37 per unit for residential consumers,” the premier announced during a ceremony, emphasizing that lower power costs are crucial for boosting industrial growth, agriculture, trade, and exports. The move follows a *15% month-on-month decline in power generation, which hit a five-year low of…

Read More

US natural gas prices hold near 3-week low

Admin
natural gas prices

NEW YORK: US natural gas futures held near a three-week low on Tuesday on record output and forecasts for milder weather and lower demand over the next two weeks than previously expected. Traders noted higher demand from the expected return of Freeport LNG’s export plant in Texas on Tuesday from an outage on Monday offset the forecast for lower demand from milder weather. Front-month gas futures for April delivery on the New York Mercantile Exchange were up 1.6 cents, or 0.4%, to $3.93 per million British thermal units (mmBtu) at…

Read More

India’s Reliance to stop buying Venezuelan oil over US tariffs: sources

Admin
US tariffs

NEW DELHI: India’s Reliance Industries, operator of the world’s biggest refining complex, will halt Venezuelan oil imports after the United States announced a 25% tariff on nations buying crude from the South American nation, three sources said on Wednesday. The Indian conglomerate, which last year obtained approval from U.S. authorities to purchase oil from the sanctioned producer, imports an average of 2 million barrels of Venezuelan crude every month, according to LSEG data. It is scheduled to receive a Venezuelan cargo in early April, LSEG trade flows data showed. U.S.…

Read More

Oil prices climb 1% on US crude and fuel stock draw, Venezuela supply worries

Admin
Oil prices

HOUSTON: Oil prices rose on Wednesday, buoyed by government data showing U.S. crude oil and fuel inventories fell last week and by mounting concerns about tighter global supply following the U.S. threat of tariffs on nations buying Venezuelan crude. Brent crude futures gained 82 cents, or 1.12%, to $73.84 a barrel by 12:11 p.m. ET (1611 GMT), their highest since February 27. U.S. West Texas Intermediate crude futures rose 82 cents, or 1.19%, to $69.82 a barrel. Both benchmarks rose more than $1 a barrel during the session. Oil prices…

Read More