Category: Highlights

Steel bar makers have further increased the prices by Rs2,000 per tonne citing persistent rupee devaluation, rising costs of energy and inputs and supply chain disruptions. As per letters issued by various steel bar makers to the construction sector, Amreli Steels Ltd said effective Dec 7 the new ex-factory booking rates of (9.5/10mm and 12mm) are Rs197,500 per tonne and 16mm and above sizes at Rs195,000 per tonne (deform and extreme rebars). Naveena Steel Mills has quoted Rs194,500 for 16-32mm and Rs196,500 per tonne for 10-12mm sizes respectively for the…

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Cnergyico PK Ltd, formerly Byco Petroleum Pakistan Limited, has engaged potential buyers including oil giant Exxon to export furnace oil (FO), which is currently overflowing from its storage facilities as local demand has dried up, The News has learnt. The company earlier failed to broker a deal for the export after it received a bidding at a huge discount, sources in the oil sector confided to The News. Cnergyico is in talks with the international buyers to export huge stocks of furnace oil, which built up after local Independent Power…

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Minister for Energy Hammad Azhar on Wednesday said power sector has more LNG available for it than it was drawing as per merit order. “Fertilizer plants that are normally shut due to non-supply during winters enjoying uninterrupted supply this year. Export sector is also getting stable supply,” he tweeted. He said domestic consumers that received gas from mostly local gas reserves have faced pressure problems in winters since last many years. The government has announced the Winter Electricity package for them in order to incentivise them to shift to electrical…

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Unfortunately, gas is only available to most households three times a day. As if this wasn’t bad enough, many people have installed gas compressors at their homes which leads to reduced pressure of gas supply to others in the area. In my locality, for instance, two houses use these compressors. As a result, the rest of the houses on the street are deprived of gas. The two houses were identified last year but due to heavy security at these places, no inspection team could visit. Given the situation, gas companies’…

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Stocks of petrol have surged to historic levels that can meet 26 days of consumption demand in the country, which comes at a time when refineries have warned of imminent shutdown following refusal of power plants to procure furnace oil. According to officials, at present the country has petrol stocks of 600,000 tons as demand has remained lower than forecasts. Earlier, the oil industry had projected consumer demand for 800,000 tons of petrol in November but consumption stood far lower than the estimate. Sources pointed out that high prices of…

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