Category: Highlights

Oil prices dip as US crude inventories surge, tariff concerns loom

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Oil prices

Oil prices fell on Wednesday, following a rise in U.S. crude stockpiles and easing worries over Libyan supply, while focus turned to potential U.S. tariffs on Canadian and Mexican imports. Brent crude futures were down 59 cents, or 0.76%, to $77.90 a barrel as of 0916 GMT, while U.S. crude futures had lost 55 cents, or 0.75%, at $73.22. The White House said on Tuesday that U.S. President Donald Trump still plans to issue 25% tariffs on Canada and Mexico on Saturday. “Crude prices keep dancing to the rhythm of…

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Oil prices hover near two-week low, Libya supply disruption offers support

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oil price

Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened demand prospects. Supporting prices was a disruption of oil loading operations in Libya. Brent crude oil futures were up 55 cents, or 0.70%, to $77.63 per barrel at 1236 GMT. U.S. West Texas Intermediate crude futures were up 49 cents, or 0.67%, to $73.66. Brent settled on Monday at its lowest since Jan. 9, while WTI hit its lowest since Jan. 2. In Libya, local protesters prevented…

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Saudi, UAE, Iraq, Libya energy ministers meet after Trump OPEC comments

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Oil prices

DUBAI: Saudi Arabia’s energy minister met his counterparts from the United Arab Emirates (UAE), Iraq and Libya on Monday following U.S. President Donald Trump’s call for lower oil prices and ahead of a meeting next week of OPEC+ oil-producing countries. Saudi Energy Minister Prince Abdulaziz bin Salman held talks with Iraq’s Hayan Abdel-Ghani and Libya’s Khalifa Abdulsadek in Riyadh, the official Saudi Press Agency (SPA) reported. He and his Libyan counterpart discussed “strengthening joint efforts to support the stability of global energy markets” to serve their mutual interests, SPA reported. He also…

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Islamabad, January 26, 2025

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OGRA

The Federal Government, in response to OGRA’s determinations of SNGPL and SSGCL’s Review of Estimated Revenue Requirement for FY 2024-25, has issued advice on gas sale prices. Effective February 1, 2025, the gas sale price for General Industry (Captive) has been revised from Rs. 3,000/MMBTU to Rs. 3,500/MMBTU. The gas sale prices for all other consumer categories, including Domestic, Special Roti Tandoor, General Industry (Process), Commercial, CNG, Cement, Fertilizer, and Power, remain unchanged. This revision has been officially notified in the Official Gazette and is available on OGRA’s website

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ECC approves gas tariff hike for captive power plants as domestic consumers spared

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The Economic Coordination Committee (ECC) approved an increase in gas tariffs for captive power plants while keeping rates for domestic consumers unchanged.  The decision was taken during a meeting on Saturday, chaired by Federal Minister for Finance Mohammad Aurangzeb. The gas tariff for captive power plants has been raised from Rs. 3,000 to Rs. 3,500 per MMBTU, effective for the fiscal year 2024-25.  This measure aims to generate the required revenue for the gas sector, according to an official statement from the Ministry of Finance. The ECC rejected a proposal…

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