Category: Highlights

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has worked out a reduction in the prices of petroleum products (POL) for the upcoming month of October 2020. According to sources, OGRA has forwarded its working paper regarding the next month’s oil prices for necessary feedback. The final decision will be announced by the finance ministry on 30th September (tomorrow) after getting the consent of Prime Minister Imran Khan. The new oil prices will be effective from 1st October across the country. Sources said that the OGRA, in its working paper, had…

Read More

Britain’s oil and gas rigs are the most polluting in the North Sea oil basin, according to industry data, with enough unwanted gas burned off every year to heat a million homes. Oil rigs in the UK continental shelf (UKCS) released 13.1m tonnes of carbon dioxide emissions into the atmosphere last year, according to data from Rystad Energy, significantly more than those from the Norwegian and Danish regions of the North Sea, which produced 10.4m tonnes and 1.4m tonnes of CO2 respectively in the same year. The report found that…

Read More

Oil prices on Tuesday fell more than 3%, although closed off their lowest levels of the day, on worries about the outlook for fuel demand as Europe and the United States grappled with a surge in new coronavirus infections. Stock and commodities investors remained cautious ahead of the first U.S. presidential debate between Democrat Joe Biden and Republican Donald Trump later on Tuesday. The energy market was also waiting for weekly updates on U.S. crude stockpiles from the American Petroleum Institute (API) on Tuesday and the Energy Information Administration (EIA)…

Read More

The share of hydropower in total energy mix will increase to 50% by 2050 to provide cheap energy that will boost business activities and accelerate economic growth, said Water and Power Development Authority Chairman Muzammil Hussain. Addressing the business community at the Islamabad Chamber of Commerce and Industry (ICCI) on Monday, he gave a detailed presentation on Diamer-Bhasha, Dasu, Mohmand and other dams being constructed by the authority. “The business community deserves appreciation because despite high energy cost and power shortage, it has been doing a tremendous job to promote…

Read More

ISLAMABAD: The economic revival, which was observed in the first two months (July-August) of the current fiscal year 2020-21, may be hampered in September due to climatological events and inflation is also expected to rise, according to a monthly report released by the Ministry of Finance. The Economic Updates and Outlook Report for September also revealed that the foreign remittances may further slowdown in the range of just $1.3 billion to $1.6 billion in September. The report, released on Monday, stated that the cumulative remittances for the July-September quarter will…

Read More