Category: Latest News

Saudi Arabia Activates Desert Oil Pipeline to Bypass Strait of Hormuz Crisis

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New-Project97

RIYADH: Amid severe disruptions to global oil shipments caused by escalating Middle East tensions, Saudi Arabia has activated a long-standing contingency plan to transport crude oil across the desert to the Red Sea, bypassing the strategic Strait of Hormuz. With the critical shipping route effectively blocked due to the ongoing conflict involving Iran, the Gulf’s major petroleum exporters are facing an unprecedented logistical crisis. Attacks on energy infrastructure and growing regional instability have forced producers to look for alternative routes to maintain global supply. To manage the disruption, Saudi state-owned…

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IMF Mission Unable to Reach Staff-Level Agreement with Pakistan; Talks to Continue

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New-IMF

ISLAMABAD: The mission of the International Monetary Fund (IMF) on Thursday confirmed that it could not reach a staff-level agreement (SLA) with Pakistan on the third review of the country’s $7 billion Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF), although discussions made considerable progress. In its end-of-mission statement, the IMF said the delegation, led by Iva Petrova, held detailed talks with Pakistani authorities in Karachi and Islamabad, as well as virtually, from February 25 to March 11. “While considerable progress was made…

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No shortage of LPG in the country and sufficient reserves are available.

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LPG-Price

Lahore: Two ships, ARIES with 11,000 metric tons and ATLANTIC with 12,000 metric tons, have docked at Port Qasim. Additionally, two more LPG consignments, ULLSWATER with 3700 tons and MD23 with 3500 tons, will arrive before Eid al-Fitr. This was stated by Irfan Khokhar, Chairman of the LPG Distributors Association, in an interview with Express. He said that although the official price of LPG is Rs 225 per kg, the gas mafia is selling it at Rs 350-450 per kg, citing the US-Iran war and rising global oil prices, which…

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PSO Gets Bids for 1.1 Lakh Tons Petrol, Diesel Import Talks Hit Snag

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pso

Pakistan State Oil (PSO) has received bids from international traders for two petrol cargoes, each weighing 55,000 metric tons with a 92 RON rating, amid tensions in the Strait of Hormuz. OQ Trading submitted the lowest bid with a Cost and Freight (CFR) premium of $17.8 per barrel for the first cargo, while Be Energy SA offered $22 per barrel. For the second cargo, OQ Trading bid $19.5 per barrel, and Be Energy SA offered $23.5 per barrel. However, the lowest bids for both cargoes are considered relatively high. The…

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“OGRA Denies LPG Price Hike Rumors, Says Official Rates Still Apply”

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OGRA

The Oil and Gas Regulatory Authority (OGRA) clarifies that Liquefied Petroleum Gas (LPG) prices are officially notified by the Authority once every month, effective from the 1st day of the month in accordance with the prescribed pricing mechanism. At present, no new LPG price notification has been issued by OGRA, and therefore any claims or rumours regarding an increase in LPG prices are incorrect. The general public is advised that OGRA’s notified price remains applicable, and consumers should ensure that LPG is being sold in accordance with the officially notified…

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