Category: Latest News

Oil edges up as geopolitical concerns and weaker dollar support

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Oil falls

LONDON: Oil edged up on Tuesday, in the face of rising geopolitical tensions as the war in Ukraine ramped up despite peace talks in Turkey and Iran was set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer. Crude had gained nearly 3% on Monday after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, kept its July output hike at 411,000 barrels per day, the same as earlier months and less than some in the market…

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Sindh Lawmakers Slam KE Over Load Shedding, CEO Monis Alvi Grilled

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Moonis-Alvi

KARACHI (Staff Reporter) – In a heated session of the Sindh Assembly’s Special Committee on Energy, members strongly criticized prolonged load shedding across the province and expressed frustration over the non-serious attitude of K-Electric CEO Monis Alvi. The performance of K-Electric and other power distribution companies came under sharp scrutiny, with lawmakers voicing anger over their inefficiency. Monis Alvi apologized for his absence in the previous meeting. However, tensions rose when committee members demanded to know under which laws K-Electric carries out load shedding. The CEO claimed it was due…

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Power Division Disputes KE’s MYT, Flags Rs300 Billion Excess Impact

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Nepra-tariff

ISLAMABAD: The Power Division has formally challenged the National Electric Power Regulatory Authority’s (Nepra) approval of a multi-year tariff (MYT) for K-Electric (KE), warning it could burden consumers and the government with over Rs300 billion in excess costs. In a review petition to Nepra, the Power Division raised alarm over several favourable provisions in KE’s MYT for FY2024-25 to FY2030, calling them excessive compared to other utilities. Key concerns include inflated fuel cost benchmarks, generous allowances, and preferential profit margins. Nepra set KE’s fuel cost benchmark at Rs15.99/kWh, higher than…

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OMCs, Refineries Face Penalties and Licence Suspensions Over Stock Shortfalls: OGRA

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OGRA

ISLAMABAD: The Oil and Gas Regulatory Authority (OGRA) has moved to impose strict penalties and potential licence suspensions on Oil Marketing Companies (OMCs) and refineries for failing to maintain the mandatory 20-day oil stock cover and for not lifting or producing petroleum products as per commitments made in Product Review Meetings (PRMs). In an official communication to leading OMCs, OGRA expressed concern that several companies are violating their agreed-upon obligations by not lifting stocks from local refineries, undermining energy security and leading to financial losses due to increased reliance on…

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Govt Challenges NEPRA’s Multi-Year Tariff for K-Electric, Citing Rs750bn Burden on Consumers and Exchequer

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NEPRA-KE

ISLAMABAD: The federal government has formally challenged the multi-year tariff (MYT) approved by the National Electric Power Regulatory Authority (NEPRA) for K-Electric (KE) for 2024–30, alleging the decision grants undue financial favour of Rs750 billion to the utility over seven years—at the expense of power consumers nationwide and the public exchequer. In a statement, the Power Division expressed strong reservations over six specific tariff relaxations allowed by NEPRA, asserting these would cost Rs453 billion through 2030. Additionally, it warned of Rs287 billion in inflated fuel costs over the same period…

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