Category: Latest News

Govt Moves to Ensure Crude Supply to ARL; Freight Likely Set at Rs1,490/Barrel

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Crude supply

ISLAMABAD: In a bid to address supply shortfalls and bolster fuel production for the armed forces, the Petroleum Division has initiated measures to secure the transport of 5,000 barrels per day (BPD) of crude oil from the Naimat oilfield in Sindh to Attock Refinery Limited (ARL) in Rawalpindi. A summary proposing the freight rate at Rs1,490 per barrel for transporting condensate from United Energy Pakistan’s (UEP) Naimat field has been submitted to the Economic Coordination Committee (ECC). Although the proposal was not considered in the ECC’s Tuesday meeting, it is…

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Pakistan Receives Over $1 Billion from IMF Under Extended Fund Facility

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IMF-demand

KARACHI: The State Bank of Pakistan (SBP) confirmed on Wednesday that Pakistan has received over \$1.023 billion from the International Monetary Fund (IMF) as the second tranche under the 37-month Extended Fund Facility (EFF). This disbursement follows the IMF Executive Board’s completion of the first review of Pakistan’s economic performance under the EFF during its May 9, 2025 meeting. The Board approved the immediate release of SDR 760 million—approximately \$1.023 billion—bringing total disbursements under the facility to \$2.1 billion since its approval in July last year. The SBP noted that…

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Petrol Prices Likely to Drop; KE Consumers May Get Relief

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LNG

ISLAMABAD: Petroleum prices across Pakistan are expected to decrease in the coming days, alongside a significant reduction in regasified liquefied natural gas (RLNG) prices — a development likely to bring relief to electricity consumers particularly in Karachi. The Oil and Gas Regulatory Authority (OGRA) on Tuesday announced up to a 14% cut in RLNG prices for May. For Sui Northern Gas Pipelines Limited (SNGPL), the RLNG price at the transmission stage has been reduced by 12.42% to \$11.026 per mmBtu, while the distribution stage price has dropped by 12.51% to…

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DGPC provisionally awards 10 onshore exploration blocks to MariEnergies

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Mari energies

The Directorate General of Petroleum Concessions (DGPC) has provisionally awarded 10 new onshore exploration blocks to MariEnergies, one of Pakistan’s largest exploration and production (E&P) companies. “These blocks have been awarded after competitive bidding on the basis of work units committed by various E&P companies in the Pakistan E&P Onshore Bid Round 2025 (30th April 2025) conducted by the DGPC,” MARI said in its notice to the Pakistan Stock Exchange (PSX) on Wednesday. According to the notice, MARI will operate seven blocks as an operator. At the same time, the…

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Govt Submits Roadmap to IMF, World Bank for Targeted Power Subsidies under BISP

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New-IMF1

ISLAMABAD: The Government of Pakistan has submitted a detailed roadmap to the International Monetary Fund (IMF) and the World Bank outlining its plan to transition to targeted power subsidies for low-income households through the Benazir Income Support Programme (BISP), sources revealed to Business Recorder. This major policy shift is part of broader energy sector reforms aimed at curbing inefficiencies, reducing blanket subsidies, and promoting climate-resilient practices. Currently, indiscriminate tariff differentials and cross-subsidies disproportionately benefit wealthier consumers and strain the power sector’s financial sustainability. The reform design—developed collaboratively by the Power…

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