Category: News & Announcement

ISLAMABAD:  The government is moving to place coal pricing within the purview of Oil and Gas Regulatory Authority (Ogra) as it plans to revisit the imported coal supply agreement in a bid to cut prices. Currently, pricing of petroleum products, liquefied natural gas (LNG) and liquefied petroleum gas (LPG) falls within the domain of Ogra and coal pricing would be a new addition for the regulator. At present, the National Electric Power Regulatory Authority (Nepra) approves the coal supply agreement and determines the fuel cost component based on current coal…

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ISLAMABAD: The federal government reacted strongly to a law proposed by the Sindh government to provide economic relief to its people and warned the provincial government not to trespass the centre’s domain. An official said the provincial government had proposed an ordinance to waive full electricity bills with monthly consumption of less than 260 units and for gradual discount for higher consumption to provide relief to consumers within its service territories. Two distribution companies owned by the federal government, namely Sukkur Electric Supply Company and Hyderabad Electric Supply Company, besides…

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DUBAI: Opec and it allies held talks on Thursday on record oil output curbs of 15 million to 20m barrels per day (bpd), or 15 to 20 per cent of global supplies, to support prices hammered by the coronavirus crisis, Opec and Russian sources said. They said the cuts included contributions of up to 5m bpd from producers outside their group known as Opec+ and could be made gradually, potentially overcoming resistance from the United States, whose involvement is seen as vital to win broad backing for an agreement. Talks…

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ISLAMABAD: A special meeting of the Economic Coordination Committee (ECC) of the Cabinet on Thursday cleared a cumulative bailout package of almost Rs300 billion for the power sector to settle immediate liabilities besides allowing compensation against foreign exchange loss to oil marketing companies (OMCs). The ECC also approved a board resolution of the Karachi Port Trust for extension in the existing free period from five working days to 15 working days for cargo/containers landing with effect from March to April 30. Under the power sector bailout package, about Rs200bn Islamic…

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ISLAMABAD: Ministry of energy has sought an immediate release of Rs108.7 billion on account of receivables to Pakistan State Oil (PSO) to protect the state-owned firm against an international default, and avert an impending energy supply chain disruption in the country, it was learnt on Thursday. The petroleum division of the energy ministry forwarded the proposal to the Economic Coordination Committee of the cabinet, requesting immediate settlement of dues as PSO is facing severe cash flow constraints due to coronavirus-sparked lockdown. It requires Rs81.3 billion up to April 30, 2020…

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