Category: News & Announcement

As China imported its highest-ever volume of crude oil in May, its imports from the world’s top oil exporter, Saudi Arabia, nearly doubled to the highest on record after fuel demand in the world’s top oil importer recovered and refiners purchased crude at bargain prices in April. Chinese imports of crude oil from OPEC’s largest producer, Saudi Arabia, surged by 94.9 percent on the year and by 71 percent on the month in May, to reach 2.16 million barrels per day (bpd), according to data from China’s General Administration of…

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KARACHI: In a bombshell development, Federal government increased petrol price by Rs25.58 after decreasing it a short while back resulting in a countrywide scarcity, ARY News reported. According to a notification issued by the government on the matter, new price for a litre of petrol is now Rs100.10. Read More: Won’t tolerate petroleum shortage at any cost: PM Imran High Speed Diesel’s new price is now Rs101.46 per litre with an increase of Rs21.31. Light diesel’s new price is Rs55.98 per litre registering an increase of Rs17.84 whereas kerosene oil’s…

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ISLAMABAD: The Economic Coordination Committee (ECC) that met here on Wednesday with Dr Hafeez Sheikh in the chair approved flat tariff regime at Rs11.97 per unit for electricity consumers of domestic, commercial and industrial sectors using ToD (Time of Day) meters for four months of winter season to be effective from November 1, 2019 to end February 2020. It is pertinent to mention that The News in its edition of October 25, 2019 already published the story with headline’ Flat tariff regime: Massive relief for power consumers on the cards’…

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Optimism is supposedly back in oil markets, with the Global Research team at Bank of America lifting its oil price forecast for this year and next as demand recovers from coronavirus-linked shutdowns, the OPEC+ output cut deal curtails supply, and producers slash capital expenditure. The bank now sees Brent crude oil averaging $43.70 per barrel in 2020, up from a previous estimate of $37. In 2021 and 2022, the bank forecasts average prices of $50 and $55 a barrel respectively. BofA also forecast that “a pattern of falling inventories across…

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KARACHI: Pakistan aims to generate 30% of its electricity from renewable energy sources by 2030 such as wind, solar, biomass and small-scale hydro. This will complement the 27% of current electricity supply coming from large-scale hydro. To this effect the 271 GE Renewable Energy wind turbines spreading over nine plants have a combined generating capacity of 450 megawatts (MW) – representing more than 36% of the current 1,235-MW total installed wind capacity in the country. “Renewable energy is the future. With global warming happening, it’s good to say you’re working…

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