Category: News & Announcement

As tensions boil over in Europe after Russia’s invasion of Ukraine, the prices of petroleum products in Pakistan are likely to surge by up to Rs9.59 per litre from March 1, 2022. In mid-February, the government has already made a record increase in prices of petroleum products, when it raised the price of petrol by Rs12.03 per litre to Rs159.86 per litre. On February 16, the crude oil price stood at $94 per barrel in the international market. As Russia launched an attack on its neighbour, the price of oil…

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The Economic Coordination Committee (ECC) of the Cabinet has directed Petroleum Division to constitute a technical group to examine the options of new exploration as well as enhancing gas production from existing fields through some incentives, and diverting new exploration towards LPG. These directions were issued at a recent meeting of the ECC during discussion on a proposal of Petroleum Division regarding revision of Gas Price of Mazarani Gas Field held by M/s PPL and GHPL. Petroleum Division, in its summary, proposed that the request of the Pakistan Petroleum Limited…

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Turkey is working to increase the natural gas storage capacity at its facilities. Accordingly, the total capacity of the two facilities, Silivri and Lake Tuz underground natural gas storage facilities, will reach 10 billion cubic meters (bcm) next year, with the completion of the capacity increase works, Energy and Natural Resources Minister Fatih Dönmez said Sunday. Dönmez made the statements during his visit to the Silivri Underground Natural Gas Storage Facility, Turkey’s first natural gas storage facility, owned by the country’s Petroleum Pipeline Corporation (BOTAŞ). Dönmez also visited the drilling…

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The average cost of fuel used for electricity production doubled last month compared to Jan 2021, raising serious inflationary concerns among commercial and residential consumers alike. Even if we look at the Nepra data for Dec 2021, fuel costs were still up by almost 50%. Although the increase is mainly for reasons beyond the government’s hands — prices of coal, natural gas and petroleum products have been rising sharply all over the world — it is clear in hindsight that the push to encourage consumers to use electricity instead of…

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The scourge of circular debt of cash bleeding power sector has gone up by Rs1,328 billion in the last 40-month rule of PTI government, climbing up to Rs2,476 billion till December 2021.https://0200f1fc14232232425dd4f5771e468d.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html “The Circular Debt (CD) stood at Rs1,148 billion when the PTI government had assumed reins of power in August 2018. It has now gone up to Rs2,476 billion, indicating that it increased by Rs1,328 billion in the last 40 months period,” official estimates presented before the government on Thursday revealed. It clearly demonstrates that the PTI government failed…

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