Category: Popular News

Oil jumps over 7% after Israel strikes Iran

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Oil prices

HOUSTON: Oil prices jumped over 7% on Friday to multi-month highs after Israel launched air strikes against Iran, sparking Iranian retaliation and raising worries about a disruption in Middle East oil supplies. Brent crude futures were up $4.94, or 7.12%, to $74.30 a barrel at 1442 GMT, after hitting an intraday high of $78.50, the strongest level since January 27. U.S. West Texas Intermediate crude was up $4.72, or 6.94%, at $72.75, touching its highest since January 21 at $77.62 earlier in the session. Friday’s gains were the largest intraday…

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Energy ministry seeks cabinet nod for fuel levies in line with IMF commitments

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Petroleum prices

The Ministry of Energy (Petroleum Division) has proposed amendments to the Petroleum Products (Petroleum Levy) Ordinance, 1961, to introduce new levies on fuel, specifically Carbon Levy and Petroleum Levy (PL) on furnace oil, petrol, and diesel. As per the summary prepared by the ministry for the consideration of the cabinet, under the ongoing International Monetary Fund (IMF) programme for Resilience and Sustainability Financing (RSF), the government has agreed for imposition of Carbon Levy on petrol, diesel and furnace oil along with imposition of Petroleum Levy (PL) on furnace oil. “This…

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Global LNG: Asian spot prices gain on geopolitical tensions, rising temperatures

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LNG

SINGAPORE: Asian spot liquefied natural gas (LNG) prices saw gains this week as rising temperatures in the northeast part of the region led to some pick-up in demand, and as escalating geopolitical tensions in the Middle East raised concerns about supply disruptions. The average LNG price for July delivery into north-east Asia was at $12.60 per million British thermal units (mmBtu), up from $12.30/mmBtu last week and its highest levels since early April, industry sources estimated. The average price for August delivery was estimated at $12.70/mmBtu. Following Israel’s attack on…

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Consumers to Pay Rs3.23/Unit Surcharge for Six More Years to Repay Rs1.275 Trillion Power Sector Loan

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Nepra-Price

ISLAMABAD: Electricity consumers in Pakistan will continue paying a Rs3.23 per unit debt service surcharge (DSS) for the next six years to help repay a massive Rs1.275 trillion loan secured by the Central Power Purchase Agency (CPPA) from 18 commercial banks. This surcharge is already being collected through monthly bills, so consumers won’t face any additional immediate burden. The loan is part of a long-term strategy to resolve the *power sector’s circular debt, which currently stands at **Rs2.381 trillion. The government aims to reduce this burden by Rs1.275 trillion through…

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Pakistan to Add 2,633MW Through Solar Net Metering in FY2025-26

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Net-Metering

ISLAMABAD: Pakistan is set to add 2,633 megawatts (MW) of energy through solar net metering in fiscal year 2025-26, marking a significant leap in decentralized renewable power generation. Despite already having surplus installed capacity, the national grid will see a total addition of 2,800 MW—over 94% of which will come from net-metered solar systems. According to the Annual Plan 2025-26, the country’s installed power generation capacity is projected to rise to 44,626 MW by June 2026. The number of net metering users is expected to increase by nearly 198,000, contributing…

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