Category: Recent Post

In a new development, the decision makers in the PTI government are making their mind to squeeze the role of Special Assistant to Prime Minister Tabish Gauhar only to the power sector and he will have no role as the SAPM in the petroleum sector. Tabish Gauhar was made SAPM on Petroleum also when Nadeem Babar quit under the directions of prime minister on account of an inquiry into the petrol crisis that hit the country in June 2020. And surprisingly, the name of Waheed Ahmad Shaikh, ex-CEO of HASCOL,…

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The government received $1.6 billion in gross foreign loans in July, 100% higher than the same month of previous year, amid heavy reliance on borrowing to build the foreign exchange reserves and repay the maturing debt. In the first month of fiscal year 2021-22, the government received $1.6 billion in total external inflows from multiple financing sources, reported the Ministry of Economic Affairs on Tuesday. In July 2020, Pakistan had secured $800 million worth of foreign loans, showing a 100% increase in foreign borrowing in the first month of current…

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Making a new record, state-run Pakistan State Oil (PSO) on Tuesday awarded a liquefied natural gas (LNG) cargo to commodity trader Vitol at 24.5456pc of Brent (about $17.86 per mmBtu) – the most expensive so far – for delivery on Sept 26-27. “PSO has decided to award the below mentioned cargo for supply of LNG,” PSO announced on its website. Vitol was the single bidder for the Sept 26-27 cargo. Earlier, PSO had rejected slightly higher bid of 27.54pc of Brent by the same single bidder for delivery on Sept…

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The prices of petroleum products may go down by up to Rs5 per litre for the next fortnight if the calculations of the Oil & Gas Regulatory Authority (Ogra) are accepted by the government. However, a senior official told Dawn that the Ministry of Finance would oppose any reduction in prices to recoup some of the revenue loss it had allowed early this month through reduction in tax rates. A final decision would be announced by the finance ministry on Tuesday. Petroleum Division sources said the working paper on the prices of…

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The use of leaded petrol has been eradicated from the globe, a milestone that will prevent more than 1.2 million premature deaths and save world economies over $2.4 trillion annually, the UN Environment Programme (UNEP) said on Monday. Nearly a century after doctors first issued warnings about the toxic effects of leaded petrol, Algeria — the last country to use the fuel — exhausted its supplies last month, UNEP said, calling the news a landmark win in the fight for cleaner air. “The successful enforcement of the ban on leaded…

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