Category: Recent Post

The government has finalised the Pakistan Oil Refinery Policy 2021 with huge package of tax incentives, including 20-year income tax holiday for all taxes under the Income Tax Ordinance 2001 and upgradation of existing and new deep conversion refineries from the date of commissioning of the project. However, there will be no product off-take and rate of return guarantee for new and existing refineries. And more importantly, the product pricing formula of refineries will be based on “True Import Parity Price” to be derived from the Arab Gulf Mean FOB…

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Representatives from 195 countries on Friday approved a critical UN science report that will provide the most comprehensive and up-to-date assessment yet of the state of Earth’s climate. “Today, #IPCC’s latest #ClimateReport — #ClimateChange 2021: the Physical Science Basis — was approved and accepted in a historical first virtual approval session,” the Intergovernmental Panel on Climate Change tweeted on Friday. IPCC delegates have been locked in virtual negotiations for two weeks, vetting a 30-page “summary for policymakers” — line-by-line, word-by-word — of an underlying scientific report years in the making.…

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The National Electric Power Regulatory Authority (Nepra) has allowed K-Electric to charge its consumers an additional cumulative cost of Rs3.64 per unit in three months (Aug-Oct) to add almost Rs5 billion to its revenue. On the other hand, it has asked ex-Wapda distribution companies (Discos) to refund about 19 paisa per unit to their consumers through negative adjustment in current month’s bills, with a cumulative impact of about Rs2.6bn. Both tariff adjustments were notified by the Ogra here on Friday on account of monthly fuel cost adjustment (FCA) for six…

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The Oil and Gas Regulatory Auth­ority (Ogra) on Friday set the average sale price of re-gasified liquefied natural gas (RLNG) at about $13.22 per million British thermal unit for the current month, an increase of 2.33 per cent from last month’s $12.91 per unit. The regulator had last week notified the RLNG sale price at $13.61 for August, about 5.5pc higher than that of July, which included the cost of most expensive spot cargo at $20.55 per unit (27.87pc of Brent). Pakistan State Oil (PSO) disowned its cargo, saying it…

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Prime Minister Imran Khan has directed the concerned to finalise the tight gas policy by the end of next month after reviewing it. On Thursday, the prime minister chaired a meeting on gas reserves in the country as the country has recently been struggling to maintain gas supply to various sectors, especially power sector and fertiliser. The meeting was attended by federal ministers, Shaukat Fayyaz Tarin, Hammad Azhar, Asad Umar, Special Assistant Tabish Gohar, and concerned senior officials. The meeting held detailed discussion on the potential resources of Tight Gas…

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