Oil hits 7-year high of $90/bbl

NEW YORK: Oil touched $90 a barrel for the first time in seven years on Wednesday, supported by tight supply and rising political tensions in Europe and the Middle East that raised concerns about further disruption in an already-tight market, Reuters reported. Brent crude rose $1.67, or 1.9 percent, to $89.87, after hitting $90.02, the first time the global benchmark…

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Pak Finance ministry says debt burden is Rs 11.8 trillion higher than legally allowed limit

Pakistan Ministry of Finance showed that the federal government’s burden was Rs 11.8 trillion higher than legally allowed limit set by parliament and that some targets fixed under the debt management strategy were also breached. The cost of interest payments also reduced from USD 2 billion to USD 1.5 billion due to debt suspension initiative by the G20 countries. The…

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Senate panel: NEPRA chief now faces the prospect of summons

Senate Standing Committee on Power has decided to issue summons to Chairman, National Electric Power Regulatory Authority (NEPRA) in case he fails to appear in the forthcoming meeting of the Committee. According to official documents, Chairman Standing Committee, Senator Saifullah Abro reminded Power Division officials that it was decided in the last Committee meeting that a fresh correspondence will be…

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Clarification

Govt set to further increase electricity base tariff”, where it was highlighted that “the federal government is all set to increase electricity base tariff for domestic consumers using 201-400 units per month by Rs 3.11 per unit”, Power Division has clarified that while removing the incremental block tariff, the high marginal tariff slabs have been proposed to be adjusted downward…

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Illegal appointment of NTDC chairman: LHC orders Cabinet Division to decide matter in 60 days

The Lahore High Court has directed Cabinet Division secretary to decide within 60 days a matter regarding the alleged illegal appointment of chairman of the National Transmission & Dispatch Company (NTDC). Justice Tariq Saleem Sheikh issued the order disposing of a petition challenging the appointment of Naveed Ismail as the NTDC chairman. After arguing at length, the petitioner’s counsel stated…

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Federal govt’s permission sought: Punjab to begin development process on waste-fired power projects

The Punjab government has sought permission from federal government to initiate process for development of waste-fired power projects of cumulative capacity of 150MW, in seven big cities under ARE Policy 2019. The permission has been sought by Managing Director, Punjab Power Development Board (PPDB) in a letter to Minister for Energy Hammad Azhar. The Managing Director also gave reference of…

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