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Getting rid of oil and gas is “far-fetched and unrealistic,” Saudi Energy Minister, Prince Abdulaziz bin Salman, said on Monday, adding that companies and governments should be thinking about how to reduce emissions from fossil fuels instead. “Let’s not focus on the fuel of choice but rather how we can mitigate and adapt to these realities without showing any preferences,” Prince Abdulaziz bin Salman said at the Singapore Energy Summit, as carried by Reuters. Saudi Arabia and its oil giant Aramco continue to say that peak oil demand is still…

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Stocks were in the green on Monday with the benchmark KSE-100 index climbing 585 points, to close at 41,850 – up 1.4 per cent.Pakistan Stock Exchange (PSX) buoyed up by cement stocks and an encouraging Financial Action Task Force (FATF) announcement on Friday. The market optimism was primarily driven by the appreciation of cement and construction-related stocks. Southern cement manufacturers’ decision to increase per bag prices by Rs10 coupled with the news on shortages in some cities have pushed up the prices of cement stocks.On the other hand, the largest…

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KARACHI: Investors got on the front foot in the stock market on Monday as uncertainty surrounding the Financial Action Task Force’s decision on Pakistan’s fate faded away. FATF on Friday gave yet another lifeline to Pakistan and decided to keep the country in its grey list for four more months. The stock market followed an upward trajectory from the word go. Selective buying of different stocks, especially in oil and gas marketing, power and cement sectors, helped the market maintain the momentum that allowed the benchmark KSE-100 index to rise…

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As the cold dry winter approaches, citizens must brace themselves for yet another crisis. In a recent interview on BCC Urdu, Special Assistant to the Prime Minister on Petroleum Nadeem Babar asserted that Pakistan has minimal reserves that will only last the next 10 to 14 years. This single statement is greatly concerning, particularly because electricity generation also relies on natural gas. The crisis, therefore, as many have already predicted, is twofold — no gas and no electricity! Unfortunately, the concerned authorities are left with two options: either they invest…

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The Oil and Gas Regulatory Authority (OGRA) has notified revised gas sale price for domestic, commercial and industrial sectors, which would be effective from September 1. According to a notification dated October 23 released to the media on Monday, the authority has determined Rs121 per Million British Thermal Unit (MMBTU) for domestic consumers using up to 0.5hm3 (in cubic hectometers) gas per month, Rs300 per MMBTU for users of up to 1hm3, Rs553 per MMBTU for up to 2hm3, Rs738 on consumption of up to 3hm3, Rs1,107 and Rs1,460 per…

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