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Prime Minister Imran Khan on Wednesday announced a Rs120 billion relief package providing subsidy on essential food items but warned people of another increase in petroleum prices in the near future. In an address to the nation, the prime minister promised to reduce prices of food items by 50 per cent if the opposition leaders’ families brought back even half of the money to the country they had looted over the last three decades. He gave a detailed comparison of prices of oil and essential items in the world with…

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According to Petroleum Division, during the first meeting of expert panels of the China-Pakistan Subgroup on Cooperation in the Oil and Gas Sector, both sides agreed that the China Petroleum Planning and Engineering Institute, along with an expert panel of the Ministry of Energy (Petroleum Division) and its organizations /Companies shall jointly study and prepare the Development Plan for Pakistan’s Oil and Gas Industry. The main objective of the plan is to assist the Energy Working Group of China-Pakistan Economic Corridor (CPEC) in finalizing its investment for the development of…

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Political as opposed to economic compulsions of a sitting government are understood only by those who have been in government – a reality rudely brought home to Prime Minister Imran Khan after his 2018 electoral win. This has been acknowledged by the Prime Minister in public statements, maintaining that he and his team were inexperienced, though half of the members of the team have either held portfolios in previous administrations or were declared ‘experts’. The economic team hired by the Prime Minister in 2019 – Dr Hafeez Sheikh to head…

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With cancellation of LNG cargoes which were due in the country after November 19 and failure in arranging eight LNG cargoes for December and January, the gas crisis will certainly touch a new high in the peak winter season and this situation has virtually rung the alarm bells for the industrial sector. Now the government is making its mind to either reduce or close down gas supply to captive power plants for the export sector during the peak winter season putting the surge in exports in a danger zone. The…

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The government has so far released funds amounting to Rs1,624.770 million to execute seven ongoing and six new petroleum-related projects under the Public Sector Development Programme (PSDP 2021-22) aimed at accelerating oil and gas exploration activities and achieving self-sufficiency in the energy sector. According to the official data as of September 3, an amount of Rs1,624.770 million has been authorized/disbursed out of the total allocation of Rs 3,249.54 million for 13 petroleum sector projects. As per the PSDP document, funds amounting to Rs1,473.683 million had been earmarked for seven ongoing…

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