ISLAMABAD – For the fourth consecutive fortnight, petrol and high-speed diesel (HSD) prices are expected to decrease by approximately Rs10 per litre starting from September 15, thanks to a recent drop in international oil prices. However, the final reduction could be smaller if the government increases the petroleum levy to offset revenue shortfalls. Informed sources report that international petrol and diesel prices have dropped by around $5 per barrel in the past two weeks, with petrol prices falling to below $76 per barrel and HSD to around $83 per barrel.…
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Major Oil and Gas Reserves Found in Pakistani Waters: A Game Changer for the Energy Sector
KARACHI – In a potentially transformative development for Pakistan’s energy sector, significant oil and gas reserves have been discovered in the country’s territorial waters. A senior security official revealed that a three-year survey conducted in collaboration with a “friendly country” confirmed the presence of these substantial deposits. The discovery, hailed as a potential game-changer for the nation’s economy, could reduce Pakistan’s reliance on imported fuel and open up vast new opportunities in the energy sector. Survey and CollaborationThe official, speaking on condition of anonymity, explained that the survey was carried…
Read MoreChinese Lenders Agree to Transition IPPs to Daily SOFR, Reject Term SOFR
ISLAMABAD: In ongoing discussions regarding the transition from the London Inter-bank Offered Rate (LIBOR) to the Secured Overnight Financing Rate (SOFR), Chinese lenders financing Independent Power Producers (IPPs) under the China-Pakistan Economic Corridor (CPEC) have agreed to adopt daily SOFR but rejected the Term SOFR option. During a suo motu hearing by the National Electric Power Regulatory Authority (NEPRA), it was revealed that 22 IPPs had yet to submit their responses. NEPRA is reviewing the transition’s impact on consumers and the government. The shift from LIBOR to SOFR was approved…
Read MoreFalling Oil Prices to Ease Pakistan’s Import Bill and Strengthen Forex Reserves
KARACHI: Pakistan’s external economy is benefiting from a 20% drop in global crude oil prices, as the reduced cost helps lower the import bill, build foreign reserves, and enhance the country’s debt repayment capacity. A report by JS Global titled “Oil Price Downturn – A Familiar Safety Net” highlights that global crude prices have fallen by $17 per barrel since April 2024, reaching a 15-month low of $72.9. This decline could allow the government to raise the petroleum development levy by Rs10 per litre to meet its fiscal target of…
Read MoreGovt Entities Owe Rs256.34 Billion to Power Distribution Companies
ISLAMABAD: The National Assembly was informed on Wednesday that federal, provincial, and Azad Jammu and Kashmir (AJK) governments collectively owe over Rs256.34 billion to power distribution companies (DISCOs) as of June 2024. Responding to a question from MNA Jam Abdul Karim Bijar during the Question-Hour, the Power Division disclosed the DISCO-wise breakdown of arrears. The federal government owes Rs47.811 billion, provincial governments Rs151.763 billion, and the AJK government Rs56.71 billion. The largest receivables from federal departments include Rs14.137 billion by IESCO and Rs6.673 billion by LESCO. For provincial government departments,…
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