ISLAMABAD: The prices of petrol and high-speed diesel (HSD) are expected to decline by Rs8 to Rs10 per litre each on Nov 15 for the next fortnight, mainly due to lower prices in the international market. Informed officials said that the international prices of both HSD and petrol had fallen over the past two weeks. However, the rupee depreciated against the dollar during the same period, reducing the benefit of lower international prices for consumers. For price calculations, officials said that HSD had become about $9 per barrel cheaper on…
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PSO keen on OGDCL, Mari Petroleum shares
Makes move to tackle risk of mounting debt crisis, default ISLAMABAD: Pakistan State Oil (PSO), grappling with severe financial challenges, is exploring a strategic path to acquire shares in state-owned oil and gas exploration companies and power firms. This move is aimed at addressing the pressing issue of the company’s burgeoning circular debt, which threatens to push it into default. The Economic Coordination Committee (ECC) recently approved sovereign guarantees of Rs100 billion to bolster PSO’s financial position, signaling the gravity of the situation. The company is currently burdened with receivables…
Read MoreGovt focusing on alternative energy resources: caretaker info minister
Caretaker Minister for Information and Broadcasting Murtaza Solangi has said that the government is focusing on alternate renewable energy resources to reduce dependence on imported expensive fuel, state-run Radio Pakistan reported on Sunday. Talking to newsmen in Lahore, he said the country produces 60 percent of electricity through thermal sources while one-fourth through hydel. “Generation of electricity from expensive imported fuel has increased the circular debt and Pakistan cannot afford this,” he said. Solangi said that China is leading in generation of electricity through renewable energy resources in the world. Caretaker govt…
Read MoreAnti-power theft drive: Govt recovers Rs46bn in just 53 days: power secretary
ISLAMABAD: The government has recovered Rs46 billion in just 53 days during its anti-electricity theft drive, tweeted Secretary Power Division Rashid Langrial. “We are working on the remaining problem space of Rs390 billion of which we are able to recover Rs46 billion in 53 days i.e. Rs867 million per day. We started our anti-power theft campaign on the 7th of September. Today, results till 31st October have been collated. That day, we promised that no one would be spared, high or mighty, sacred or not-so-sacred,” he said. “The Power Division…
Read MoreGas crisis likely to deepen amid non-availability of LNG cargo from Azerbaijan
ISLAMABAD: The gas crisis in the country is likely to deepen in the peak winter month as a distressed LNG cargo from SOCAR, a state-owned company of Azerbaijan, may not land in January 2024, senior officials of the Energy Ministry told The News. Before the impending non-provision of LNG cargo, the country was estimated to brave the gas shortfall of 360 million cubic feet per day (MMCFD) in the next month of December 2023, which will escalate to 470 MMCFD in January 2024 despite restricting the gas availability to the…
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