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The government has reduced the prices of re-gasified liquefied natural gas (RLNG) by 21.63% or $2.0729/mmbtu for Sui Northern Gas Company (SNGPL) and 18.9% or 1.8061/mmbtu for end consumers of the Sui Southern Gas Company (SSGC) for May. According to the notification issued by the Oil and Gas Regulatory Authority (OGRA), the RLNG prices were decreased for the consumers of both the state owned gas distribution companies for the month of May. Due to the lockdown in the country with significant reduction in the international prices of Brent Oil, the prices…

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ISLAMABAD: The government on Thursday reduced price of re-gasified liquefied natural gas (RLNG) for May 2020 by 21.63 percent for Sui Northern Gas Pipelines Limited (SNGPL) and 18.9 percent for Sui Southern Gas Company (SSGC) over the previous month following a sharp decline in international crude oil price. The Oil and Gas Regulatory Authority (OGRA) notified the RLNG prices by setting the new prices at $7.5105/mmbtu for the consumers of SNGPL and $7.7521/mmbtu for Last month, the RLNG price for SNGPL was $9.5834/mmbtu and for SSGC, it was $9.5582/mmbtu. In…

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ISLAMABAD: Pakistan’s five refineries have braved mammoth inventory losses of Rs25.849 billion in just two months of March and April 2020 due to Covid-19’s adverse impact on oil industry across the world and more damage is also on the cards in the next two months of May and June, 2020. The refineries also told the government if they were not compensated, their survival will be at stake. “The refineries that include the Attock Refinery Limited (ARL), National Refinery Limited (NRL), Pakistan Refinery Limited (PRL), Pak-Arab Refinery Company (PARCO) and BYCO…

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KARACHI: Amid the coronavirus lockdown, the southern port city will witness a heatwave from May 5 to 8, the Meteorological Department said on Friday. Met department Director Sardar Sarfaraz said that during the time period, mercury can rise up to 42 degrees Celsius in Karachi. Sarfaraz said that during the heatwave, the sea breeze will remain suspended. Due to hot winds blowing from the northwest, the weather will feel hot and humid, he said. Read more: Locked down due to coronavirus, Karachi residents brace for heatwave starting today Karachi went…

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The oil crash is blocking American frackers from accessing the cheap credit that fueled their prolific rise. That reversal of fortunes could prove fatal for overleveraged shale oil companies.The downturn in the oil industry has laid bare just how much America’s rise to superpower status in the energy world was made possible by easy money. Virtually unlimited borrowing allowed shale companies to dramatically ramp up production, whether that oil was needed or not.Getting locked out of the junk bond market will tip the weakest players into bankruptcy, risking countless US…

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