Tag: Price

Energy Minister Credits Painful Gas Price Hikes Amidst Challenges

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Gas-Prices

In Islamabad, Outgoing caretaker Minister for Power and Petroleum, Muhammad Ali, reflected on recent “painful” gas pricing reforms as one of the administration’s significant accomplishments, despite acknowledging the hardship it brought to consumers. During his departure address, he also conceded the government’s inability to negotiate debt relief with foreign independent power producers (IPPs), particularly those from China, throughout the caretaker period. Ali emphasized the critical role of stabilizing the exchange rate in making gas and electricity affordable for consumers, particularly in the industrial sector. While the caretaker government couldn’t provide…

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Oil extends losses as economic headwinds weigh on demand outlook

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Oil-prices

SINGAPORE: Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday. The front-month US West Texas Intermediate crude futures, for February delivery, inched down 2 cents to $73.39 a barrel with the contract set to expire later on Monday. The more…

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Oil edges up as investors eye Mideast developments

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Oil-prices

SINGAPORE, Jan 15 (Reuters) – Oil prices edged up on Monday as traders watched for supply disruption risks in the Middle East following strikes by U.S. and British forces to stop Houthi militia in Yemen from attacking ships in the Red Sea. Brent crude futures were up 13 cents, or 0.2%, to $78.42 a barrel by 0405 GMT after settling 1.1% higher on Friday. U.S. West Texas Intermediate crude was at $72.73 a barrel, up 5 cents, or 0.1%, following a near 1% gain in the previous session. The benchmarks…

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Fuel price hike likely to ‘disrupt’ SBP inflation range

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petrol-price

KARACHI: The unexpected massive increase in petrol and diesel prices was widely felt as inflationary at the retail level and the State Bank of Pakistan (SBP) may have to review its decision of leaving the key interest rate unchanged. Many analysts believe that the inflation would be in the range of 30-31 per cent in the ongoing month which is against the SBP’s expectation to bring it down to 20-22pc. After keeping its policy rate unchanged at 22pc by the central bank on Sept 14, the government increased the petroleum prices by over Rs26…

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