ISLAMABAD: The Central Power Purchasing Agency (CPPA) has requested a negative fuel cost adjustment of around 65 paise per unit for ex-Wapda distribution companies in December bills, citing a 3.5 percent year-on-year drop in electricity consumption in October and heavy reliance on cheaper domestic fuels.
Energy
ECC clears Rs50.9 billion security outlay, opens offshore block to Turkish operator
ISLAMABAD: The Economic Coordination Committee of the cabinet ECC) on Tuesday approved technical supplementary grants totalling Rs50.94 billion for defence and security projects and cleared a new offshore oil and gas exploration consortium under Turkish operatorship, as the government seeks to bolster national security and revive foreign investment in the energy sector.
Diesel rises to Rs284.44/liter, petrol left unchanged
ISLAMABAD: The government on Saturday left the retail price of gasoline unchanged but increased high-speed diesel by Rs6 per litre to Rs284.44 for the November 16-30 fortnight, a significantly milder adjustment than the jump of up to Rs9.60 projected earlier in the week.
Mari Energies wins stakes in all 23 offshore blocks in Indus, Makran basins
ISLAMABAD: The government provisionally awarded all 23 offshore exploration blocks that received bids in its first offshore licensing round since 2007, with state-backed Mari Energies Ltd. securing stakes in every block and operatorship in 18 of them, according to the Petroleum Division and company statements.
Diesel, kerosene prices to rise up to Rs9.50; petrol set for Rs2 cut
KARACHI: The government will increase ex-depot prices of high-speed diesel, kerosene and light diesel oil by as much as Rs9.50 a liter from November 16, while cutting the petrol price by around Rs2, according to people familiar with the preliminary calculations.
Pakistan wins 23 bids for offshore oil blocks in first round after 18-year gap
ISLAMABAD: The government received 23 bids, mostly from state-run firms, for 40 offshore oil and gas exploration blocks offered in a licensing round after an 18-year hiatus, the petroleum ministry said on Friday, hailing the response as a sign of renewed investor confidence.
Govt lifts fuel prices as global oil fluctuates
ISLAMABAD: The government increased gasoline and diesel prices for the next fortnight, tracking swings in the international crude market.
Pakistan receives first US crude cargo, boosting trade ties in $200 million deal
KARACHI: Pakistan took delivery of its first-ever cargo of US crude oil on Wednesday, docking a Suezmax tanker at Cnergyico Pk Ltd.’s offshore terminal in Balochistan and opening a new front in bilateral trade with Washington.
Gas utilities seek hikes of up to 28 percent in prices to plug revenue gaps
ISLAMABAD: Pakistan’s two main gas utilities have petitioned regulators for prescribed price increases of as much as 28.7% to cover revenue shortfalls exceeding Rs77 billion for the fiscal year through June 2026, testing the government’s pledge to the International Monetary Fund to curb a circular debt pileup that’s already surpassed Rs3 trillion.
World Bank cuts Pakistan growth forecast on flood fallout
ISLAMABAD: Pakistan’s economic recovery faces fresh headwinds from devastating floods, with the World Bank slashing its growth projection for fiscal 2026 and warning of persistent inflation pressures amid strained public finances.