The meeting was presided over by Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb at the Finance Division, according to a press release issued here. The meeting was attended by the Minister for Petroleum Musadik Masood Malik, Minister for Power Sardar Awais Ahmad Khan Leghari, Minister of State for Finance & Revenue Ali Pervez […]
Brent crude oil futures fell 28 cents, or 0.3%, to $84.97 a barrel by 0310 GMT. U.S. West Texas Intermediate crude futures dropped 31 cents, or 0.4%, to $80.59 per barrel. Both benchmarks had settled slightly higher on Wednesday. “An expected increase in US inventories of crude oil and gasoline are weighing on the market […]
The Oil and Gas Regulatory Authority (OGRA) had set the official price at Rs234.60 per kg, but the market price has soared to Rs280-285 per kg. Following the price hike, the cost of a domestic LPG cylinder has increased by Rs600, now selling at Rs3,370. Similarly, commercial cylinders are now priced at Rs12,435, up from […]
A stronger greenback makes dollar-denominated commodities less attractive for holders of other currencies. However, both benchmark crude contracts gained about 3% last week on signs of stronger oil product demand in the U.S., the world’s largest consumer, and OPEC+ cuts kept supply in check. U.S. crude inventories fell while gasoline demand rose for the seventh […]
There’s speculation circulating that within the next 15 days, the cost of petrol may increase across the country, pending a decision from the Prime Minister’s office. This decision holds significant sway over adjustments to petroleum product prices. Recent reports from various media outlets indicate a surge in global crude oil prices over the past fortnight. […]
Brent crude futures fell 35 cents, or 0.4%, to $81.27 a barrel by 0419 GMT, while U.S. West Texas Intermediate crude futures (WTI) declined 35 cents, or 0.5%, to $76.14 a barrel as the U.S. dollar (.DXY), opens new tab strengthened. A stronger dollar makes oil more expensive for holders of other currencies. The dip […]
Saudi Arabia’s state-backed oil giant Aramco announced Sunday that its profits nearly halved in 2020 to $49 billion, a big drop that came as the coronavirus pandemic roiled global energy markets. Saudi Aramco committed to spending less this year than it had anticipated; Aramco said it planned to spend about $35 billion in 2021 on […]
