SSGC may cut gas supply to domestic consumers
October 29, 2010 by Trend PK
Filed under World News
Staff Report
KARACHI: The Sui Southern Gas Company (SSGC) has hinted at reducing gas supply to domestic consumers to overcome a daily shortfall of 300 million cubic feet.
SSGC officials say they appealed to the city’s industrialists to reduce gas usage by 20 per cent on voluntarily basis.
“If the industrialists did not cut the usage, SSGC would be forced to carry out load shedding for domestic consumes,” they warned.
According to information, more than 80 percent of the city’s industries have been preferring gas over furnace oil or diesel because of its low cost. Trend Pk
PSO ups furnace oil price
KARACHI: Pakistan State Oil (PSO) today raised the price of furnace oil by Rs1700 per tonne, Geo News reported Saturday.
The PSO officials said the price of furnace oil was augmented by Rs1700 to reach at Rs48,033 per tonne.
The price of furnace oil produced by Parco Refinery also surged by Rs1701 to Rs50,902 per tonne.
According to officials, National Refinery and Pakistan Refinery elevated the fuel price by Rs1886, mounting the price to Rs48,111/ tonne.
The officials said new prices would be in effect from August 1st, remarking the recent hike was made in tandem with the price rise in international markets.
Power tariffs raise decision delayed
ISLAMABAD: The government has delayed the decision regarding the six percent increase power tariffs, Geo News reported Thursday.
Talking to Geo News, the sources privy to the Finance Ministry said the condition of six percent increase was a part to a standby program of International Monetary Fund (IMF).
Pakistan had had to arrange Rs24 billion in the event the power tariffs are not upped.
There is no wheat shortage feared in the country, as 24 million tonnes of wheat produce is expected this year; accordingly, the wheat import would be uncalled for.
So, the Rs24 billion out of Rs25 billion apportioned for wheat imports would be spent on the power subsidy.
Bullish KSE100-index posts 100 points
KARACHI: The foreign investors continued buying at Karachi Stock Exchange (KSE), which pushed the benchmark 100-index up by over 100 points, Geo News reported Thursday.
The KSE-100 index posted gains to cross 10300-point level which is 19-month highs buttressed by the recent foreign buying.
March 2010 witnessed new consistent buyings by foreign investors worth a total of $113 million. Earlier in September 2009, $127 million of buying was recorded in a single month.
In comparison, Indian stock market saw new buying of $4.40 billion in March; of which the foreign buying in Pakistani stock market in the same month is just 2.5 percent; however, this fresh buying has persistently maintained the 100-index at 19-month high level.
Oil mixed but stays above 83 dollars
SINGAPORE: Oil prices were mixed in Asian trade Thursday after investors took profits following a surge near 17-month highs, analysts said.
New York”s main contract, light sweet crude for delivery in May, gained one cent to 83.77 dollars a barrel.
Brent North Sea crude for May eased 15 cents to 82.55 dollars a barrel.
“After the big increase last night, we can see some signs of profit-taking,” said Ken Hasegawa, an energy trading manager with brokerage Newedge Japan.
“I think the market volume will be very thin because of the (Easter) holidays and because of that prices are likely to fluctuate.”
The New York contract rose 1.39 dollars on Wednesday, peaking at 83.85 dollars, a level near October 2008 highs, before paring back gains on a report which showed a larger-than-expected build in US crude stocks.
Wednesday”s price rise was driven by a weakened dollar which makes dollar-priced commodities like oil cheaper for buyers using other currencies.
The US government”s Department of Energy (DoE) announced that crude inventories rose by 2.9 million barrels in the week ending March 26 beating market expectations for a gain of 2.1 million barrels.
Petrol reserves increased by 300,000 barrels last week while analysts had pencilled in a drop of 1.3 million barrels.
Analysts said Wednesday”s gains were also buoyed by an International Energy Forum meeting that pledged greater cooperation and more transparency in tackling oil price volatility, seen as damaging to economic recovery.
Furnace oil prices reduced
KARACHI: Pakistan State Oil (PSO) announced deduction in furnace oil prices. Prices of one-ton furnace oil are reduced by Rs 1300 to Rs 1400.
New price of import oil was fixed at Rs 48459 after a deduction of Rs 1357 and domestically produced oil was 48377 after a deduction of Rs 1400.
New prices are effective from April 1, 2010.
Power Units Are Halted Suplly To By All Refineries
Oil refineries have halted the delivery of furnace oil to Power units due to nonpayment. Pakistan State Oil (PSO) is providing imported furnace oil on emergency basis to thermal power units.
According to Ministry of Petroleum, PSO is confronted by a circular debt above Rs 100.4 billion. Power sector is the major defaulter of which Rs 91 billion is due against the power sector. PSO supplies furnace oil worth Rs 1 billion to Power sector on daily basis.
PSO is unable to pay Rs 68 billion to the refiners due to non payment by the Government, consequently Oil refineries have halted furnace supply. PSO is only supplying 19,000 metric tons of furnace oil to Power Production units. The Power units consume 35,000 metric tons of furnace oil everyday.
Power Units Are Halted Suplly To By All Refineries was first posted on March 1, 2010 at 1:45 am.
PSO’s Circular Deficit Surpasses Rs 85bn
PSO’s Circular Deficit Surpasses Rs 85bn, Circular deficit of Pakistan State Oil (PSO) has surpassed Rs 85 billion. According to Ministry of Petroleum sources, oil refineries have slashed supply of furnace oil up to 60 percent. PSO has to pay Rs 62 billion arrears to oil refineries. PSO’s arrears towards WAPDA are Rs 33 billion, Hubco’s Rs 28 billion, KEPCO’s Rs 14 billion, PIA’s Rs 1.5 billion and AEF Lal Pir’s Rs 1 billion.
PSO’s Circular Deficit Surpasses Rs 85bn was first posted on January 28, 2010 at 10:42 pm.
