Oil prices fell by more than 3 per cent in volatile trade on Tuesday on fears of higher US supply amid an economic slowdown and lower Chinese fuel demand. Brent crude futures fell by $2.37, or 3.6pc, to $89.25 a barrel by 12:29 p.m. EDT (1629 GMT). US West Texas Intermediate (WTI) crude futures were down $3.12, or 3.7pc, at $82.34, having risen by over $1 earlier in the session. China, th
State Minister for Petroleum Musadik Masood Malik on Tuesday said the government had arranged two additional cargoes of liquefied natural gas (LNG) — one each in January and February — that would help better manage energy shortages in the coming winter peak with the support of additional imports of liquefied petroleum gas (LPG). “It would not be free for all but the situation would be much bett
Pakistan’s oil and eatables imports grew 9.06 per cent to $7.58 billion in the first quarter of the current fiscal year from $6.95bn a year ago, the Pakistan Bureau of Statistics (PBS) said on Tuesday. In contrast, textile and clothing exports could only rise by 3.68pc year-on-year to $4.58bn due to slow demand and the high cost of local production because of expensive energy. The government ha
In a bid to stem the line losses and put an end to corruption in the power sector, the federal cabinet on Tuesday approved drastic measures, including installation of advanced metering infrastructure and low-cost solar energy projects, to overhaul the existing electricity generation and distribution system. A meeting of the cabinet, presided over by Prime Minister Shehbaz Sharif, also approved
The dollar has disappeared from the open market run by the exchange companies and there are reports that the US currency is trading at a much higher price in a parallel grey market. “This is true. The dollar is not available in the open market, but the grey market is offering it for as high as Rs232, making the legal currency business meaningless,” said Zafar Paracha, the secretary general of t