Tag: Fuel

WASHINGTON - Pakistan's ambassador to the US defended his government's decision last week to reverse an unpopular increase in fuel prices, insisting Pakistan has not abandoned efforts to reduce subsidies and raise taxes to bring its budget deficit under control.
"We are not the only country to adjust fuel prices because of public opinion," Ambassador Husain Haqqani said in an interview in the Bloomberg Washington bureau yesterday. "There is no wavering in our commitment to

LAHORE - The Lahore Chamber of Commerce and Industry on Friday appreciated the Federal Government's move of withdrawing the increase in prices of petroleum products and termed it a bold step in the larger interest of the people.
In a statement issued here, the LCCI President Shahzad Ali Malik, Senior Vice President Sheikh Mohammad Arshad and Vice President Sohail Azhar said that the withdrawal in prices of petroleum products would not only give some relief to the inflation-hit

LAHORE - Kisan Board Pakistan (KBP) has termed the reversal of increase in the petroleum products as insufficient and urged the government to make at least 50 percent decrease in diesel prices. The board also demanded that prices of all inputs including fertilisers, electricity and pesticides should also be reduced by half to support the dying agricultural economy. KBP President Sardar Zafar Hussein and General Secretary Malik Muhammad Ramzan Rohari while reacting to the withdrawal of

KABUL - Fuel prices rose by about 27.4 percent, with petrol about 12.3 percent, during the outgoing week as a result of shortages after Iran blocked shipments of oil into Afghanistan, Kabul-based dealers said. One litre diesel was sold for 65 afghanis and the same amount of petrol for 56 afghanis against their last week's rates of 51 afghanis and 48 afghanis respectively, a fuel seller in Taimani area of the city, Ahmad Khali said.
He said the prices could further increase if

LAHORE - Lahore High Court (LHC) Justice Sheikh Azmat Saeed on Tuesday issued notices to the Oil and and Gas Regularity Authority (OGRA) chairman and the federal government on a petition challenging nine percent increase in petroleum products prices from January 1, 2011.
The court also summoned a report from OGRA chairman and the federal government within one week seeking an explanation for increasing fuel prices, which would increase prices of other products as well. The judge

BEIJING - Chinese scientists say they have developed nuclear fuel reprocessing technology that could effectively end uranium supply concerns, state media said, as Beijing strives for energy security.
The technology, developed by state-run China National Nuclear Corp in the remote northwestern province of Gansu, enables the country to re-use irradiated nuclear fuel, China Central Television said. "China's proven uranium sources will last only 50 to 70 years, but this now changes

KABUL: Iran is preventing hundreds of fuel tankers from crossing into Afghanistan and supplying US-led NATO troops fighting the Taliban, senior officials in Kabul said Wednesday.
Around 1,600 trucks have been prevented from crossing for three weeks and the situation threatens to push up fuel prices, which have already skyrocketed in recent days, at the start of winter.
Although Kabul says the tankers would be used to supply ordinary Afghans, deputy commerce minister Mohammad

ISLAMABAD: The government has put on hold the increase due in power tariff and petroleum prices as it has received intelligence reports suggesting that the increase might spark countrywide protests.
A source told Pakistan Today that the intelligence agencies had told the government that further increase in power and petroleum prices would lead to protests, which could worsen the law and order situation across the country.
"The increase in tariff has been put on hold for the

KARACHI: The Karachi Electric Supply Company (KESC) has reduced the power generation to save fuel, the company sources told Pakistan Today on Sunday.
They said that the hours' long loadshedding in Karachi is artificial, as the KESC is economising on the furnace oil consumption while relying more on the power supply from WAPDA. All the power generating units of KESC were being run on Thursday and Friday last, when the city was exempted from any loadshedding but soon after the

KARACHI: Karachites would face further load shedding as a power generating unit of Karachi Electric Supply Company (KESC) has been closed for, what the sources said, burning of furnace oil of "below specification", supplied by a private oil company.
KESC is relying on a private oil supplying company 'Byco' to meet its additional fuel needs. The furnace oil supplied by the company, sources claimed, was not up to standard, causing the closure of a unit of KESC at Korangi. Due to

VIENNA: The UN atomic watchdog on Friday voted to set up a nuclear fuel bank, under its auspices, to allow countries access to nuclear energy without risking the spread of atomic weapons.
The International Atomic Energy Agency's 35-member governing board approved a United States-sponsored proposal for a $150-million fuel bank, with 28 countries in favour. No country voted against the resolution, but six developing countries - Argentina, Brazil, Ecuador, South Africa, Tunisia and

MOSCOW: Russia announced on Wednesday that it had created the world's first international atomic fuel bank as part of a global effort to curb the spread of nuclear arms.
The Rosatom state atomic energy corporation said the Siberian fuel reserve - which will operate under the auspices of the United Nations' International Atomic Energy Agency (IAEA) nuclear watchdog - will have enough material to refuel two civilian nuclear power plants.
The Angarsk facility now stores 120

ISLAMABAD: Senators from across the political divide on Thursday vowed not to fuel the "corruption furnace" of a non-performing government with the taxpayers' money, asking Islamabad to first put its own house in order before taxing the poverty-stricken people.
Taking part in the debate on the General Sales Tax (GST) Bill, Pakistan Muslim League-Quaid (PML-Q) Senator SM Zafar said tales of the corrupt practices of rulers were being told across the globe.
"Why should the

KARACHI: The unscheduled airlines are not being provided with jet fuel at Allama Iqbal International Airport since July this year primarily because of the monopoly and poor planning of Pakistan State Oil (PSO).
Interestingly, being the only fuel provider at the said airport, PSO's Aviation Fuel Division does not give fuel to the non-scheduled airlines, thus creating heavy revenue losses for Civil Aviation Authority (CAA). PSO does this in the name fuel shortage, but at the same

LAHORE: Federal Minister for Minorities Affairs Shahbaz Bhatti said on Tuesday Pakistan would not repeal its controversial blasphemy law but might amend it to prevent abuse because scrapping the legislation could fuel militancy.
"(Repeal) is not being considered though we are considering changing it so that misuse of the law should be stopped," Bhatti said.
He said consultations with Islamic clerics and representatives of religious minorities on amending the law would soon

KARACHI: The business and industrialist community of Karachi have condemned the implementation of reformed GST as they believe that it would cause corruption, hamper exports and would lead to massive price hikes.
They viewed that all sectors including manufacturing, distributing and retailers would be affected and demanded solid guarantees from the government. In addition, they blamed the government of excessive spending and advised government to cut down its expenses.
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LONDON: Eradicating fossil fuel subsidies would boost the global economy, environment and energy security, the International Energy Agency said on Tuesday, referring to a pledge by G20 countries.
G20 leaders committed in Pittsburgh in 2009 to phase out over the medium-term inefficient fossil fuel subsidies which encouraged wasteful consumption. A G20 meeting in Seoul this week may update progress on fossil fuels.
"Eradicating subsidies to fossil fuels would enhance energy