ISLAMABAD – Diesel price has been increased for another day as the government pushed rate above Rs402 per litre, amid mounting tensions in the Middle East and rising international crude oil prices.
The latest adjustment has taken diesel prices to Rs402.96 per litre, following an increase of Rs2.29, while petrol consumers have been spared another hike, with the price remaining unchanged at Rs377.91 per litre. The revised rates came into effect on October 31 and will remain applicable until November 2, 2026, according to the Oil and Gas Regulatory Authority (OGRA).
The decision comes at a time when global energy markets are facing renewed uncertainty, with fears of fresh American military strikes against Iran raising concerns about oil supplies and future fuel costs.
With another Rs2.29 added to the price, diesel has become Rs3.14 costlier within two days, putting additional pressure on transport operators, farmers, businesses and industries that rely heavily on the fuel. Petrol, meanwhile, has remained unchanged at Rs377.91 per litre throughout both revisions.
The surge comes against the backdrop of another surge in international crude oil prices, with traders increasingly concerned about a possible escalation of the US-Iran conflict. Market fears have intensified over the prospect of further American strikes against Iran following the US midterm elections, adding fresh uncertainty to an already volatile energy market.
An attack on an oil tanker in the Strait of Hormuz, one of the world’s most important oil transportation routes, has further highlighted the risks facing international petroleum supplies.
Oil prices climbed on Friday and were heading towards a fourth consecutive monthly gain as investors weighed the possibility of wider regional disruptions.
The latest diesel hike has renewed concerns about the impact of international oil market volatility on Pakistan’s domestic fuel prices. High-speed diesel plays a crucial role in the country’s economy, powering heavy vehicles, agricultural machinery and commercial transport. Sustained increases in diesel prices can raise transportation and distribution costs, potentially putting upward pressure on food prices and other essential commodities.
The post Diesel price jumps to Rs402.96 per litre; Petrol unchanged for weekend appeared first on Daily Pakistan English News.
Big tech stocks falter as investors question whether billions being poured into AI can generate returns quickly enough
A sell-off of tech stocks that began earlier this month and gained steam with disappointing earnings from leading tech companies drove US markets down by hundreds of billions of dollars Friday. In total, the decline has knocked nearly $1tn in value off the tech-heavy Nasdaq exchange in one week and erased about $2tn in a month.
The S&P 500, the index of the 500 most valuable companies in the US, fell by more than 1% Friday, losing hundreds of billions of dollars in market value. It was on track to erase its gain for October, even though it set its all-time high during the same month. The weakness for technology stocks dragged the Nasdaq composite down even further, more than 3%, also erasing hundreds of billions in value. The Down Jones Industrial Average fell less.
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© Photograph: Brendan McDermid/Reuters
© Photograph: Brendan McDermid/Reuters
© Photograph: Brendan McDermid/Reuters
Business owners throughout the state of Pennsylvania have been left affected after thousands of skill games were taken out of restaurants, bars, social clubs, gas stations, and convenience stores, among other places.
The post Business Owners Weigh In on Removal of Skill Games in Democrat-Controlled Pennsylvania appeared first on Breitbart.
ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) on Friday notified an increase of up to 15.3 per cent in the price of Regasified Liquefied Natural Gas (RLNG) for sales at the distribution stage by the two Sui gas companies for October, mainly due to higher crude prices.
The increase has come after a 20pc price reduction for September.
This is expected to have a significant impact on fuel cost for power generation in December. The RLNG-based power generation cost in September amounted to Rs40 per unit based on the average RLNG import price of $10.06 per million British thermal unit (mmBtu), compared to $10.75 per mmBtu in October.
The average delivered price ex-ship of LNG for two cargoes in October amounted to $10.75 per mmBtu, compared to $10.06 per mmBtu in September, $12.12 per mmBtu in August and $18.96 per mmBtu in July.
Karachi-based Sui Southern Gas Company Limited (SSGCL) serves consumers in Sindh and Balochistan, and its system losses at the distribution stage stand at 12.55 per cent, compared to about 10.6pc last year.
On the other hand, Lahore-based Sui Northern Gas Pipelines Limited (SNGPL) provides gas to consumers in Punjab and Khyber Pakhtunkhwa, and its system losses at the distribution stage were also reported at almost 9pc against 7.47pc in October last year.
According to the notification, RLNG’s sale price for SNGPL at the transmission stage increased by 13.9pc to $15.94 per mmBtu for October compared to $13.99 per mmBtu in September. The sale price at the distribution stage for SNGPL was, thus, increased by 14pc to $17.33 per mmBtu for October, against $15.196 per mmBtu in September.
Meanwhile, RLNG sale price for SSGCL has been increased at the transmission stage by 15.25pc to $14.53 per mmBtu for October, against $12.611 per mmBtu in September. The sale price at the distribution stage for the company thus also increased by 15.27pc to $16.396 per mmBtu for October compared to $14.22 in September.
Ironically, the inherent cost additions in the supply chain — all of them in the public sector — continue to make the end-RLNG price higher. This can be seen from the fact that the RLNG distribution prices — $16.396 per mmBtu for SSGCL and $17.33 per mmBtu for SNGPL — are almost $6.58 and $5.65 per mmBtu higher than the average $10.75 per mmBtu delivered price ex-ship (DES), respectively.
This is mainly because of the fact that both the LNG importers — Pakistan State Oil and Pakistan LNG Limited — and port authorities also charge profit margins on account of retainage and margins, at the rate of 3.77pc of DES price. This is on top of 8.97pc system losses (SNGPL) and 12.55pc losses (SSGCL).
The basket RLNG price was based on two cargoes each in October — both from Qatar — under two separate long-term contracts of 13.37pc and 10.20pc of Brent.
PSO has a long-term contract for up to 11 cargoes per month, but part of these supplies were usually diverted to the spot market, even before the Middle East crisis, when Qatar declared force majeure after the US attack on Iran, the closing of the Strait of Hormuz and the suspension of gas operations at the field.
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