Business
No shortage of fuel across Pakistan: OGRA | The Express Tribune
OGRA spokesperson says fuel distribution, supply across the country remain unaffected, with no disruptions
People wait for their turn to get fuel at a petrol station in Peshawar on January 30, 2023. Photo: Reuters/ File
KARACHI:
The Oil and Gas Regulatory Authority clarified that there is no shortage of fuel in the country. The Authority dispelled the fears of a nationwide crisis triggered by a delay in the clearance of petroleum consignments at Karachi Port due to the imposition of a 1.8% Sindh Infrastructure Development cess by the provincial government.
According to OGRA spokesperson Imran Ghaznavi, the clearance of consignments of imported petroleum products was temporarily delayed. However, PSO’s consignment of diesel and WAFI’s petrol have been cleared. He assured that fuel distribution and supply across the country remain unaffected, with no disruptions.
Read More: Fuel shortage temporarily eases as Sindh clears PSO vessel
The imposition of the 1.8% cess by the Sindh government has created concerns within the oil sector, as it could increase fuel prices by over Rs3 per litre and ultimately burden consumers. Although prices are regulated, the added levy raises costs throughout the supply chain.
The Oil Companies Advisory Council (OCAC) in a letter to Sindh Chief Minister Murad Ali Shah warned that petroleum cargoes currently being discharged, as well as vessels anchored at ports, required immediate customs clearance to avoid disruption in the national fuel supply chain.
Following the mounting concerns, the Sindh government cleared a PSO vessel on a 15-day undertaking, temporarily averting the threat of a fuel shortage.
Sources said that other oil marketing companies (OMCs) are also expected to have their consignments cleared under similar 15-day bank guarantee arrangements, instead of full upfront guarantees.
OMCs have expressed reluctance to provide 100% bank guarantees, arguing that the move would significantly strain their cash flow. Officials estimate that the additional cost associated with the cess could result in a price impact of at least Rs3 per litre for consumers.
Read: Afghan exporters count losses as Torkham closure chokes fruit trade
Meanwhile, the Sindh Excise Department has issued an urgent notice to OMCs, instructing them to submit the required bank guarantees instead of undertakings. The department stated that pending cases would only be processed once guarantees are received.
The OCAC letter highlighted that PSO’s oil tankers — MT Islam 2 and MT Hanifa — are currently berthed and awaiting clearance, while oil stocks at the Keamari terminal are running low. It warned that immediate clearance is essential to maintain continuity in the petroleum supply chain nationwide.
Echoing the warning, the Oil Marketing Association of Pakistan (OMAP) said that the new policy could disrupt petroleum imports. OMAP Chairman Tariq Wazir Ali termed the cess and the bank guarantee requirement a ‘serious threat’ to Pakistan’s energy security.
“This issue requires urgent attention,” Ali cautioned. “If timely action is not taken, the country could face a severe shortage of petrol and diesel, impacting both the economy and industry.”
Business
Lidl’s loyalty card becomes less generous, shoppers say
Under the changed system customers collect points rather than reward coupons, with £1 spent equalling one point.
Source link
Business
UK government long-term borrowing costs reach 28-year high
There have been extra jitters in UK government debt markets ahead of Thursday’s local and national elections.
Source link
Business
Sugarcane price hike: Govt raises FRP to Rs 365/quintal for 2026-27, farmers to benefit from higher returns – The Times of India
The government has increased the fair and remunerative price (FRP) of sugarcane by Rs 10 to Rs 365 per quintal for the 2026-27 season beginning October, PTI reported.The decision was approved by the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi.“The FRP will be Rs 365/quintal for a basic recovery rate of 10.25 per cent,” Union Minister Ashwini Vaishnaw said after the meeting.The revised FRP is 2.81 per cent higher than the current rate of Rs 355 per quintal for the 2025-26 season.For every 0.1 per cent increase in sugar recovery above 10.25 per cent, the FRP will rise by Rs 3.56 per quintal, providing an incentive to mills for higher efficiency.To safeguard farmers supplying to mills with lower recovery rates, the government has decided that there will be no deduction in FRP for recovery below 9.5 per cent. In such cases, farmers will receive Rs 338.3 per quintal in the 2026-27 season.The production cost of sugarcane for 2026-27 has been estimated at Rs 182 per quintal, making the FRP 100.5 per cent higher than the cost.“Farmers are expected to get more than Rs 1 lakh crore,” Vaishnaw said.The move is expected to benefit nearly one crore sugarcane farmers, along with farm labourers and workers engaged in sugar mills.The FRP has been fixed based on recommendations of the Commission for Agricultural Costs and Prices (CACP) and consultations with state governments and stakeholders.The sugar sector supports the livelihoods of around five crore farmers and their families, and about five lakh workers directly employed in sugar mills, besides those involved in related activities such as transportation.Sugar mills are required to purchase sugarcane from farmers at the FRP or higher.Vaishnaw said the FRP has been increased every year over the past decade, and the latest revision will also support ethanol production from surplus sugarcane.On cane dues, he said that in the 2024-25 season, about Rs 1,02,209 crore, or nearly 99.5 per cent, of the total payable dues of Rs 1,02,687 crore had been cleared as of April 20, 2026.For the ongoing 2025-26 season, Rs 99,961 crore, or 88.6 per cent, has been paid out of total dues of Rs 1,12,740 crore.
-
Tech1 week agoA Brain Implant for Depression Is About to Be Tested in Humans
-
Sports1 week agoPro wrestling star Steph De Lander reveals how colleague’s advice helped lead her to title triumph at ACW
-
Tech1 week agoAlmost 90% of women leave tech industry within 10 years | Computer Weekly
-
Business1 week ago‘I had £20,000 stolen and had to fight a 13-month fraud reporting rule to get it back’
-
Entertainment1 week agoNorway joins Type 26 Frigate Programme to boost NATO naval power
-
Entertainment1 week agoMelania Trump says ABC should ‘take a stand’ on late-night host Kimmel
-
Tech1 week agoThis Ambitious Laptop Doesn’t Leave Much Room for Your Hands
-
Business6 days agoPSX plunges over 4,800 points | The Express Tribune
