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Power-sector dues, tariffs and fuel costs across the energy chain.
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OGRA raised RLNG prices by up to 34.6% after Pakistan's LNG imports fell to a near record low following a Qatar supply disruption, putting SSGC, SNGPL and PSO in focus.
K-Electric reported a 20% jump in industrial power consumption to 6.08 billion units in FY26, reflecting strong demand from manufacturing and validating higher utility margins and capacity recovery.
Pakistan State Oil's receivables have risen to Rs908.7 billion, with dues tied to Sui Northern Gas Pipelines above Rs535 billion, deepening the cash strain from Pakistan's energy circular debt.
OGRA has approved the export of 160,000 tonnes of furnace oil by three Pakistani refineries, letting them sell surplus fuel oil abroad instead of holding it as unsold stock at home.
The IMF is asking Pakistan to recognize a larger stock of gas sector losses before any circular debt settlement is agreed. The demand puts Sui Northern, Sui Southern, OGDC and PPL in focus.
Pakistan's energy regulator has approved the export of 160,000 tonnes of furnace oil, giving refiners and fuel marketers a way to clear surplus stock that has piled up as power plants burn less furnace oil.
Pakistan and the IMF could not agree on a plan to settle Rs1.7 trillion in gas sector debt, leaving the circular debt pile unresolved for gas utilities and E&P companies.
Pakistan LNG Limited accepted a TotalEnergies bid of $21.88 per mmBtu for a spot cargo, the highest price since March, as QatarEnergy's force majeure keeps the country buying in the spot market.
Pakistan's power generation output declined 2.5% in June as fuel costs spiked 14%, pressuring thermal generator margins. The fuel crisis leaves power companies facing higher operating expenses while output remains constrained.
NEPRA is conducting a hearing to determine whether to raise electricity tariff by Rs1.20 per unit to recover higher fuel costs incurred in June. The increase would flow through to power generators and utilities, offsetting some of the burden from elevated fuel expenses.
Pakistan has missed the circular debt reduction target agreed with the IMF for the power sector. Overdue payments in the electricity chain matter most for listed power producers.
China has refused to waive a Rs170 billion surcharge on unpaid CPEC power dues, and Hub Power is named as owed Rs64 billion, extending the wait for cash the company depends on.
Pakistan is buying spot LNG cargoes again after renewed tension near the Strait of Hormuz pushed up shipping risk premiums, adding near-term cost pressure for the gas utilities that handle RLNG distribution.
A cabinet committee rejected an exemption request from Sui Northern and Sui Southern that would have let them avoid booking IFRS accounting losses tied to circular debt receivables.
Pakistan is seeking an urgent LNG cargo after attacks near the Strait of Hormuz disrupted its regular Qatari gas supply, a fresh energy-security angle on the region's tensions that touches the gas utilities.
The federal government plans to reduce the value of circular debt claims held by K-Electric to help meet IMF-linked fiscal targets, a direct negative for the utility's receivables.
The government is considering exempting state owned energy firms from strict IFRS accounting rules that would otherwise force them to book massive provisions against unpaid circular debt receivables.
OGRA lowered the prescribed gas tariff for Sui Southern and Sui Northern to Rs1,705 per MMBTU, but the government kept consumer prices unchanged to shore up both utilities' finances.
Pakistan missed a July 1 IMF deadline to notify a revised gas tariff, as gas-sector circular debt reached about Rs3.44 trillion, keeping the notification process for Sui Northern and Sui Southern unresolved.
Pakistan's spot RLNG procurement costs jumped 66% in June 2026 as suppliers withheld discounts and spot cargo availability tightened. With the regulated tariff up only 16.17%, the gap between what PSO pays and what it recovers widens, deepening the risk of circular debt accumulation on the RLNG segment.
Pakistan imported 27% less RLNG in FY26, pushing volumes to their lowest since FY2018. The decline reflects demand destruction from successive tariff increases and concentrates most on PSO, which manages the country's LNG procurement.
Pakistan's Power Minister is promoting transmission infrastructure and smart metering projects while inviting Turkish investors, signalling continued momentum in grid reform with indirect benefits for power sector stocks.
Federal Minister for Energy Sardar Awais Ahmad Khan Leghari announced significant power sector reforms, including distribution company privatization, efficiency improvements, and competitive market introduction, which could positively impact power generators and the Karachi utility, while infrastructure grants may benefit cement and steel.
Pakistan's energy minister announced significant power sector reforms, including a 45% reduction in distribution inefficiencies and plans for privatization, alongside a $2.5 billion investment opportunity in metering and transmission.
Pakistan has announced an increase in Liquefied Natural Gas (LNG) prices for June, which will raise input costs for several key industrial sectors that rely on gas for fuel and feedstock.
A Senate committee reviewed Pakistan's National Electric Vehicle (NEV) Policy, which aims to establish 3,000 EV charging stations by 2030 and projects 2.2 million electric vehicles, signaling a long-term shift for the auto, steel, and power sectors.
The government has increased the price of kerosene oil by PKR 4.09 per liter, effective immediately, setting the new price at PKR 231.14 per liter.
Petroleum product supply has slowed across Punjab, including Lahore, due to Customs and FIA raids and stock checking at oil depots, raising fears of a shortage and negatively impacting oil marketing companies.
A new report reveals Pakistan's power sector circular debt increased by PKR 240 billion in 10 months, reaching PKR 1,854 billion, despite government claims of reduction. This rise is negative for power generation companies and their fuel suppliers.
The Auditor General of Pakistan (AGP) has reported that the Neelum-Jhelum Hydropower Project incurred over Rs. 128 billion in losses during fiscal year 2024-25 due to prolonged shutdowns, tunnel collapses, and regulatory issues, exacerbating the power sector's financial challenges.
Pakistan's Privatisation Commission extended the deadline for Expressions of Interest for the privatisation of Faisalabad Electric Supply Company (FESCO) and Gujranwala Electric Power Company (GEPCO), aiming to attract strategic investors to improve the power distribution sector.
Pakistan LNG Limited has issued a tender for a spot liquefied natural gas (LNG) cargo, the second in four days, due to supply disruptions from Qatar and rising domestic electricity demand. This move highlights increased reliance on the volatile spot market.
The Lahore Electric Supply Company (LESCO) has announced a significant reduction in its circular debt by Rs. 136 billion over the past two years, driven by improved bill recovery and lower line losses, which is a positive development for power generation companies.
International crude oil prices have risen following Iran's refusal to meet US envoys, dampening hopes for a ceasefire and signaling continued geopolitical risk in the Middle East. This development is generally positive for Pakistan's oil and gas exploration and refining companies due to inventory gains and higher realisations, but negative for power generators facing increased fuel costs.
Pakistan has secured its eighth LNG cargo since April, with BP Singapore winning the latest spot tender. The procurement confirms that international LNG supply is accessible to Pakistan even at elevated spot prices, though the pace remains well below pre-FY25 levels.
The Federal Board of Revenue (FBR) announced it successfully met its revised tax collection target of Rs 12,957 billion for fiscal year 2025-26, with provisional net collections reaching Rs 13,001 billion. A key part of this effort included issuing over Rs 40 billion in refunds to the business community, particularly exporters.
The President has signed the OGRA Amendment Ordinance 2026 into law, a development that will reshape the regulatory landscape for Pakistan's oil and gas sector, directly impacting gas utilities, refineries, and oil marketing companies.
International crude oil prices have fallen significantly, with Brent and WTI dropping by around 20% from last month's closing, as investors focus on potential US-Iran talks in Doha aimed at easing regional tensions.
Pakistan has issued an urgent tender for a liquefied natural gas (LNG) cargo due to disruptions in the Strait of Hormuz, likely leading to higher spot market prices and increased fuel costs for local power generators and gas utilities.
Pakistan has initiated an international campaign to privatise three major power distribution companies, a move aimed at reforming the power sector and attracting foreign investment, despite concerns over outstanding dues to Chinese power producers.
Pakistan's Petroleum Minister announced the country is exploring imports of cheaper oil and gas from Iran, potentially easing US sanctions. This move could significantly reduce import costs and impact local refineries and gas utilities.
Pakistan's improved international standing could translate into economic benefits through increased trade with Iran, potentially cheaper energy supplies, and a reduction in smuggling, offering a boost to key energy and fertilizer sectors.
The Pakistan Stock Exchange saw a modest gain last week, primarily driven by easing geopolitical tensions and a resulting drop in international oil prices, which impacts energy and chemical sector stocks.
International crude oil prices fell by about two percent, heading for weekly losses, as concerns over supply eased with more tankers exiting the Strait of Hormuz, despite a minor incident near Oman.
Pakistan can now potentially import crude oil from Iran due to a temporary easing of US sanctions, offering a new source of supply for the country's energy sector.
Pakistan is revising its 2023 oil storage policy to attract foreign suppliers for establishing bonded oil reserves, aiming to enhance the nation's energy security and stabilize the supply chain for oil marketing companies and refineries.
Pakistan's current policy framework is failing to attract foreign investment for strategic oil storages, with industry sources warning that repeated price revisions are threatening significant refinery investments. This situation signals a challenging operating environment for local refinery stocks.
Global oil prices have dropped to levels last seen before recent Middle East tensions, driven by expectations of increased supply, which has mixed implications for Pakistani energy and chemical companies.
International crude oil prices have dropped to levels seen before recent conflicts, a development that could significantly affect Pakistan's oil and gas exploration, marketing, refining, power generation, and chemical sectors.
The Economic Coordination Committee (ECC) has approved a Rs52 billion Technical Supplementary Grant for CPPA-G to support DISCOs and re-appropriated Rs97.649 billion from K-Electric for inter-DISCO tariff differential subsidies, alongside adjusting TESCO arrears.
The National Electric Power Regulatory Authority (NEPRA) has updated its framework for how independent power producers (IPPs) procure and price imported coal, aiming to better align tariffs with market realities and address IPP concerns.
The Economic Coordination Committee (ECC) has approved a Rs. 194 billion financial package for power distribution companies (DISCOs), aiming to improve their financial health and manage subsidies, with a specific reallocation of funds from K-Electric.
The Pakistan oil industry has issued a warning about potential fuel supply risks following recent government-mandated price reductions for petrol and diesel, signaling operational challenges for companies involved in fuel marketing and refining.
The Pakistan Telecommunication Authority (PTA) has introduced a new licensing framework for Mobile Virtual Network Operators (MVNOs), allowing them to operate using existing telecom infrastructure, which could bring both new revenue streams and increased competition for incumbent operators.
The Economic Coordination Committee (ECC) has approved the release of PKR 52 billion to the Central Power Purchasing Agency (CPPA), a move expected to alleviate some of the persistent circular debt in Pakistan's power sector.
Oil & Gas Development Company (OGDCL) has received its final interest payment of Rs7.725 billion under the government's circular debt settlement plan, bringing the total interest received to Rs92 billion. This development signals progress in addressing the long-standing issue of circular debt within Pakistan's energy sector.
Qatar's Prime Minister announced that the Gulf state will resume normal liquefied natural gas (LNG) production within a few weeks, easing concerns about global supply after a recent plant blast.
A proposed amendment to the NEPRA Act, which the business community fears will reduce the regulator's independence, has cleared a National Assembly committee and is now moving to the Senate. This development is seen as negative for power generation companies.
Mari Petroleum and Oil & Gas Development Company Limited (OGDCL) have commenced production from two new gas wells, adding a combined 36 million standard cubic feet per day (MMscfd) to the national grid, a development that is positive for the involved exploration and production companies and the gas utility receiving the supply.
Pakistan plans to convert the Jamshoro Unit-01 power plant from imported coal to indigenous Thar lignite, aiming to save $3.24 billion over 26 years by reducing reliance on foreign fuel.
Informational only, not investment advice. Sentiment reflects news exposure, not a buy/sell recommendation or price forecast. Do your own research and consult a licensed professional.
