In order to conserve fuel and energy, Prime Minister Shehbaz Sharif during a recent cabinet meeting, constituted a committee to devise an energy conservation plan. The committee came up with several out of the box ideas, which seem harsh and desperate but might prove effective.
The selling trend continued in the Pakistan Stock Exchange for the second day as the KSE-100 index dropped 923.03 points to close at 41314.88, 2.23% down than yesterday. The downward trend in the stock market is being attributed to the enormous hike in fuel and energy prices.
Factories owners fear that they may need to shut production due to an unprecedented hike in energy costs, which will be another disaster for the already struggling economy
Russian Rouble continued the upward trend against dollar to become the best performing currency of the world. The strengthening of Russian currency, that too, due to its exports sector is impressive keeping in view the ongoing Russia-Ukraine war.
Businessmen and industrialists appreciated that the removal is announced in response to their demand of proper supply of gas without affecting the needs of consumers
Nord Stream 2 is expected to double natural gas supplies from Russia to Germany, but it has divided European capitals and raised tensions between the bloc and Washington. A key controversy is that it diverts supplies from an existing route through Ukraine and is expected to deprive the EU's partner of crucial transit fees from Russia.
U.S. President Joe Biden's administration has urged OPEC and its allies to boost oil output to tackle rising gasoline prices that it views as a threat to the global economic recovery.
