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petroleum

Oil prices slump 5% on Covid-19 variant fears

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Oil prices

Oil prices dropped more than 5 per cent on Friday, falling to the lowest level in two months, as traders, already concerned about potential oversupply in the first quarter of 2022, added the emergence of a new Covid-19 variant to their list of worries, Reuters reported. Brent crude, the international benchmark, slid 5.8 per cent to $77.44 … Read more

7th session of Pak-Russia intergovernmental commission begins on November 24

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Pak-Russia

ISLAMABAD: The 7th Session of the Pak-Russia Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation would be held from November 24 to 26 in Yekaterinburg, Russia. A high-level delegation led by Federal Minister for Economic Affairs Omar Ayub Khan will participate in the session, a statement said. The Russian side will be headed by … Read more

US acts outside IEA; release oil from SPR to curb fuel prices

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US

LONDON: Despite warning from analysts, US President Joe Biden finally announced the release of crude oil from the country’s strategic stockpile, a unilateral move first mooted by his Energy Secretary Jennifer Granholm in October, as he seeks to curb inflationary pressure in the US economy, Arab News reported. Gasoline prices nationwide are averaging about $3.40 a gallon, … Read more

Karachi exporters deplore higher RLNG tariff

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Agritech’s urea plant shut as RLNG supply suspended

KARACHI:The export-oriented industries of Karachi have expressed annoyance due to sheer discrimination and dubious conduct on the part of the Ministry of Energy, (Petroleum Division). The ministry disregarded the summary approved by the Economic Coordination Committee (ECC) of the Cabinet, which has uniformly approved regasified liquefied natural gas (RLNG) tariff at $6.5/MMBTU all inclusive to … Read more

Petroleum products prices likely to go up

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Government Increases Price Of Petrol By Rs 5.40

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has recommended an increase of Rs10.50 and Re1 in the prices of high-speed diesel and motor spirit, respectively, In a fortnightly summary sent to the Ministry of Finance, the regulatory authority suggested a hike in the prices of kerosene and light-diesel oil by Rs5.50/ litre each. If … Read more

Petroleum group, coal exports surge 252.96%

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ISLAMABAD: The exports of the petroleum group and coal during the first month of FY 2021/22 grew 252.96 per cent, compared with the exports of the corresponding period of the last year. During the period from July 21, the petroleum group and coal worth $29,405 were exported, compared with the exports of $8,331 during the … Read more

Attock Petroleum posts profit of Rs4.9 billion

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KARACHI: The Attock Petroleum Limited (APL) has earned a net profit of Rs4.9 billion for the year ended June 30, 2021, which is multiple times higher than the profit of Rs1.01 billion recorded in FY20, a bourse filing said on Wednesday. The earnings per share (EPS) for the year clocked-in at Rs49.43, compared with the … Read more

Ogra proposes Rs1.71/litre hike in petrol prices

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OGRA Sends Summary to Increase Fuel Prices From January 1

ISLAMABAD: The Oil and Gas Regulatory Authority (Ogra) has proposed a nominal increase in prices and decrease in diesel prices. In a summary presented before the Petroleum Division, the authority suggested an increase of Rs1.71/litre in the petrol prices and a decline of Rs2.27/litre in the prices of diesel. It also proposed an increase of … Read more

Rupee weakens 17 paisas against dollar

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Rupee weakens

KARACHI: The rupee weakened 17 paisas against the dollar on Thursday, as international oil prices made gains a day ago. The exchange rate ended at Rs159.30 against the greenback, compared with the previous day’s closing of Rs159.13 in the interbank foreign exchange market. The currency dealers said the rise in the international oil prices on … Read more

Petroleum products share in power generation falls 43%; gas shortfall to rise further

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Petroleum products share in power generation falls 43%; gas shortfall to rise further

ISLAMABAD: The consumption of petroleum products in the power sector declined 43 per cent, whereas the demand and supply gap between gas production and consumption is likely to increase three times in the next 10 years. According to a report “State of the Regulated Petroleum Industry 2019/20”, released by the Oil and Gas Regulatory Authority … Read more

Large-Scale Manufacturing grows 37% in May, 14.56% in 11 months

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ISLAMABAD: The Large-Scale Manufacturing (LSM) production grew 36.84 per cent on a year-on-year basis during the month of May 2021, compared with the corresponding period of the last year, the Pakistan Bureau of Statistics (PBS) reported on Wednesday. The LSM Quantum Index Number (QIM) was recorded at 139.55 points during May 2021 against 101.98 points … Read more

Businessmen resent petroleum products price hike, demands cut in taxes

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Businessmen resent petroleum products price hike, demands cut in taxes

KARACHI: The businessmen have resented the recent price hike in the petroleum products and demanded the government to provide relief to the industry by reducing the tax ratio on oil products, a statement said on Saturday. Federation of Pakistan Chambers of Commerce and Industry (FPCCI) former president and Businessmen Panel Chairman Mian Anjum Nisar urged … Read more

Government Decides To Maintain Prices Of Petroleum Products

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Government Reduces Prices Of Petroleum Products

ISLAMABAD: The federal government has decided to maintain the current prices of petroleum products for the next 15 days. According to Finance Ministry officials, the decision was taken by the Finance Ministry with the approval of the Prime Minister, while the Oil and Gas Regulatory Authority (OGRA) had also recommended maintaining the prices of petroleum … Read more

Petroleum products’ prices to reduce from October 16: Sources

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Petrol Price in Pakistan

Petroleum products‘ prices are likely to reduce from October 16.

According to sources, OGRA has sent a summary of the prices of petroleum products to the Petroleum Division. It further said that the levy rate on petroleum products might reduce.

By reducing the levy, modest relief will be given to the people, sources added.

It is pertinent to mention here that the revision in the prices of petroleum products will be announced by the Ministry of Finance.

[embedpost slug=”petroleum-prices-likely-to-be-reduced-from-october/”]

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Govt announces to maintain Petroleum products price

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Petrol

ISLAMABAD: The government has announced to maintain the prices of petroleum products for September. According to the details, the Ministry of Finance has announced to maintain the prices of petroleum products for the month of September. According to the announcement, the price of petrol will remain unchanged at Rs 103.97 per litre, high-speed diesel at … Read more

Imran Khan should admit his failures and go home: Maula Bakhsh Chandio

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Imran Khan should admit his failures and go home: Maula Bakhsh Chandio

Information Secretary Pakistan Peoples Party Senator Maula Bakhsh Chandio has said that PM Imran Khan should admit his failures and go home. According to details, Information Secretary Pakistan Peoples Party Senator Maula Bakhsh Chandio said in a statement that the failure of the Foreign Ministry on the Kashmir issue is the failure of the Imran … Read more

Petrol prices increase by Rs 3.86

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Govt Decides to increases prices of petroleum products

The prices of petroleum products have been increased. The sources of the ministry of finance said that the prices of petroleum products have been increased on the occasion of Eid-ul-Adha. [embedpost id=”50366″ slug=”govt-decides-to-change-prices-of-petroleum-products-every-15-days”] According to the details, high speed diesel price has been increased by of Rs 5 per liter. The price of Kerosene has … Read more

Govt Decides to change prices of petroleum products every 15 days

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Govt Decides to change prices of petroleum products every 15 days

The government has decided to change the prices of petroleum products every 15 days. According to details, a meeting of the Economic Co-ordination Committee was held in Islamabad under the chairmanship of Finance Advisor Abdul Hafeez Sheikh. [embedpost id=”50366″ slug=”nepra-takes-notice-of-deaths-due-to-electrocution-in-recent-rains-in-karachi”] The meeting approved the proposals to change the prices of petroleum products. The prices of … Read more

OGRA fines Rs 1.5 crore to 3 private companies responsible for petrol crisis

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Government Reduces Prices Of Petroleum Products

The Oil and Gas Regulatory Authority (OGRA) has imposed a fine of Rs 1.5 crore on three oil marketing companies over the petrol crisis in the country. The companies that were fined include Byco, Oscar and BE Energy who were fined Rs 50 lakh each. According to OGRA, notices were issued to the companies in … Read more

Pakistan has lowest Petrol Price in Sub Continent even after price revision

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Pakistan has lowest Petrol Price in Sub Continent even after price revision

ISLAMABAD: Federal Minister for Energy Omar Ayub has attributed the rise in prices of petroleum products to increase in the price of crude oil in the global market and depreciation of the rupee. Umar Ayub wrote on twitter, “The international prices of oil have risen sharply in the last 1 month. The rupee has also … Read more

Petrol prices increase by Rs 25 per litre

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Government Reduces Prices Of Petroleum Products

Petrol price has been increased by Rs 25.58, the new price is 100.10 According to the details, the Ministry of Petroleum has received approval from the Ministry of Finance to increase the petroleum prices. The sources said that diesel price increased by Rs 21.31 and kerosene by Rs 23.50. The new price of diesel  is … Read more

IHC issued notice against government action on petroleum stockpiling

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IHC

ISLAMABAD: The Islamabad High Court (IHC) has issued notices to the Ministry of Energy, OGRA, Fuel Crisis Committee and the Federal Investigation Agency (FIA) rejecting Attock’s petition seeking restraining order against government action on stockpiling of petroleum products. According to details, Chief Justice of Islamabad High Court Athar Minullah heard the petition of Attock Oil … Read more

Ministry of Energy presents report on petrol crisis to PM Imran Khan

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PM Imran Khan

PM Imran Khan directed the federal cabinet to make the people aware of the facts on the recent petrol crisis. According to details, a meeting of the federal cabinet was held under the chairmanship of PM Imran Khan on the recent shortage of petrol in the country. Nadeem Babar and Federal Minister for Energy presented … Read more

Petrol becomes rare in Karachi after prices drop

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petrol pumps

Petrol became rare in Karachi after the prices dropped. According to the details, when petrol became cheaper, it became difficult to find in petrol pumps. Citizens of Karachi rushed in search of cheap fuel. Due to non-delivery of petroleum products to Karachi due to cheaper prices, it became rare. Long queues of vehicles and motorcycles … Read more

Petrol price is lower in Pakistan than South Asia: PM Imran Khan

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Prime Minister chairs meeting to review of flour prices

Prime Minister Imran Khan has said that the price of petrol here is the lowest in our country as compared to South Asia. According to details, Prime Minister Imran Khan said in a message on social networking site, Twitter on the reduction in prices of petroleum products that we have further reduced the prices of … Read more

Petrol prices reduce in Pakistan

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Petrol prices

The government has decided to change the prices of petroleum products. According to details, a statement issued by the Finance Ministry said that the price of petrol has been reduced by Rs 7.6 per liter. A statement from the Finance Ministry said that the price of diesel has been increased by 5 paisa per liter … Read more

Petroleum dealers reaches to brink of bankruptcy due to uncertain conditions

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Petrol at pump stations

Petroleum Dealers Association said the petroleum dealers have reached to the brink of bankruptcy due to uncertain conditions and nationwide lockdown. The government should come forward immediately to rescue this important sector which is moving the wheels of the economy. Former executive, Ghiyas Paracha said that the cost of doing business in increasing while profit … Read more

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