Pakistan Records 4% Boost in Petroleum Imports for September 2024. 4% increase to $1.388 billion from $1.331 billion in August 2024. The data indicates significant year-on-year growth in petroleum imports. Pakistan’s petroleum imports saw a 4 percent increase in September 2024, reaching $1.388 billion, compared to $1.331 billion in the same month last year, as … Read more
Musadik Malik has made conditions to increase margin of petroleum dealers. The final report of dealers’ margins will be released on June 23. The dealers delayed a protest to close their petrol pumps. ISLAMABAD: Minister of State for Petroleum Musadik Malik has made increasing margin of petroleum dealers subject to several conditions for their acceptance … Read more
At least 122 people are injured, including five in critical condition. Two storage units holding petroleum and fuel oil were destroyed by a lightning-sparked blaze at an oil facility. More than One hundred people were injured and one person was killed as a result of a lightning-sparked fire at a crude oil storage facility in … Read more
Ministry of Petroleum and gasoline retailers continue to disagree over dealers’ commission. If no resolution is reached by July 18, “Petrol pumps will be shut off across the nation,” says PPDA. Flags with the PPDA’s demands and a call for a strike were placed at the gas stations. ISLAMABAD: According to ARY News on Saturday, … Read more
ISLAMABAD: Prime Minister Shehbaz Sharif will receive a summary on Wednesday (today) on petroleum prices as the government aims to reduce the price of the commodity. Finance Minister Miftah Ismail said the summary to reduce petroleum prices will be sent to the prime minister for necessary action. He said the prices of petroleum will be … Read more
Drivers angry up with the high cost of gasoline staged a ‘go slow protest.’ The protest takes place to force the government to ‘sit up and take notice.’ For the first time ever, filling up a typical family car with gas or diesel costs more than £100. Drivers angry up with the high cost of … Read more
Oil prices fall ahead of the U.S. Federal Reserve meeting. The central bank is expected to raise rates by at least 75 basis points. OPEC sees demand growth slowing next year, as oil prices help drive up inflation and act as a drag on the global economy. Oil prices dropped on Wednesday on stresses over fuel … Read more
Shell has agreed to sell almost 400 of its gas outlets in Russia to Lukoil, the country’s second-largest oil company. Shell Neft, the company’s Russian business, will be sold for an unknown value. Following Russia’s invasion of Ukraine, several Western oil and gas companies have been trying to sell their Russian operations. The transaction, which … Read more
Soaring fuel prices in Morocco have re-ignited a debate over the tension between business and politics, with billionaire petrol entrepreneur Aziz Akhannouch, who is also the prime minister, at the centre. Last week, for the first time since the crisis in Ukraine caused a global spike in petroleum prices, Akhannouch had to explain to parliament … Read more
KARACHI: The Pakistan equity market remained volatile on Thursday due to further rupee depreciation and investors’ concerns over a hike in the Market Treasury Bill yields. An analyst at Arif Habib Limited said that despite opening in the green zone, the KSE-100 Index failed to sustain the positive momentum as profit taking was observed during … Read more
Oil prices fell at the start of trade on Sunday, after the United Arab Emirates and the Iran-aligned Houthi group welcomed a ‘truce’ that would halt military operations on the Saudi-Yemeni border, alleviating some concerns about potential supply issues. The early losses this week come after oil prices settled down around 13% last week – … Read more
KARACHI: The free fall in the rupee value against the dollar continued on Wednesday, as the local unit fell to the new historic low of Rs179.44 in interbank foreign exchange market. The rupee lost 22 paisas against the dollar to end at Rs179.44, compared with the previous day’s closing of Rs179.22 in the interbank market. … Read more
KARACHI: The rupee fell 47 paisas to record low at Rs178.98 to the dollar on Monday owing to higher import payments. The exchange rate ended at Rs178.98 to the dollar from last Friday’s closing of Rs178.51 in the interbank foreign exchange market. The dealers said that the political uncertainty and dollar demand for Ramzan related … Read more
KARACHI: The rupee is likely to remain unstable next week due to high volatile international oil prices and country’s external sector weaknesses. The rupee lost 39 paisas against the dollar during the week (February 28-March 4). The benchmark Brent crude topped $120/barrel during the ongoing week but retreated to $111/barrel on Friday. The reports of … Read more
KARACHI: The global economic outlook turned gloomy soon after Russian forces marched into Ukraine. The financial sanctions have rocked Russia’s economy and threaten to fuel further worldwide inflation. The prices of natural gas, oil, and other staples have jumped in the international markets. At the same time, it has rattled global supply chains that are … Read more
KARACHI: The Site Association of Industry has declared the recent increase in petroleum products prices disastrous for the economy while appealing to the Prime Minister to withdraw the recent increase, a statement said. SITE President Abdul Rashid, in an appeal to Prime Minister Imran Khan, Energy Minister Hammad Azhar and Commerce and Investment Adviser Abdul … Read more
KARACHI: The Pakistan stocks witnessed a dull session on Wednesday and closed lower on weak economic outlook, surging local petroleum products prices and widening trade deficit. “Surging local petroleum prices impacting industrial earnings, reports of falling cement sales amid the government cut in the development budgets and a raise in industrial power tariff played a … Read more
KARACHI: Pakistan’s economy is again at crossroads mainly due to its inconsistent economic policies and weak implementation of structural reforms. This is evident from the Budget FY22, by way of which the fiscal policy became expansionary and several key EFF commitments were reversed to spur growth; which also included low petroleum development levy (PDL) and … Read more
KARACHI: The Federal Board of Revenue (FBR) on Thursday announced a massive cut in the sales tax rates on all petroleum products to lower the consumer price at retail outlets. The FBR issued SRO 183 (I)/2022 to make changes in the sales tax rates on the supply of petroleum products. Previously, the FBR issued SRO … Read more
Mari Petroleum Company Limited (MARI) has announced its result for the second quarter of FY22, where the company posted the profit of Rs7.4 billion, translating into the earnings per share (EPS) of Rs56/share, up 1.9 per cent on a yearly basis. The result is below the market expectations, mainly due to the share of loss … Read more
BEIJING: China will raise the retail prices of gasoline and diesel from Sunday, the country’s top economic planner said on Saturday. Based on recent changes in international oil prices, the retail prices of gasoline and diesel will be increased by 310 yuan (about $48.6) and 300 yuan per tonne, respectively, according to the National Development … Read more
LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has urged the government to ensure adequate representation of the private sector in all important bodies, a statement said on Monday. “Only public-private partnership can make a breakthrough on the economic front. Therefore, the government should take the business community onboard on all economic matters and … Read more
KARACHI: Since the start of FY21, Pakistan’s economy has started recovering, but the boom in the international commodity prices after the opening up of global economies, amid ample liquidity, brought the country’s external account under pressure. “The economy is now on the path of stabilisation due to painful yet necessary policy measures undertaken by the … Read more
KARACHI: The board of directors of Cnergyico Pk Limited has approved to acquire a 57.37 per cent stake in the Puma Energy Pakistan Private Limited, a bourse filing said on Thursday. Having one of the largest refining capacities in the country, Cnergyico after this acquisition would have the second largest retail fuel network, based on … Read more
KARACHI: The total petroleum and lubricant sales clocked-in at 1.51million tonnes in December 2021, depicting a decline of 6 per cent on a year-on-year basis, a research report by Arif Habib Limited showed. The decline in sales volume is attributable to lower Furnace Oil (FO) requirement amid slowdown in FO based power generation, as the … Read more
LONDON: Oil prices rose on Friday and headed for their biggest weekly advance since late August, as the investors became less concerned over the potential effect of the Omicron Covid-19 variant on economic growth and demand for fuel. Brent crude rose one per cent to $75.16 a barrel at about 3:15pm Riyadh time, while WTI, … Read more
NEW YORK: Oil prices edged lower in choppy trade on Wednesday, taking a breather after gains earlier this week, as investors assessed the impact of the Omicron coronavirus variant on the global economy, Reuters reported. The market had a muted reaction to US weekly inventory figures, which showed a smaller-than-anticipated decline in crude stocks and another bump … Read more
RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as Opec+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported. The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus. A joint technical committee meeting … Read more
