Year: 2022

The Prime Minister’s Office (PMO) released a statement citing the Prime Minister’s rejection of a proposal to increase petroleum prices by up to 14 rupees per litre effective 1 February — a proposal submitted by the Oil and Gas Regulatory Authority (Ogra) based on a rise in the international prices of oil but with taxes remaining the same as in the previous fortnight. It is left to the government of the day to adjust taxes to maintain the prices or pass these onto the consumers partly or wholly or in…

The Oil Companies Advisory Council (OCAC), which comprises more than two dozen oil refineries and marketing firms said, “Based on the critical condition of the industry and increasing trend in POL prices, we urge you to ensure that no further petroleum differential claim (PDC) is imposed on the industry as it will have an unmanageable impact on the cash flows of the industry and may also lead to catastrophic disruption in the POL supply chain”. In the fortnightly oil price review scheduled on 31 January, Prime Minister Imran Khan had…

The West Texas Intermediate Crude Oil market has exploded to the upside during the trading week, as the $90 level has been overcome. We are a little overextended at this point in time, and I think that plenty of buyers will be willing to jump in and take advantage of any short-term pullback. The $85 level is going to be well defended, right along with the $90 level on shorter-term charts. Nonetheless, I think oil goes looking towards the $100 a barrel level, at the very least. At this point…

Under the now-resumed International Monetary Fund (IMF) programme, Pakistan has committed to draft Personal Income Tax (PIT) legislation till the end of the ongoing month (February 2022) for slapping approximately Rs160 billion tax on the salaried class by jacking up tax rates and reducing the number of slabs, The News reported. This PIT will be announced in the budget for 2022-23 and will become effective from July 1, 2022. According to a staff report released by the Fund on Friday, the government has committed with the IMF that parliamentary approval will be…