Month: June 2024

Govt increases petrol price by Rs7.45, takes it to Rs265.61 per litre

Admin
Petrol-price

The federal government on Sunday increased the price of petrol by Rs7.45, taking the rate to Rs265.61 per litre. The price of high-speed diesel (HSD) has been raised by Rs9.56 per litre to Rs277.45. The new prices take effect from July 1, 2024. In the previous review, the government had decreased the petrol price by R10.2 per litre and the diesel price by Rs2.33 per litre. Earlier, Business Recorder had reported that a rise of Rs 7.54 per litre for petrol and Rs 9.84 per litre for HSD was likely for the next two weeks. These…

Read More

Faheem Haider Reappointed as Managing Director/CEO of Mari Petroleum Company Limited

Admin
New-mari

Mari Petroleum Company Limited (MPCL) has announced the reappointment of Faheem Haider as Managing Director/CEO for another three-year term, starting August 12, 2024. This decision, confirmed by a notice to the Pakistan Stock Exchange, reflects the Board’s strong confidence in Haider’s leadership. With a wealth of experience in the global oil and gas sectors, Haider has been instrumental in guiding MPCL towards significant growth and strategic excellence. His reappointment is expected to further bolster the company’s position in the industry, driving continued success and innovation. Haider’s leadership has been pivotal…

Read More

PM, OMAP Official Discuss Key Issues Facing Oil Marketing Companies

Admin
petroleum-imports

LAHORE: The senior vice chairman of the Oil Marketing Association of Pakistan (OMAP) met with the Prime Minister to address critical challenges facing oil marketing companies. Key issues highlighted included foreign exchange losses on imports and the rampant smuggling of petroleum products. In an interview with Business Recorder, Tariq emphasized the major concerns discussed, such as the need for sales tax exemptions on petroleum products, relaxation of business restrictions, reduction of high operational costs, and the burden of unsustainable turnover taxes and increased petroleum levies. OMAP urged the Prime Minister…

Read More

Government Amends Petroleum Levy Increase to Rs70 per Litre

Admin
Petrol-price

ISLAMABAD: The federal government has amended the Finance Bill to raise the petroleum levy (PL) to Rs70 per litre on petrol, high-speed diesel (HSD), and high octane blending component (HOBC), from the previous maximum limit of Rs60 per litre. This increase aims to generate Rs1,281 billion for the fiscal year 2024-25, Rs201 billion more than the projection made by the International Monetary Fund (IMF) in its second and final review under the Stand-By Arrangement (SBA) in May 2024. Additionally, the government has set the PL rate for other petroleum products,…

Read More

National Assembly Approves Budget Ahead of Fresh IMF Loan

Admin
New-IMF

ISLAMABAD: Amid strong protests by opposition MPs, the government passed the Federal Budget 2024-25 in the National Assembly on Friday. The approval, which came ahead of crucial talks with the International Monetary Fund (IMF), includes several amendments but also increases taxes, offering no relief to taxpayers. The Finance Bill 2024, with a total outlay of Rs18.877 trillion, sailed through the lower house after a clause-by-clause reading. Specific amendments moved by Finance Minister Muhammad Aurangzeb Khan were incorporated, while all amendments from opposition members were rejected. Key amendments include: Tax Rates…

Read More