Month: July 2024

Mari Petroleum Successfully Tests Fourth Appraisal Well in Sindh

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mari-petrolium

KARACHI: Mari Petroleum Company Limited (MARI) has successfully drilled and tested the fourth appraisal well in the Mari Ghazij Formation, located in the Mari Development and Production Lease (D&PL) in Sindh, as stated in a notice to the Pakistan Stock Exchange (PSX) on Monday. The notice read, “MARI has successfully drilled and tested the fourth appraisal well in the Ghazij formation (Ghazij discovery) in Mari D&PL.” This well is part of the appraisal program for the Ghazij discovery, which was initially disclosed on January 25, 2023. According to the notice,…

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Government Considers Ethanol-Blended Petrol

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petrol-price

KARACHI: The government is exploring the possibility of blending ethanol into petrol, with the prime minister forming a committee to investigate this prospect. The committee, led by the minister of petroleum, includes the minister of finance, minister of state for finance, and the secretary of the Petroleum Division. This committee will develop a policy for ethanol-blended petrol, acting under specific terms of reference (TORs). It will study international best practices and analyze previous attempts in Pakistan to blend ethanol into petrol. The committee aims to create a concrete plan and…

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KCCI Expresses Disappointment Over Petrol Price Hike

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KCCI-Import

KARACHI: The business community has expressed its disappointment over the recent hike in petroleum and diesel prices by Rs7.45 and Rs9.56, respectively, according to a statement issued on Monday. Businesses fear this increase will not only raise the cost of doing business but also exacerbate the hardships faced by ordinary people. Iftikhar Ahmed Sheikh, President of the Karachi Chamber of Commerce and Industry (KCCI), stated, “It seems that the government has decided not to share any burden or shoulder any responsibilities, instead shifting the entire load of the ill-performing economy…

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OMC Sales Plummet to 18-Year Low in FY24

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russia-oil

KARACHI: The sale of petroleum products in Pakistan hit an 18-year low in the financial year ending June 30, 2024, according to official data. Petroleum product sales declined by 8.0% year-on-year (YoY) to 15.28 million tonnes during FY24, attributed to the economic slowdown and the smuggling of petroleum products, impacting legal sector sales. Oil sales data showed that in June 2024, the OMC industry’s sales increased by 8.0% YoY and 4.0% month-on-month (MoM) to 1.45 million tonnes. However, total sales for FY24 settled at 16.61 million tonnes, marking an 8.0%…

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Load-Shedding of 6-12 Hours Due to ‘Big Losses’ Under IMF Dictation, Violates NEPRA Law

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power-subsidy

ISLAMABAD: The government is imposing power load-shedding of 6-12 hours across Pakistan in the intense heat, attributing it to massive revenue losses as per an agreement with the IMF, though this action violates NEPRA’s regulations and fundamental rights. On Monday, a shortfall of 4,500 MW was recorded, with power supply at approximately 22,450 MW against a demand of 27,000 MW. This shortfall is in addition to the revenue-based load shedding implemented in areas with over 10% losses. Regions most affected by load-shedding include KPK, interior Sindh, Balochistan, south Punjab, and…

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