Category: Highlights

Shell Pakistan launches Pakistan’s first-ever recycled plastic retail site in Karachi

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shell

Pakistan Karachi, 03 July, 2024: Shell Pakistan Limited (SPL) launches Pakistan’s first-ever recycled plastic retail site, Malik Service Station at Shahrah-e-Faisal, Karachi. This initiative aligns with SPL’s commitment towards sustainability; and promotes circular economy and environmentally friendly practices. The organization collaborated with Dabeer Hemani and Syed Ali Naqi, cofounders of Concept Loop, and Shell Tameer alumnus to bring this vision to life. The construction of the retail site utilized approximately 6,500 kilograms, or roughly 1.3 million pieces, of end-of-life plastic waste, in plastic infused pavers and concrete blocks using multi…

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PM Shehbaz Directs Comprehensive Plan for Minority Stakes Sale in Oil and Gas Sector

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Shahbaz-Sharif

ISLAMABAD: Prime Minister Shehbaz Sharif has directed the Petroleum Division and Finance Division to prepare a comprehensive plan to sell minority stakes, including management control, in state-owned enterprises (SoEs) within the oil and gas sector to a Gulf Cooperation Council (GCC)-based strategic investor, according to sources close to the Petroleum Minister. In a meeting on June 25, the prime minister also instructed the Petroleum Division to present the strategy at the relevant forum for deliberations. The sectoral strategy, as outlined by the Petroleum Minister and Secretary Petroleum, will be transformed…

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Petroleum Demand Plummets to 18-Year Low Amid Economic Slowdown

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Petroleum-Demand

KARACHI: Petroleum demand in Pakistan has hit an 18-year low, with consumption falling to 15.3 million tonnes in the fiscal year 2023-24, which ended on June 30. Despite this decline, the government has collected an estimated Rs1 trillion in petroleum development levy (PDL) over the year. The drop in demand is attributed to the PDL of Rs60 per litre on petrol and diesel, combined with the full pass-through of global energy price hikes to local consumers. Additionally, the economic slowdown, sluggish industrial output, high inflation, and elevated interest rates have…

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Petroleum Dealers Announce Nationwide Strike Over Controversial Tax

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Strike-Petroleum

ISLAMABAD: The Pakistan Petroleum Dealers Association (PPDA) has announced a countrywide strike on July 5 to protest the 0.5% advance turnover tax introduced in the latest budget. Despite the government’s acknowledgment of the error and assurance of the tax’s withdrawal, the PPDA remains steadfast in its protest plans. In response, the government has instructed oil marketing companies (OMCs) to maintain adequate petroleum product stocks at company-operated stations to avoid supply disruptions and public inconvenience. Two PPDA delegations, led by Abdul Sami Khan from Karachi and Hassan Shah from Lahore, met…

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