Category: Highlights

The crisis of non-availability of POL products has started emerging on the scene as the Pakistan Refinery Limited (PRL) with capacity to refine 55,000 barrels per day of crude oil has shut down its operations to produce the POL products in the wake of non-availability of storage capacity, brimming with FFO (Furnace Fuel Oil). The PRL, in its official statement, announced the temporary refinery shutdown due to its operational and ullage constraints. All the refineries, including PARCO, BYCO, NRL, ARL, PRL and OCAC (Oil Companies Advisory Council) have been sensitising…

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The respite in global crude oil price finally offered a breather to retail gasoline prices, without the government having to cut down on petroleum taxes. The reduction of Rs5/ltr (3 percent) for December’s last fortnight is the first in seven fortnights. A significant depreciation in rupee’s value against the greenback has taken some of the sheen away, as PKR depreciation alone has caused Rs4/ltr to Arab light refined petroleum price in a little over two months. Recall that the Petroleum Levy (PL) has been restored as a prior action for…

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The two state-owned companies, Sui Northern Gas Pipelines Limited (SNGPL) and Sui Southern Gas Company (SSGC) are currently in process of executing at least six strategic projects to supply gas to special economic zones (SEZs) and industrial parks in their respective areas to give a boost to industrial production. The SNGPL is constructing a 12-kilometre (KMs) pipeline to supply 30 Million Cubic Feet per Day (MMCFD) gas to Rashakai Special Economic Zone.  “The project is expected to be completed by the end of December, 2021,” according to an official document…

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From December 16, the government may lower the price of petrol by Rs11 a litre, according to reports. According to industry insiders, the price of diesel is projected to drop by Rs9 per litre, and the government will finalise petroleum product prices after either hiking or lowering tax rates. The revised prices of petroleum products will come into effect from December 16. On Nov 30, the government had announced to maintain the prices of petroleum products for the December 1-15 period in line with Prime Minister Imran Khan’s decision. Petrol…

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US natural gas futures rose almost 4% to a fresh one-week high on Monday on forecasts for colder weather and higher demand next week than previously expected and an 11% jump in European gas prices that should keep US liquefied natural gas (LNG) exports near record highs. Gas prices in Europe soared to their highest since hitting a record in early October on rising demand expectations and renewed concerns that Russia will hold back gas exports to Europe over delays to the startup of Gazprom PAO’s Nord Stream 2 gas…

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