Category: Latest News

KARACHI: The Federal Investigation Agency (FIA) has registered a criminal case against several senior executives of Gas & Oil Pakistan Limited (GO Petroleum) and associated officials over their alleged involvement in a multi-billion rupee customs fraud involving the illegal removal and sale of imported petroleum products without payment of customs duties, taxes, petroleum levy, and other statutory charges. The case, registered by the FIA’s Corporate Crime Circle, names the Chief Executive Officer of GO Petroleum, the CEO of Terminal One Limited (TOL), the terminal manager, a signatory of GO Petroleum’s…

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KARACHI: Oil and Gas Development Company Limited (OGDCL) has begun crude oil production from its Bobi Deep-1 discovery well in Sindh, less than a month after announcing the successful discovery, underscoring the company’s commitment to the rapid development and monetization of indigenous hydrocarbon resources. In a notice submitted to the Pakistan Stock Exchange (PSX), OGDCL announced that it has successfully connected the Bobi Deep-1 well to the existing Bobi Processing Plant through a newly constructed 4-inch, 1.5-kilometre flowline, enabling the early commercial production of crude oil. Located within the Bobi…

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ISLAMABAD: Transparency International Pakistan (TIP) has urged Prime Minister Shehbaz Sharif to stop the proposed amendments to the Nepra Act, 1997, warning that the changes could undermine the independence of the National Electric Power Regulatory Authority (Nepra) and weaken federal cabinet oversight of key regulatory decisions. In a letter addressed to the Prime Minister’s Adviser, Dr. Tauqeer Shah, TIP said it had received a complaint regarding the Nepra Amendment Bill 2026, raising serious concerns over provisions that would transfer certain regulatory powers from the Federal Government to the Power Division…

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ISLAMABAD: The National Electric Power Regulatory Authority (Nepra) has approved a revised Market Operation Fee (MOF) of Rs10.5248 per kW per month for the Central Power Purchasing Agency-Guarantee (CPPA-G) for FY2025-26, significantly lower than the Rs14.67 per kW per month sought by the power market operator. The determination, issued on June 29, 2026, followed a detailed evaluation of CPPA-G’s tariff petition, which sought approval of its operational fee along with provisions for prior-year adjustments, miscellaneous legal expenses, and expenditure actualisation based on audited accounts. CPPA-G had projected a total net…

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ISLAMABAD: The federal government has formally established the Petroleum Prices Stabilisation Fund (PPSF), introducing a dedicated mechanism aimed at mitigating the impact of fluctuations in international oil prices and ensuring greater stability in domestic petroleum pricing. The fund has been created following the Federal Cabinet’s approval (Case No. 388/Rule19/2026/462) dated June 5, 2026, according to an official notification issued by the Finance Division on Monday. Under the notification, all receipts generated in the name of the PPSF will be credited to the Public Account of the Federation under a newly…

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