Category: Recent Post

The Oil Marketing Companies (OMCs) have decried their ‘unending audits’ ordered by the government as anti-investment and demanded improved security and better vigilance to check the menace of oil smuggling reportedly causing over Rs250 billion per annum revenue loss. Reacting to a letter from the Ministry of Energy Petroleum Division to 25 OMCs, including refineries, for audit of their 2020-21 accounts, the Oil Marketing Association of Pakistan (OMAP) said the unending audits were sending the wrong signals to potential investors and had already harmed Pakistan’s image. “This must stop forthwith,”…

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The Economic Coordination Committee of the cabinet on Thursday allowed about 13 paisa per litre increase in port charges for oil products at Fauji Oil Terminal Company (Fotco) and approved an import tender for procurement of 120,000 tonnes of wheat, having a landed cost of about Rs2,470 per 40kg. A meeting of ECC, presided over by Minister for Finance and Revenue Shaukat Tarin, exempted import of auto disposable syringes and raw material for their local manufacturing from taxes and duties. The committee also extended exemption to 19 subsidiary entities —…

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The Sindh government on Wednesday unveiled its plan to collect two taxes on behalf of the Karachi Metropolitan Corporation (KMC) — fire tax and conservancy tax — from the citizens of Karachi through the monthly K-Electric bill. The proposal was discussed in a meeting comprising officials of the power utility and municipal departments, chaired by Sindh Chief Minister Syed Murad Ali Shah. According to a statement from the CM House, the meeting was convened to discuss the tax collection of the KMC and district municipal corporations through KE monthly bills.…

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Pakistan Petroleum Limited disclosed that it has made a hydrocarbon discovery from exploratory well, Jugan-1, in the Latif Block (the “Block”) in Sindh, in a notice sent to the Pakistan Stock Exchange (PSX) on Thursday. PPL holds a 33.30% working interest; Eni Pakistan Limited holds 33.30% and United Energy Pakistan Limited (UEPL), formerly known as BP Pakistan, which is an operator of the block, holds the remaining 33.40% working interest in the block. “The well was drilled and tested using the operator’s internal expertise and in consultation with the block’s…

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In a second attempt, the government has managed to finalise the appointment of Lahore Electric Supply Company (Lesco) chief executive officer. Lesco is a power distribution company under the administrative control of Power Division. It is one of the 10 power distribution companies under the administrative control of the Ministry of Energy (Power Division). It is a public sector company as defined under Section 2(1)(54) of the Companies Act 2017 (the Act) and Rule 2(1)(9) of the Public Sector Companies (Corporate Governance) Rules 2013 (the CGR). The matter of appointment…

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