Category: Shortcode

LONDON: The Organization of the Petroleum Exporting Countries (OPEC) has revised its global oil demand growth forecast downward for 2025 and 2026, marking the first cut since December. The adjustment reflects weaker-than-expected data from the first quarter and trade tensions driven by new US tariffs. In its monthly report released Monday, OPEC projected global oil demand to rise by 1.30 million barrels per day (bpd) in 2025 and 1.28 million bpd in 2026—both forecasts lowered by 150,000 bpd compared to last month. The report cited uncertainty from US President Donald…

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ISLAMABAD: As petroleum prices continue to decline, the government is considering measures to support struggling oil refineries, which have reported losses of Rs13 billion during the first nine months of the current fiscal year due to sales tax exemptions, shrinking margins, and inventory losses. According to senior officials at the Petroleum Division, two key proposals are under review: increasing the Inland Freight Equalisation Margin (IFEM) by Rs4.60 per litre on petrol and diesel, or imposing a 3–5% sales tax on petroleum products. The former option would redirect a portion of…

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ISLAMABAD: Consumers can expect significant relief in fuel prices from April 16, as petroleum product rates are projected to decrease for the upcoming fortnight. The anticipated cut is attributed to a nearly seven percent drop in global oil prices, influenced by newly imposed tariffs under the Trump administration. According to preliminary calculations, the price of petrol is expected to decline by Rs8.27 per litre, bringing it down to Rs246.36 from the current Rs254.63. Similarly, high-speed diesel (HSD) may see a reduction of Rs6.96 per litre, falling to Rs251.68 from Rs258.64.…

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