KARACHI: The oil sector has urged the Oil and Gas Regulatory Authority (Ogra) to revise the margins for oil marketing companies (OMCs) to alleviate growing financial pressures. In a letter to Ogra’s chairperson, the Oil Companies Advisory Council (OCAC) highlighted several issues, including smuggling, high financing costs, turnover tax, and insufficient margins, all of which are straining the industry. The…
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ISLAMABAD: In a sweeping crackdown on illegal petrol pumps, provincial governments have sealed 917 outlets operating without the mandatory K-Forms (explosive licenses). The operation primarily targeted petrol stations abandoned or surrendered by oil marketing companies (OMCs), along with numerous illegal “dabba” stations selling smuggled petroleum products. Authorities revealed that 1,310 illegal retail outlets selling smuggled petroleum products were identified, with…
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KARACHI: Pakistan’s five local refineries have linked the signing of Upgrade and Escrow Agreements with the Oil & Gas Regulatory Authority (Ogra) to the resolution of critical issues facing the sector. With the October 22 deadline approaching, the refineries have expressed concerns that unresolved matters are jeopardizing their operations and upgrade plans. In a letter to Ogra, the refineries highlighted…
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LONDON: Oil prices surged by about 4% on Tuesday following reports that Iran was preparing a missile attack on Israel, heightening concerns of broader conflict in the Middle East. Brent crude rose by $2.50, or 3.5%, to $74.20 a barrel, while US West Texas Intermediate (WTI) crude increased by $2.54, or 3.7%, to $70.71. The rise came as Israel launched…
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ISLAMABAD: Deputy Prime Minister Senator Ishaq Dar, leading the task force on gas-related issues, has directed authorities to initiate plans to reduce margins, taxes, duties, and port charges on imported LNG by 50%, aiming to make re-gasified LNG (RLNG) more affordable for consumers. Currently, the landed cost of LNG is $10 per mmBtu, but this rises to $14 per mmBtu…
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ISLAMABAD: The absence of Petroleum Minister Musadik Malik has delayed a crucial decision on allocating 35% of future gas discoveries to the private sector, hindering progress in the 20-member Task Force on Gas-Related Issues, led by Deputy Prime Minister Ishaq Dar. Sources revealed that Malik, despite assurances of joining Monday’s meeting via video link from Russia, missed his second consecutive…
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Islamabad, September 30, 2024: The Oil and Gas Regulatory Authority (OGRA) has notified the maximum Price of LPG, effective October 01 2024, as under; 2. The LPG price Notification for the month of October 2024 is readily available at OGRA website www.ogra.org.pk. 3. The LPG producer price is linked with Saudi Aramco-CP and US$ dollar exchange rate. As compared to…
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ISLAMABAD: The federal government is likely to maintain the current petrol price while reducing the ex-depot price of high-speed diesel (HSD) starting October 1, 2024. With no changes anticipated in the petroleum levy (PL) or general sales tax (GST), petrol prices are expected to stay at Rs 249.10 per litre. In contrast, HSD prices could decrease by Rs 2.11 per…
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ISLAMABAD: The Petroleum Division has retracted its proposal under the amended Exploration and Production (E&P) Policy 2012, which allowed exploration companies to allocate 35% of future gas discoveries to the private sector over seven years, concluding by 2030. Instead, new guidelines require E&P companies to first recover depleted gas before selling 35% of additional output to the private sector. A…
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ISLAMABAD, September 23, 2024: The Board of Directors of Oil & Gas Development Company Limited (OGDCL), in its meeting held on Monday, September 23, 2024, in Islamabad, announced the financial results for the fiscal year ended June 30, 2024.OGDCL achieved net sales revenue of Rs. 463.698 billion, with a profit after tax of Rs. 208.976 billion, translating to earnings per…
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