Local refineries in Pakistan are poised to kickstart $5-6 billion investments over the next six years for their upgradation projects, with a key condition: putting an end to the influx of smuggled petroleum products from Iran. This condition is crucial to ensure the viability of the refineries’ expansion plans and the production of Euro-V diesel and petrol. The Oil Companies…
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KARACHI: The first half of FY24 ended on a dismal note for the petroleum sector due to a 15 per cent drop in sales of petroleum products to 7.686 million tonnes from nine million tonnes in the same period last fiscal year. Petrol sales posted a drop of 7pc to 3.57m tonnes during the July-December period from 3.83m tonnes in…
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ISLAMABAD: The interim government may sustain the prices of petroleum products in the first half of January 2024 following a marginal increase in the prices of Brent globally. According to the estimates of Oil Marketing Companies (OMCs), the prices of petrol and kerosene oil (SKO) would go down by Re1 per litre, whereas, the prices of high-speed diesel (HSD) and…
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Financing will go to oil refinery to be set up by Aramco either in Hub or Gwadar KARACHI, PAKISTAN: Caretaker Federal Minister for Energy, Power and Petroleum Mohammad Ali has said that Pakistan is actively engaged with Saudi Arabia for potential investment of around $10 billion in the oil refining sector, believing their efforts will bear fruit in a couple…
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Record high prices drive down oil demand to 1.06m tons in Sept KARACHI: The demand for petroleum products in Pakistan hit a 44-month low at 1.06 million tons in September 2023, primarily due to a surge in prices in line with global uptrend. Topline Research analyst Myesha Sohail, in a commentary, said sales of petroleum products declined to the lowest…
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Govt is charging Rs50 per litre petroleum levy on diesel, Rs60 on petrol ISLAMABAD: The government has further increased the margin of oil companies and dealers on petrol and diesel, as a result of which complete relief on petroleum products could not reach the people. In the caretaker government’s first step of providing relief to the inflation-hit people, the prices…
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ISLAMABAD: The prices of high-speed diesel (HSD) and petrol are estimated to be reduced by about Rs5-19 per litre for the Oct 1-15 period, in what could be the first decrease in two months, mainly because of the rupee’s appreciation. The prices of the two essential fuels were last cut in mid-July when petrol was reduced by Rs9 per litre to Rs253…
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The Petroleum Division told the Public Accounts Committee that the circular debt of the petroleum sector has increased by more than Rs500 billion during one year from Rs1,200 billion to Rs1,700 billion.
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Pakistan’s overall oil sales plunged 47 per cent year-over-year to 1.171 million tonnes in April, while the total sales shrank by 24pc to 13.970m tonnes in the July-April period of FY23.
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Pakistan is set to adjust its petroleum prices on April 30, 2023, taking into account the current exchange rate fluctuations and prevailing oil prices in international markets. The country revises its petroleum prices every two weeks, with the next revision for the first half of May 2023 scheduled at the end of this month.
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