ISLAMABAD: The prices of petroleum products, including high-speed diesel (HSD), petrol, and kerosene, are expected to increase by up to Rs6 per litre starting Wednesday, owing to a surge in international oil prices. Sources indicate that petrol prices may rise by Rs5-6 per litre, while kerosene and diesel prices are likely to increase by Rs3 and Rs2 per litre, respectively.…
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Petroleum Division Holds Key Meeting on Sales Tax Exemption for Petroleum Products
KARACHI/ISLAMABAD: The Petroleum Division has convened an important meeting with oil sector stakeholders to discuss the challenges posed by sales tax exemptions on petroleum products. This meeting, taking place today (Tuesday), follows directives from the Special Investment Facilitation Council (SIFC) urging swift action on refinery upgradation agreements. Representatives from refineries, oil marketing companies, the Oil Companies Advisory Council (OCAC), and…
Read MorePakistan defers LNG contract with Qatar for a year, petroleum minister says
ISLAMABAD: Pakistan has deferred its liquefied natural gas (LNG) contract with Qatar for a year, Petroleum Minister Musadik Malik said on Wednesday, adding that the country will now get LNG cargoes from Qatar in 2026 instead of 2025. Annual power use in Pakistan, which gets over a third of its electricity from natural gas, has declined 8-10% year-on-year over the past…
Read MorePakistan has taken right measures for economic growth: Minister Petroleum
ISLAMABAD: Minister for Petroleum and Water Resources Musadik Masood Malik on Thursday said Pakistan was heading towards the right direction as it had successfully controlled inflation, achieved substantial growth in agriculture sector and witnessed an increase in foreign reserves.He was speaking at the concluding plenary of the four-day Sustainable Development Conference organised by the Sustainable Development Policy Institute (SDPI).Mr Malik…
Read MoreFPCCI Proposes Amendments in Petroleum Act 1934Atif Ikram Sheikh, President FPCCI
Karachi: Atif Ikram Sheikh, President FPCCI, has appreciated Senator Musadik Malik, Federal Petroleum Minister and the Director General of Explosives at Ministry of Petroleum for responding to the concerns of trade and industry vis-à-vis the definition, handling, storage and licensing requirements of liquid hydrocarbon, mixed hydrocarbons and any other material or mixture containing hydrocarbons. Atif Ikram Sheikh apprised that FPCCI…
Read MoreRefineries Seek End to Smuggled Petroleum Products to Secure $6 Billion Investment for Upgradation Projects
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…
Read MorePetroleum consumption falls 15pc
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…
Read MoreFirst half of Jan’24: POL products’ prices may be sustained
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…
Read More$10b Saudi investment to arrive soon
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…
Read MorePetroleum sales fall to 44-month low
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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