ISLAMABAD: The government on Friday allocated an amount of Rs 3,249.540 million in the Public Sector Development Programme (PSDP 2021-22) to execute seven ongoing and six new petroleum sector projects aimed at accelerating oil and gas exploration activities and achieving self-sufficiency in the energy sector. According to the PSDP document, funds amounting to Rs 1,473.683 […]
Petroleum
8.26% reduction in imports of petroleum group
ISLAMABAD: Imports of the petroleum group fell by 8.26% in the first ten months of this fiscal year relative to the same timeframe the previous year. According to the Pakistan Bureau of Statistics (PBS), petroleum group imports decreased from US $ 9,480,954 thousand in FY 2019-20 to US $ 8,697,822 thousand in the current financial […]
FBR issues notification for hike in prices of petroleum products
Federal Board of Revenue (FBR),on Sunday, announced an increase in prices of petroleum products. In a notification, the recent hike, which was taken into effect from May 5, was made public. This followed an increase in Goods and Services Tax (GST) from two per cent to 12 per cent on petrol, leading the new rate […]
Cabinet stays decision on POL price hike
The federal cabinet on Tuesday delayed the decision on a proposed summary for increasing the prices of petroleum products. Addressing a press conference along with Minister of Water Resources Faisal Vawda, Special Assistant to Prime Minister on Information and Broadcasting Firdous Ashiq Awan said the prime minister had directed to send the recommendation from the […]
Byco Petroleum earns gross profit of Rs 3 Billion
Byco Petroleum Pakistan Ltd. (BPPL), Pakistan’s leading oil company its nine months financial results for the period ending on 31 March 2019. The company’s gross sales increased by 32% from the corresponding period of the prior year to Rs182.9 billion. Net sales increased by 35% to Rs 145.2 billion. The oil refining sector in Pakistan […]
Oil discovered in Punjab by Mari Petroleum
A company managed by the Fauji Foundation Group, Mari Petroleum Company Limited (MPCL) claims to have discovered oil in Punjab. This is not the first time such a discovery has been made by the company. Dharian-l ST-3, drilled in the Ghauri area, near Gujjar Khan in Rawalpindi District is where oil has been reportedly found. […]
Oil discovered in Punjab by Mari Petroleum
A company managed by the Fauji Foundation Group, Mari Petroleum Company Limited (MPCL) claims to have discovered oil in Punjab. This is not the first time such a discovery has been made by the company. Dharian-l ST-3, drilled in the Ghauri area, near Gujjar Khan in Rawalpindi District is where oil has been reportedly found. […]
Oil hits 2019 high on OPEC cuts, concerns over demand ease
Oil hit a 2019 high above $69 a barrel on Tuesday on the prospect that more sanctions against Iran and further Venezuelan disruptions could deepen an OPEC-led supply cut, and as the market became less worried that demand may slow. The United States is considering more sanctions against Iran, whose oil exports have been halved […]
Govt to announce another hike in petroleum prices to close revenue gaps
ISLAMABAD: The government is considering a major increase in the prices of all petroleum products for the month of April as currency devalues and international crude oil prices go slightly up. According to the sources, on Friday, the Oil and Gas Regulatory Authority (OGRA) moved a summary to the government containing calculations on petroleum prices […]
ECC reviews proposals related to petroleum, revenue & power
The meeting of Economic Coordination Committee (ECC) of the Cabinet the other day on Wednesday reviewed proposals related to petroleum, maritime affairs, revenue and power divisions, on Wednesday. Finance Minister Asad Umar chaired meeting of the Economic Coordination Committee of the Cabinet (ECC). On a summary of the Petroleum Division, the ECC approved gas supply […]