Federal Minister for Petroleum Ali Pervaiz Malik on Monday reiterated the government’s commitment to supporting the growth of Pakistan’s refining industry while ensuring affordable and reliable energy for consumers. He expressed these views during a meeting with a high-level delegation of Chief Executive Officers (CEOs) representing Pakistan’s leading oil refineries. The minister appreciated the industry’s […]
Petroleum
CM Buzdar directs price control committee to take effective measures
Lahore: Usman Buzdar, Chief Minister of Punjab has ordered the provincial price control committee to ensure successful implementation of the steps to provide relief to the people. According to an official statement, Usman Buzdar directed the administration to ensure the quality of goods as well as strict monitoring of prices of essential items in markets. […]
Mian Anjum Nisar calls for uninterrupted gas supply to industrial sector
While condemning the jump in rates of petroleum products, the Federation of Pakistan Chambers of Commerce and Industry’s Businessmen Panel Chairman Mian Anjum Nisar has called for reducing tax ratio on oil products to support the trade and industry, as the government has been charging very high petroleum levy and sales tax on petroleum products. […]
Rising prices of petroleum challenged in LHC
LAHORE: The Lahore High Court (LHC) heard a case regarding the recent increase in petroleum prices on Saturday. In the pending case involving fuel prices, lawyer Azhar Siddique filed a miscellaneous application. He said that the hiking prices of petroleum would lead to a further rise in inflation, while pleading to the court to declare […]
New oil refining policy to be submitted before Federal Cabinet soon: Senate body
The Senate’s Standing Committee on Petroleum was told on Wednesday that the new oil refining policy, which mainly focused on attracting maximum investment in this sector, would soon be presented before the Federal Cabinet for its approval. The policy would allure huge investment in the oil refining sector by offering tax rebate to the local […]
Rs 3,249.540 million allocated for 13 petroleum projects in PSDP 2021-22
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 […]
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 […]