Tag: oil
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Petrol pumps going on nationwide strike from July 5
The Pakistan Petroleum Dealers Association has decided to close petrol pumps across the country starting from 6 am on Friday, July 5. The strike was announced after negotiations between the Association and the government fell apart. A delegation from the Pakistan Petroleum Dealers Association held meetings with the Finance Minister, Chairman of FBR, and Chairman…
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Oil jumps, equities fall as Israeli attacks fan MidEast fears
Hong Kong, China – Oil prices rallied and equities fell Friday as reports said explosions had been heard in Iran and Syria, fuelling fears of an escalation of the Middle East crisis after last weekend’s retaliatory missile attack on Israel by Tehran. The reports followed another batch of data indicating the US economy remained in rude…
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IMF wants Pakistan to increase petrol prices
The International Monetary Fund (IMF) conveyed to the Pakistani authorities that while the Petroleum Development Levy (PDL) has considerably increased in recent years, the taxation of petroleum products has declined since 2019. “The relatively low rate of taxation of petrol is also reflected in the sale price relative to other countries.” The IMF emphasized that…
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Saudi Arabia will not use oil as a weapon to achieve ceasefire in Gaza
Right before the October 7 attacks by Hamas on Israel followed by Israel’s declaration of war against the Palestinians resulting in a death toll of 10,5000+, Saudi Arabia and Israel were steering towards the establishment of ties despite their conflict of views over the Palestine issue. Saudi Crown Prince Mohammad bin Salman (MbS) reportedly asked…
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Pakistan and Russia aim to strengthen bilateral relations in trade, investment, and energy sectors
In an effort to strengthen bilateral relations between Pakistan and Russia, Chairman Senate Muhammad Sadiq Sanjrani engaged in productive talks with Chairman of the Russian Duma, Mr Volodin, during a delegation-level meeting held in Moscow on Wednesday.
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Video of man adding more oil to salan has Twitter in tears
Chahe kuch bhi ho, tufan ajaye, bijli kat jaye, mulk mein nokri na mile, leiken Lahoriyon ki khaanay kay saath love story kabhi khatam nahi honi. A video of a man in a restaurant adding a bucket of ghee that could last a month for a family, into a cooking pot, is driving Twitter to…
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Pakistan will start importing crude oil from Russia in March
Pakistan and Russia have decided on the deadline for crude oil exports in late March after the conclusion of the annual inter-governmental commission between the two countries concluded. The Minister of State for Petroleum, Musadik Malik, said that Pakistan intends to import 35 per cent of its entire crude oil needs from Russia. He added…
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Russian delegation will visit Pakistan tomorrow to discuss long-term oil and gas deal
The much-touted $3 billion Pakistan Stream Gas Pipeline (PSGP) project, as well as a long-term trade agreement for oil and liquefied natural gas (LNG), will be the topics of bilateral negotiations between Pakistan and a Russian delegation that will arrive tomorrow. The team, which consists of 80 personnel, will land in Pakistan on Tuesday for…
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Weekly inflation jumps by over 29% due to rising food prices
The Sensitive Price Indicator (SPI) based inflation for the week ended December 29, recorded a decrease of 0.09 per cent due to decline in the prices of food and non-food items, says the Pakistan Bureau of Statistics (PBS).
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Russia agrees to provide petrol and diesel to Pakistan at discounted rates
State Minister for Petroleum Musadik Malik announced on Monday that Russia has agreed to supply Pakistan with cheap petrol, diesel, and crude oil. Malik said he wanted to congratulate the public for a fruitful trip to Russia, calling it “more successful than our expectations,” during a news conference in Islamabad. According to The News, the…