Tag: oil
-
Pakistani delegation leaves for Russia to hold discussions on cheaper oil
Minister of State for Petroleum Dr Musadik Malik and the petroleum secretary have flown to Russia to hold talks over oil and gas, a source with knowledge of the situation said on Monday on the condition of anonymity. The trip comes as the country struggles to meet domestic gas supply demands as winter approaches while…
-
Saudi Arabia to set up $12 billion refinery, petrochemical complex in Pakistan
The government has convinced Saudi Arabia to resume a significant project to build a cutting-edge deep conversion refinery and petrochemical complex in Pakistan. A high-ranking team from the kingdom led by Crown Prince Mohammad Bin Salman will visit Pakistan in the final week of November, when a formal announcement is anticipated in this regard, according…
-
Pakistani rupee finally snaps 13-day winning streak versus US dollar
The Pakistani rupee (PKR) on Wednesday finally stopped rising against the US dollar after 13 sessions as it dropped by 0.04 per cent in the inter-bank market. It dropped nine paisas in today’s interbank market to settle at Rs217.88, depreciating by 0.04 per cent against the USD. During today’s open market session, the local currency…
-
Reduction in POL prices without IMF approval is a ‘reckless’ decision, says Miftah Ismail
Pakistan’s former finance minister Miftah Ismail has called the coalition government’s decision to maintain the petroleum development levy (PDL) this month unchanged “reckless”. However, he maintained that what the earlier PTI administration did to the nation was “unforgivable.” Shaukat Tarin, the leader of the PTI and a former finance minister, had tweeted about the PMLN’s…
-
Petrol, diesel prices likely to go down as International oil prices fall
Due to a dramatic drop in oil rates on global markets, POL prices are expected to fall by Rs15 from October 1st. According to experts, the price of diesel could drop by Rs15 and the price of petrol could drop by Rs5 for the next two weeks, reports Geo. They stated that the new price…
-
Govt increases petrol price instead of decreasing, new rate stands at Rs237.43 per litre
The government officially announced the amended prices for petroleum products on Wednesday after a delay of almost a week, notifying consumers of an increase of Rs1.45 in the price of petrol. According to the notification, the price of gasoline has gone up from Rs235.98 to Rs237.43, while the price of high-speed diesel (HSD) has remained…
-
Shell Pakistan posts after-tax profit of Rs7.4 billion in first half of 2022
The results for the first half of the year are announced by Shell Pakistan Limited’s (SPL) Board of Directors. In comparison to the profit of Rs2,153 million recorded during the same period last year, the company reported an after-tax profit of Rs7,469 million in 2022. The significant rebound is a result of increased company performance…
-
Edible oil and ghee prices may decrease soon: Miftah Ismail
The price of edible oil and ghee has decreased, according to Finance Minister Miftah Ismail, who expressed hope that the reduced costs will result in a reduction of Rs100 to Rs150 in the price of edible oil in the local market. The finance minister expressed optimism about lower petroleum product prices in the near future…
-
Pakistan aims to enhance Saudi oil facility to $3.6 billion
A spokesperson for the Petroleum Division said that Pakistan is in talks with Saudi Arabia to increase the size of an oil facility on deferred payments from its current $1.2 billion to $3.6 billion. According to The News, when former Prime Minister Imran Khan visited Riyadh in October of last year, Saudi Arabia made a…
-
Imposing super tax on the rich will reduce budget deficit: Miftah
The government’s recently announced indirect tax (super tax) is intended to assist the country in increasing tax revenue and lowering the budget deficit, according to Finance Minister Miftah Ismail. He was relating to the large industries’ 10 per cent super tax or poverty alleviation tax. 13 industries, including LNG terminals, sugar, cement, steel, textile, tobacco,…