KARACHI: Mari Petroleum Company Limited (MARI) has successfully drilled and tested the fourth appraisal well in the Mari Ghazij Formation, located in the Mari Development and Production Lease (D&PL) in Sindh, as stated in a notice to the Pakistan Stock Exchange (PSX) on Monday. The notice read, “MARI has successfully drilled and tested the fourth appraisal well in the Ghazij…
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KARACHI: The government is exploring the possibility of blending ethanol into petrol, with the prime minister forming a committee to investigate this prospect. The committee, led by the minister of petroleum, includes the minister of finance, minister of state for finance, and the secretary of the Petroleum Division. This committee will develop a policy for ethanol-blended petrol, acting under specific…
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KARACHI: The business community has expressed its disappointment over the recent hike in petroleum and diesel prices by Rs7.45 and Rs9.56, respectively, according to a statement issued on Monday. Businesses fear this increase will not only raise the cost of doing business but also exacerbate the hardships faced by ordinary people. Iftikhar Ahmed Sheikh, President of the Karachi Chamber of…
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KARACHI: The sale of petroleum products in Pakistan hit an 18-year low in the financial year ending June 30, 2024, according to official data. Petroleum product sales declined by 8.0% year-on-year (YoY) to 15.28 million tonnes during FY24, attributed to the economic slowdown and the smuggling of petroleum products, impacting legal sector sales. Oil sales data showed that in June…
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ISLAMABAD: The government is imposing power load-shedding of 6-12 hours across Pakistan in the intense heat, attributing it to massive revenue losses as per an agreement with the IMF, though this action violates NEPRA’s regulations and fundamental rights. On Monday, a shortfall of 4,500 MW was recorded, with power supply at approximately 22,450 MW against a demand of 27,000 MW.…
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OGRA Notifies New Tariff of Rs3,000 per MMBTU, Up from Rs2,750 ISLAMABAD: Gas consumers across Pakistan will not receive any tariff relief in the new fiscal year as the Pakistan Muslim League-Nawaz (PML-N) government declined to implement a cut proposed by the Oil and Gas Regulatory Authority (OGRA). Instead, OGRA announced an increase in liquefied petroleum gas (LPG) prices from…
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Islamabad, July 01, 2024: The Oil and Gas Regulatory Authority (OGRA) has notified the maximum Price of LPG, effective July 01 2024, as under; 2. The LPG price Notification for the month of July 2024 is readily available at OGRA website www.ogra.org.pk. 3. The LPG producer price is linked with Saudi Aramco-CP and US$ dollar exchange rate. As compared to…
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ISLAMABAD, July 01, 2024: Oil and Gas Development Company Limited (OGDCL) on Monday announced the successful revitalization of the Nashpa-4 well, situated within the Nashpa Development and Production Lease (D&PL) in Karak, Khyber Pakhtunkhwa province.OGDCL thoroughly re-evaluated the well for the potential of the upper zone of the Lockhart formation and achieved a significant increase in the well’s production capacity.…
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KARACHI: The Pakistan Petroleum Dealers Association (PPDA) has announced a nationwide strike on July 5 in protest against the government’s imposition of a 0.5% advance turnover tax, ARY News reported. PPDA Chairman Abdul Sami Khan stated that while talks with the government are scheduled for Monday in Islamabad, failure to reach an agreement will result in the closure of petrol…
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ISLAMABAD: Peshawar Electric Supply Company (PESCO) has alerted the federal government about the ongoing issue of unregistered FIRs against Members of National Assembly (MNAs) and Members of Provincial Assembly (MPAs) involved in the illegal energization of feeders, informed sources told Business Recorder. PESCO cautioned that the simultaneous activation of all high-loss heavy-load feeders on the same power transformers is technically…
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