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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Load-Shedding of 6-12 Hours Due to ‘Big Losses’ Under IMF Dictation, Violates NEPRA Law
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.…
Read MoreGovernment Denies Gas Consumers Tariff Relief
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…
Read MoreOIL AND GAS REGULATORY AUTHORITY
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…
Read MoreOGDCL Successfully Optimizes Production at Nashpa-4 Well in Karak, KP
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.…
Read MorePakistan Petroleum Dealers Announce Nationwide Strike Over Advance Tax
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…
Read MoreIllegal Energization of Feeders: PESCO Alerts Federal Government on Unregistered FIRs
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…
Read MoreGovernment Seeks World Bank Support for Private Sector Participation in DISCOs’ Privatization
ISLAMABAD: The government has approached the World Bank for Non-Lending Technical Assistance (NLTA) to facilitate private sector involvement in the privatization of power Distribution Companies (DISCOs), sources informed Business Recorder. In a letter to the World Bank’s Country Director, the Economic Affairs Division (EAD) stated that the Ministry of Energy (Power Division) seeks the World Bank’s support under NLTA for…
Read MoreSerious Design Flaws Identified in 969MW Neelum Jhelum Hydropower Project
ISLAMABAD: Significant design flaws have been identified in the 969MW Neelum Jhelum Hydropower Project in Azad Jammu and Kashmir (AJ&K). The Pakistani government has urged the Chinese company responsible for the project to rectify these issues promptly, sources informed Business Recorder. Built at a cost of over Rs 500 billion, the project has experienced numerous delays and periodic shutdowns, with…
Read MoreECC Approves Petroleum Division’s Natural Gas Sale Pricing Proposals
ISLAMABAD: The Economic Coordination Committee (ECC), led by Federal Minister for Finance & Revenue Senator Muhammad Aurangzeb, approved the natural gas sale pricing proposals presented by the Petroleum Division. The meeting, held at the Finance Division on Sunday, included key attendees such as Petroleum Minister Musadik Masood Malik, Power Minister Sardar Awais Ahmad Khan Leghari, Minister of State for Finance…
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