Prime Minister Imran Khan on Saturday turned down a proposal of the Oil and Gas Regulatory Authority (Ogra) for increasing fuel prices from November 1. In a summary sent to the prime minister, Ogra had proposed to increase the price of petrol by Rs11.53 per litre, high-speed diesel (HSD) by Rs8.49, kerosene oil by Rs6.29 and light-diesel oil (LDO) by…
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Waqar Siddiqui has been appointed as the chief executive and managing director of Shell Pakistan Limited (SPL) with effect from November 1, 2021, a statement said. Waqar joined Shell Pakistan in 2001 and has since held several roles locally and internationally at senior leadership positions. In his 24 years of oil downstream experience, he has successfully guided Shell companies through…
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Oil and Gas Development Company Limited (OGDCL) on Friday announced the financial results for the first quarter of the current fiscal year ended on September 30, posting a profit of Rs 33.630 billion. “Net sales revenue clocked at Rs 71.530 billion translating to profit after tax of Rs 33.630 billion and earnings of Rs7.82 per share,” the OGDCL said in…
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Consumers in Karachi, Islamabad and other cities have faced a shortage of petrol at some fuel stations, just two days after petroleum dealers announced that they would observe a nationwide strike the next week.All Pakistan Petroleum Dealers Association or APPDA, a body representing pump owners, is demanding a hike in dealers’ margin on the sale of petrol.On Tuesday, APPDA Chairman…
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The government may increase petroleum prices by up to Rs8 per litre for the next 15 days if it decides not to increase existing tax rates. Informed sources said the government was still undecided if it should start jacking up petroleum levy with effect from November 1 or 16. Overwhelming consideration is that increase in levy should take place by…
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Having soared to an all time high as recently as one week ago, Chinese coal futures have lost nearly half of their value in the past seven days in a sequence of limit down days as Beijing unleashed its latest crackdown on a commodity it felt was mispriced despite urging energy firms to “secure supplies at any price” less than…
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Sindh chief Minister Syed Murad Ali Shah has said that Manora Waterfront Beach is one of the beautiful recreational places his government has developed to provide a safe, secure, neat and clean family recreational place for the people of this city.“We are planning to develop a Jetty at Seaview to start ferry service from the Clifton area to Manora beach.” This…
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The powers of Chairman, National Electric Power Regulatory Authority (Nepra), Tauseef H Farooqi have been restored in just four days after two members of the authority bowed down before “external” pressure, well-informed sources told Business Recorder. According to a new notification issued on Friday, “with immediate effect, the majority members of the Authority have recalled the notification No. MON-01/2021/4141 of…
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The Ministry of Finance on Thursday conceded that Pakistan’s inflation rate was mainly driven by monetary and supply-side factors such as domestic and international commodity prices, depreciating rupee-dollar exchange rate, seasonal factors and economic agents expectations. The Ministry of Finance stated that the recent surge in international oil prices, exchange rate depreciation and adjustments in administered prices are fueling price…
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Qasim Terminal Holding, a subsidiary of Qatar Energy, plans to acquire a stake in Energas Terminal Pvt, Bloomberg reported on Thursday. Energas’ terminal will be the country’s largest LNG terminal with a capacity to import one billion cubic feet of gas/year. Pakistan currently operates two LNG terminals, while Energas and Japan’s Mitsubishi Corp. are vying to build two more projects. Engro set…
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