Category: Recent Post

PM Says ‘No’ To More Fuel Price Hike

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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 Rs5.72 from the next month. It was stated that Ogra had proposed the increase in view of the rising oil prices in the global market. However, PM Imran rejected the…

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Waqar Siddiqui to lead Shell business in Pakistan

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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 organisational changes, strategy development, mergers/acquisitions and achieving consistent performance delivery. His last role before returning to Pakistan was managing director of Shell Downstream Retail in PT Shell Indonesia. Waqar has…

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OGDCL Posts Rs 33.630 Bln Profit In Q1 FY 2021-22

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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 a news release. The company’s board of Directors (BoD) announced first interim cash dividend to shareholders at the rate of Rs 1. 75 per share. The dividend would be paid…

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Consumers face petrol shortage at pumps before next week’s strike

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Petrol-pump

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 Abdul Sami Khan held a press conference in Islamabad to demand the increase. He said the pump owners’ expenditure, including salaries of the staff, had tripled due to inflation but…

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Petroleum Prices Likely to Rise by up to Rs8

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Petrol-Price

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 mid-November to have controlled increase in prices as exchange rate had started coming down. On the basis of existing tax rates, import parity price and exchange rate, the Oil &…

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