Aftab Ahmed The state-run oil marketing company Pakistan State Oil (PSO) stands at the top among other oil marketing companies (OMCs) with the highest inventory of petrol and high-speed diesel (HSD) to make gains in July following a hefty hike in prices of petroleum products. The PSO was holding an oil stock of 42097 metric…
Aftab Ahmed Islamabad: Oil and Gas Regulatory Authority (Ogra) imposed a fine of Rs 5 million each on three OMCs for being responsible in petrol crisis in the current month of June 2020, said a spokesman of the OGRA. Three OMCs fined include BYCO, ASKAR and BE Energy were fined Rs five million each, said…
Muhammad Afzaal Islamabad: The government of PTI has increased taxes on petrol to 80 per cent in a bid to collect more revenue from the consumers. During time of PML-N, total taxes on petrol stood at Rs 21.44 per litre which accounted for 33.36 per cent. At present, government is charging Rs 30 per litre…
Aftab Ahmed Islamabad: The government’s move of overnight hefty increase in prices of petrol is going to benefit those oil marketing companies (OMCs) involved in hoarding stocks and fined by the regulator. These companies include Total Parco, Attock Petroleum, Hascol and Shell. The regulator oil and gas regulatory authority (Ogra) has already imposed a fine…
Aftab Ahmed Chief Executive Officer (CEO) Hascol Petroleum Limited (HPL) gets bail from court and two officials of the company flee to escape from detention in oil hoarding and black marketing case. Sources told Newztodays.com that FIR was registered against CEO Hascol Petroleum Limited on the recommendation of the committee formed to probe into oil…
Aftab Ahmed Islamabad: With claims of Rs 47 billion losses, refineries want the government to revise downstream petroleum policy, bailout package, and fortnightly pricing to avoid the severity of shortages of petroleum products in the future. The total inventory losses of the refining sector in Pakistan due to COVID 19 in March & April 2020…
Aftab Ahmed Islamabad: The Oil and Gas Regulatory Authority (OGRA) on Thursday imposed a Rs 40 million fine on leading oil marketing companies including foreign firm Shell for hoarding petroleum products that led to the petrol crisis across the country. In addition to fines, a case has been registered against three Oil Marketing Companies including…
Aftab Ahmed The Federal Cabinet has approved the appointment of Masood Nabi as Managing Director (MD) Government Holdings (Private) Ltd–GHPL Pakistan. Masood Nabi has vast experience in the E&P industry and government has appointed him now as MD GHPL Pakistan. Earlier, he has worked as Executive Director (ED) Oil and Gas Development Company Limited (Ogdcl)…
Aftab Ahmed As Cash-strapped Hascol Petroleum continues to face heavy losses, it lays off 400 employees across the country. There had been hopes that its financial health will improve after Vital Dubai had acquired shares. But the company continues bleeding. In a desperate move to improve financial health, Hascol Petroleum had raised Rs7.91 billion from…
Aftab Ahmed With claims of facing over Rs 25 billion inventory losses, oil refineries have requested the government to defer payment of petroleum development levy (PDL) for six months till November this year. Refineries claim that they have suffered huge Inventory losses during the last two months and these losses may increase further in the…