Ibn-e-Ameer Islamabad: Economic Coordination Committee (ECC) on Friday approved Rs 25 billion grant for Pakistan State Oil (PSO) to address its financial constraints in wake of higher oil prices in the global market. The management of Pakistan State Oil (PSO) has already broken all its previous records of circular debt which crossed the Rs 500…
The government said on Thursday that it would bear additional Rs 33 billion to keep oil prices unchanged for the next fortnight from April 2022. Amid political turmoil, Prime Minister Imran Khan had announced to keep oil prices unchanged till the next budget 2022-23. In a statement, Finance Ministry said that as per the decision…
Ibn-e-Ameer Economic Coordination Committee (ECC) on Friday approved revision in premium on diesel and petrol imports amid higher global oil prices. Amid political tensions and the Russian Ukraine war that led to higher oil prices, the economic coordination committee (ECC) took up the summary of revising premium upwards on the import of high-speed diesel…
Ibn-e-Ameer Federal Investigation Agency (FIA) has stepped in after commercial banks show reluctance to extend credit to oil marketing companies (OMCs) and refineries in Pakistan. At present, Cnergyico is operating with the lowest working capital facility. At present, the total working capital facilities available with Parco is Rs 144,550 million, NRL Rs 105,850 million, PRL…
Oil Marketing Companies have defaulted to the commitment of diesel imports due to Russia-Ukraine War and the country is left with five days stocks only Ibn-e-Ameer Pakistan State Oil Company Limited (PSO) has complained to the petroleum division against the Oil and Gas Regulatory Authority (Ogra) for forcing it to import petroleum products for other…
Ibn-e-Ameer The increase in sale volume of Pakistan State Oil (PSO) pushed its share price up in the stock market despite its all times high receivables that touched Rs 436 billion mark. According to figures released by the oil industry, amongst the listed companies, Pakistan State Oil (PSO) sales increased by 24% YoY basis. Its…
News Report Prime Minister on Monday turned down a proposal of oil regulator to increase prices of petroleum products up to Rs. 16.79 per liter effective from February 1, 2022. The Finance Ministry says the Premier decided to keep oil prices unchanged to provide relief to the consumers. The government has maintained a price of…
Ibn-e-Ameer The Board of Directors of Cnergyico Pk Limited (formerly Byco Petroleum Pakistan Limited) has approved to acquire 57.37% stake in Puma Energy Pakistan Private Limited (‘Puma’). The company management announced in a notice sent to Stock Exchange. It said that in a meeting held on Thursday, (January 13, 2022) the board of directors had…
Aftab Ahmed Pakistan Refinery Limited (PRL) on Tuesday announced to invest US$ 1.2 billion to undertake Refinery Expansion and Upgrade Project (REUP). In a notice sent to Stock Exchange, PRL management that it had decided to undertake Refinery Expansion and Upgrade Project (REUP). It had two objectives to achieve under expansion and upgradation…
Ibn-e-Ameer Cabinet has approved an increase in margins of Oil Marketing Companies (OMCs) and petroleum dealers effective from the forthcoming revision in oil prices. At present, the oil industry margins are the lowest in the regional countries. Increase in Margins OMCs margins increased by 18 percent during 2013-2018 and 25 percent dealers margins on…