Aftab Ahmed Islamabad: Oil and Gas Regulatory Authority (OGRA) has allowed M/S Gas and Oil Pakistan Limited (GOPL) to expand its network across the country by allowing to establish 1473 retail outlets of oil. Gas & Oil Pakistan, is the fastest growing Oil Marketing Company (OMC) and currently owns a network of over 800 retail…
Aftab Ahmed Islamabad: As Hascol Petroleum Limited (HPL) defaults Rs 53.8 billion, it has offered the issuance of new shares to the banks against their outstanding loans. Hascol bank default is the single largest default by any company in Pakistan banking history before that Dewan Group’s multiple companies had defaulted Rs 55 billion to banks….
Oil sales increased by 20% YoY in June 2021 up by 14% MoM which pushed FY21 volumetric growth to 18% YoY. To highlight, petroleum sales remained robust and posted strong YoY growth on the back of (1) lower base effect given COVID-related lockdowns last year and (2) accelerating economic growth with growth recorded across all…
Aftab Ahmed Islamabad: Hascol gets a contract of importing 25000 metric tons of furnace oil for a supply to K-Electric. Hascol is an oil-importing company in the private sector that is importing furnace oil to meet the demand of KE. It is going to import 25000 metric tons of furnace oil on behalf of K-Electric….
PSO FY21 8,932,134 tons oil sales are highest since FY18 Aftab Ahmed Islamabad: Pakistan State Oil (PSO) oil company’s sales have crossed 858,161 tons during June 2021 that is the highest monthly sales in this fiscal year. PSO is a state-run oil marketing company that holds the major share of the market in Pakistan. PSO…
Aftab Ahmed Islamabad: Furnace oil sales jumped by 85 percent in June 2021 from May 2021 levels. The demand for black oil has significantly increased as the majority of gas fields are on maintenance and imported LNG is also in short supply due to Engro LNG dry docking and increased load shedding for industries due…
Islamabad: The government has Wednesday increased the prices of petrol by Rs 2 per liter and High-Speed Diesel by Rs 1.44 per liter for the first fortnightly of July. The government has also increased the prices of Kerosene Oil by Rs 3.86 per liter and Light Diesel Oil by Rs 3.72 per liter, said a…
The shipment is likely to enter Pakistan’s waters around first July Karachi: In light of the developing situation on fuel supply to the country, K-Electric has secured the supply of 25000 metric tonnes (MT) of furnace oil in Pakistan to ensure that all available generation capacity is maximized. K-Electric is a utility that operates in…
Aftab Ahmed Islamabad: Pakistan State Oil Company Limited has booked an exchange gain of Rs4.37 billion recently on payment of LNG imports and charged it to Sui Northern Gas Pipelines Limited as agreed in the contract. This 4.37 billion will be recognized as income in PSO this quarterly financial statements, a person familiar with the…
Aftab Ahmed Islamabad: Finance Minister Shaukat Tarin has conveyed to oil refineries that the imposition of a general sales tax (GST) on crude oil will continue for one year to meet the conditions of the International Monetary Fund (IMF). The chief executive officers (CEOs) of oil refineries met Finance Minister Shaukat Tarin on Tuesday to…