Aftab Ahmed Islamabad: Oil refineries- RRL, NRL, and ARL got a green light on Tuesday to avail ten-year tax holiday for up-gradation projects to achieve Euro-V specifications. Finance Minister Shaukat Tarin has okayed to remove the condition of 100,000 barrels deep conversion refinery to qualify for the incentives. Earlier, only Byco had qualified to avail…
Aftab Ahmed Shell Oil Company has again exceeded its sale target of high-speed diesel (HSD) and beats the country’s largest state-run marketing company Pakistan State Oil (PSO) during the first two weeks of the ongoing month of June 2021. However, the sale of PSO is also up by 22 percent during the period under review….
The Federal Board of Revenue (FBR) on Friday strongly opposed giving 10 percent protection to the oil refineries of Pakistan in budget 2021-22. In Finance Bill 2021-22, there is a proposal to imp0ose a 10 percent duty on petrol and high-speed diesel for an additional five years to enable the country’s refineries to manufacture Euro-IV….
Aftab Ahmed Pakistan State Oil (PSO) has canalled a tender of furnace oil import due to higher price it received in a bid that has increased to over Rs 120,000 per ton. The price of furnace oil in local market is Rs 75000 per ton. However, PSO received a bid of furnace oil over Rs…
Islamabad: The refinery sector remains in the limelight on the back of incentives provided in the budget for oil refineries in Pakistan. The government has proposed several incentives in the budget for oil refineries in Pakistan to execute up-gradation projects. We expect the refinery sector to remain in the limelight on the back of incentives…
Aftab Ahmed Islamabad: The Petroleum Division has submitted a plan before the economic coordination committee (ECC) that seeks to transport petrol through oil pipeline. The petroleum division is also seeking approval to put a multibillion rupees burden on the oil consumers to recover operational losses in transportation of petrol through the pipeline. The oil industry…
Aftab Ahmed Islamabad: Pakistan State Oil (PSO) has started lifting furnace oil from Attock Refinery Limited (ARL) to supply it to power plants for electricity generation. Power plants have started power generation on furnace oil following reduce the availability of RLNG and hydel generation. The demand for electricity has also swelled due to weather changes…
Aftab Ahmed Islamabad: Hub Power Company Limited (Hubco) has paid Rs 17 billion to Pakistan State Oil (PSO) on account of oil supply payment after receiving the amount from the government. The Hubco is one of the power plants that is a major defaulter of the PSO and paid Rs17 billion on account of fuel…
Finance Minister Shaukat Tareen has directed the concerned officers of the Finance Division and Chairman FBR to come with concrete proposals regarding the proposed refinery policy in consultation with all stakeholders including representatives of oil refineries, the Ministry of Petroleum, and other relevant forums. The meeting was held at Finance Division today to discuss the…
Pakistan State Oil (PSO) sales increased by 14% in May 2021 to 1.9 million tons as compared to 1.7mn tons in May 2020. Pakistan State Oil maintained its leadership position with total sales of 758,269 tons in May 2021 with a market share of 44.8%. PSO product-wise MS/HSD/FO/JP-1 arrived at 311,276/373,100/53,047/12,889 tons with market share…