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Articles for tag: deregulation, ogre, Oil, oil prices, pbf, PPDA, price, warn

April 24, 2024

News Desk

PBF and PPDA warn of oil price deregulation

LAHORE: Pakistan Business Forum (PBF) and Pakistan Petroleum Dealers Association (PPDA) said on Tuesday that any attempt by the Oil and Gas Regulatory Authority (Ogra) to liberalize oil prices is a recipe for financial disaster. Deregulation of oil prices could plunge the nation into hyperinflation and economic instability. Given the extreme volatility of the oil supply chain, manipulation could lead Pakistan to a situation where a small loaf of bread would cost more than a bag full of local currency. Addressing an emergency meeting with PBF, PPDA Executive Committee member Hassan Shah informed the audience that deregulation will make refineries

April 23, 2024

News Desk

ARL cuts production to 33% as contraband stings

Islamabad: Attock Refinery Limited (ARL) became the first victim of smuggled petroleum products as the refinery on Monday shut down its main distillation unit, reducing its productivity to only 33%, due to the accumulation of unsold diesel stocks. Oil industry sources have warned that other refineries are also likely to shut their units if rampant oil smuggling is not stopped. Oil smuggling in Pakistan has continued unabated and this oil is now available all over the country. Industry officials said smuggling and proposals to liberalize prices without consulting all stakeholders could jeopardize refinery plant upgrade plans. The upgrade was expected

February 29, 2024

News Desk

Domestic consumers bear the subsidy cost of Rs 17 billion

photo: file Islamabad: As provinces refuse to shoulder the cost of subsidized liquefied natural gas (LNG) supply to two fertilizer plants, the caretaker government has saddled domestic consumers with Rs 17 billion. Provinces want full recovery of LNG costs from farmers. The Petroleum Department was of the view that continued supply of gasified LNG at Rs 1,239 per million British thermal units (mmbtu) from January to March 2024 had an estimated economic impact of Rs 17 billion in terms of duty differential with the notified RLNG price. which was $13 per mmbtu. The decision taken by the Economic Coordination Committee

February 9, 2024

News Desk

The government will allow the re-export of oil from foreign suppliers

Islamabad: The federal government has announced plans to allow the import, local sale and re-export of petroleum products facilitated by foreign suppliers. This decision, aimed at streamlining trade procedures, includes amendments to the Customs Rules, 2001 by introducing the Customs Facilitation Rules, 2024. The Federal Board of Revenue (FBR) has initiated amendments to the Customs Rules, 2001, incorporating the Customs Bond Facilitation Rules, 2024, according to documents available to The Express Tribune. Stakeholders are currently being consulted, and a 15-day window is being provided for views, suggestions and objections. Any submissions beyond this time frame will not be considered, with

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