Articles for tag: action, crisis, deal, Diesel, diesel crisis, diesel imports, domestic gas prices, Electric Vehicles, Energy Sector of Pakistan, gas supply, IP pipeline project, Iran-Pakistan gas pipeline, LNG imports, local refineries, Minister, OCAC, ogra, Oil marketing companies, oil refinery, OMC, Petroleum Minister Musadik Malik, Project Reko Diq, promises, refinery investment, Saudi investment, surplus diesel stocks, winter gas shortage

September 5, 2024

Islamabad: Oil Minister Musadik Malik has expressed ignorance about excessive diesel imports by some oil marketing companies (OMCs), which are jeopardizing the operations of local refineries. The Oil Companies Advisory Council (OCAC), which represents refiners and exploration companies, recently raised the issue of bulging diesel inventories, which jumped to 49 days of consumption. He blamed the situation on permission for bulk imports of diesel from the Petroleum and Natural Gas Regulatory Authority (Ogra) to some OMCs, resulting in reduced demand for the products produced by the refineries. When asked by reporters at a press conference on Wednesday, Oil Minister Musadik

July 25, 2024

News Desk

Business

The government will decide on the deregulation of petroleum products in a crucial meeting today

Listen to the article A meeting is to be held today regarding the possible delegation of the authority to set fuel prices to oil marketing companies (OMCs), sources in the petroleum ministry confirmed. Petroleum Minister Musadik Malik will chair the meeting, which will consider the devolution of power to set prices of petroleum products to OMCs, following a desk order issued by Prime Minister Shehbaz Sharif yesterday. In the ministerial order, the prime minister directed the Directorate of Petroleum to finalize and present the deregulation framework for the petroleum sector. Oil and Gas Regulatory Authority (OGRA) Chairman Masroor Khan is

June 8, 2024

News Desk

Business

The PM Office intervenes at the request of the OMCs

Islamabad: The Prime Minister’s Office approached the Directorate of Petroleum to draw its attention to the irreparable exchange loss of Rs 26 billion faced by the petroleum industry. It has also pointed to the reduced sales tax, which is preventing recovery of sales tax paid, resulting in a holdback of Rs 65 billion, which has affected cash flow. The oil industry is seeking the government’s intervention to address several issues, including foreign exchange loss that has risen to Rs 26 billion. The Prime Minister’s Office, in a memorandum, said the president of the Oil Marketing Association of Pakistan had pointed

December 12, 2023

News Desk

Business

Stocks are breaking records

KARACHI: As expected, investors resorted to profit-booking in the Pakistan Stock Exchange (PSX) on Monday after a sustained record rally following reports of a 10% drop in remittances and a hike in industrial power tariffs. In the morning, trading started on a positive note and soon the market reached an intraday high of 66,564.04 points, reflecting the last sessions rally. However, the positive momentum did not last long as the KSE-100 fell sharply as investors opted for profit-taking, particularly in the energy, oil marketing companies (OMCs) and banking sectors. Consequently, the index touched its intraday low of 65,128.99 points before

Minister promises action to deal with the diesel crisis

The government will decide on the deregulation of petroleum products in a crucial meeting today

The PM Office intervenes at the request of the OMCs

Stocks are breaking records

Asif Khaliq drives blue-eyed Chaiwala Arshad Khan’s London success

Munir and Naqvi Join Makkah Pact Talks in Tehran

Iran Says the Border Is Open as Pakistan Ships LPG by Sea