Tag: Petroleum

SAHIWAL - The activists of political and religious parties as well as civil society members took out a rally against the increase in petroleum products. Speaking on this occasion, the leaders of Jamaat-e-Islami, Tehrik-e-Insaf, Muslim League-N and different religious parties said that the increase in the petroleum prices would raise the rates of all the household items in the market while the poor would be forced to commit suicide. They demanded government withdraw the decision and

SIALKOT - Sialkot Chamber of Commerce and Industry (SCCI), Pakistan Readymade Garments Manufacturers and Exporters Association (PRGMEA), Pakistan Gloves Manufacturers and Exporters Association (PGMEA), Sialkot Markazi Anjuman Tajiran and other main trade bodies have rejected the recent hike in petroleum prices. SCCI President Ghulam Mustafa Chaudhry, PRGMEA Central Chairman Ejaz A Khokhar, PGMEA Chairman Sheikh Muhammad Younas and Sialkot Markazi Anjuman Tajraan President Mehar Ghulam

KARACHI - The government is expected to collect Rs 60-63 billion by the end of June 2011 against a target of Rs 110 billion in FY11, if it maintains Petroleum Levy (PL) at current levels. This time, the government has not only passed on the impact of higher oil prices in the month of February, but has also reverted PL by Rs 3.0 to Rs 5.0 per liter on major oil products.
PL on Petrol and Diesel, which cumulatively contributes 82 percent of the total regulated oil products sales,

LAHORE - The Pakistan Industrial and Traders Associations Front (PIAF), Ferozepur Road Industrial Association, Katar Band Industrial Association and Kahna Kacha Industrial have rejected the massive rise in petroleum prices and have demanded an immediate withdrawal from the government. The demand was raised at an emergent meeting, presided over by PIAF Chairman Sohail Lashari, here on Tuesday.
Participants of the meeting were exasperated on this anti-industry and anti-masses

ISLAMABAD - LNG Floating Terminal, at Port Qasim, could start functioning if the Ministry of Petroleum and Natural Resources assures uninterrupted supply of Liquefied Natural Gas (LNG), the Senate's Standing Committee on Ports and Shipping was told on Saturday. "We are ready and it is up to the Ministry of Petroleum and Natural Resources to assure supply of LNG," Port Qasim Authority (PQA) Chairman Vice Admiral Muhammad Shafi told the committee.
Ministry of Ports and Shipping

ISLAMABAD - The National Assembly Standing Committee on Privatisation was informed on Thursday that the government could generate $3 billion through the launch of convertible bonds for the three state owned oil and gas entities of OGDCL, PPL and PSO.
The Minister for Privatization Waqar Ahmad Khan informed this while briefing the National Assembly Standing Committee on Privatisation, chaired by Khawaja Sohail Mansoor here on Thursday.
The minister said that the

ISLAMABAD - In a last ditch effort to appease the protesting opposition and handle the politically-charged environment, the government is considering withdrawal of the increase in petroleum prices.
An informed source confided to Pakistan Today that the finance minister would brief Prime Minister Yousaf Raza Gilani today (Tuesday) about the possibility of withdrawing the increase in petroleum prices. The source added that the decision would cost a loss of Rs 4 to 5 billion if the

LAHORE - An application was filed in the Lahore High Court on Saturday challenging the recent nine percent increase in petroleum prices. Petitioner, Hameed Goryia, through his counsel Muteen-ul-Haq Chaudhry, filed the civil miscellaneous application into his main petition pending before the court against increase in gas prices.
The petitioner argued that a hike in petroleum prices will raise the prices of daily usage items and adversely affect the poor, who are already hit hard

LAHORE - PML-N senior leader Ashan Iqbal has condemned the hike in petroleum products and said this is New Year gift to people by the government.
In a statement issued here on Friday, PPP-led government had been involved in lavish spending, corruption and mismanagement and people had been bearing the brunt. "Common man's life has turned worst due to government's anti-people policies,' he added.
Ahsan Iqbal deplored that if government implemented the suggestions recommended

ISLAMABAD - The Oil and Gas Regulatory Authority (OGRA) has proposed a hike in petroleum prices from Rs 2 to Rs 6 per litre for January, an official source said on Thursday.
The final decision to implement the new prices would be decided by the government today (Friday), the source said, adding that the government had maintained the petroleum prices in December and picked up the Rs 2 billion differential in prices in January.
He said the crude oil prices had risen by 20

ISLAMABAD: A three-member Supreme Court bench accepted unconditional apology of Ministry of Petroleum and Natural Resources Director General (DG) Sher Muhammad Khan on Wednesday. He was issued show cause notice for using contemptuous language against the court.
The bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalilur Rehman was hearing a petition filed by Jamat-e-Islami (JI's) former chief Qazi Hussain Ahmad against the government's move

ISLAMABAD: A three-member Supreme Court bench on Tuesday issued notice to the Petroleum Ministry's director general (DG) for using contemptuous language against the litigations pending in court.
The bench of Chief Justice Iftikhar Muhammad Chaudhry, Justice Ghulam Rabbani and Justice Khalilur Rehman Ramday was hearing a petition by Jamaat-e-Islami former chief Qazi Hussain Ahmad against the government's move to purchase its sold assets from British Petroleum at exorbitant

ISLAMABAD: Usman Aminuddin, former petroleum minister, has revealed that ex-president Pervez Musharraf and ex-premier Shaukat Aziz had forced him not to resist British Petroleum deal for buying Occidental Petroleum's shares in Badin field.
While commenting on the petition filed in the Supreme Court of Pakistan by Jamaat-e-Islami former chief Qazi Hussain Ahmed, he said Occidental Petroleum's shares in Badin Gas Field were being sold at a throwaway price in 2002. However, he did

ISLAMABAD: Charged with anger and disappointment over the government's failure to curb inflation, the opposition and the treasury members in Senate on Monday lambasted the government for 'dropping a fuel bomb' on the people by increasing the prices of petroleum products by as much as nine percent.
Speaking on a point of order, Leader of Opposition Senator Wasim Sajjad took the lead when he plainly announced a token walk out against the recent hike in petroleum products' prices.

ISLAMABAD: The state oil and gas corporation, Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) will jointly bid to acquire British oil giant British Petroleum's (BP) assets in Pakistan.
Official sources indicate this decision was made during a recent meeting of the OGDCL board. The management of the company was directed to immediately appoint a specialist consultant firm to prepare a bid for BP assets in Pakistan. The British petroleum giant

ISLAMABAD: The Ministry of Petroleum has flatly refused the allocation of further gas for any new fertiliser plants, saying under present circumstance there was no possibility to allocate any fresh gas quota for any newly installed fertiliser plant in the next five years.
According to official sources this reply was made by the petroleum ministry to an official request forwarded by the Ministry of Industries, which had sought additional gas quota for the development of a new 0.5