Tag: Pol

The Oil and Gas Regulatory Authority (OGRA) and the Sui Northern Gas Pipeline (SNGPL) on Friday asked the Lahore High Court (LHC) to dismiss...

Masses have strongly protested in various cities of the country against the current increase in price of petroleum products. According to media reports, people in...

KARACHI - If international oil prices sustain their current trend, the federal government which is passing on the impact of the price hike of oil in international markets to the local consumers gradually, will miss the petroleum levy (PL) collection target, set at Rs 110 billion, by Rs 63 billion.
Furthermore, though inflationary in nature, the recent petroleum oil price hike, analysts believe, would help the cash strapped federal government protects the fragile fiscal space.

ISLAMABAD - Farooq Sattar has said that Mutahida Qaumi Movement (MQM) has asked the federal ministers to review the recent hike in POL prices as public is unable to bear this additional burden caused by the high prices of the petroleum products.
A delegation of the MQM headed by Dr Farooq Sattar called on the Federal Finance Minister Hafiz Sheikh and Federal Interior Minister Rehman Malik here on Sunday and discussed the matter.
Talking to media, federal Finance Minister

ISLAMABAD - Jamaat-e-Islami leader Professor Khurshid Ahmad on Saturday criticised the "unjustified increase" in the prices of petroleum products imposed on the people of Pakistan in the name of international price hike.
In a statement, he said ten percent increase in the prices of petroleum and thirteen percent in diesel was totally unjustified.
"In the international market, despite Middle East situation, the oil prices have gone down from $114 per barrel in January 2011 to

KARACHI - Overall demand for petroleum product continues to slide, as consumption contracted by two percent annually during the eighth month of the current fiscal year. Subdued black oil sales marred overall volumes, led by a 3.5 percent annual decline in furnace oil (FO) sales.
On the flip side, expansion in motor gasoline (MS) sales swelled by 20 percent since last year and carried overall white oil volumes during the period. Lackluster performance was attributable to depressed

KARACHI - The prices of petroleum products are likely to see a major upward revision in the month of April as the government is likely to pass on the impact of rising crude oil prices to consumers.
Assuming that the government does not tinker with the petroleum levy amount, price of HSD and MS should be increased by Rs 7.59 per liter and Rs 4.73 per liter, respectively.While the levy on HSD is currently negligible at just Rs 0.44 per liter, any increase in it to accommodate a

KARACHI - The exploration cost of Pakistan Oilfields (POL) contracted by 63 percent since the same time last year in the second quarter of FY11 as no established well was declared dry amidst passive drilling activity, while other incomes of the company rose by 35 percent annually during the period owing to healthy dividend income from associated undertakings including NRL and APL.
POL posted a Profit after Tax (PAT) of Rs 2.968 billion (EPS of Rs 12.55) for the second quarter of

ISLAMABAD - Finance Minister Dr Abdul Hafeez Shaikh on Friday said the government was considering giving targeted subsidy on the petroleum products to the low income groups.
Talking to media at the golden jubilee celebration of Institute of Charter Accountants of Pakistan (ICAMP), the minister said the proposal would be considered for implementation if the prices of petroleum products go up further in the international market.
"Presently even the rich who could afford the

KARACHI - Following a day of hectic negotiations in Karachi between the Pakistan People's Party (PPP) and the Muttahida Qaumi Movement (MQM), the government announced a 50 percent reduction in the recent increase in prices of petroleum products late on Thursday night.
"The increase in prices of petroleum products now stands at five rupees, and a notification would be issued on Friday after formal approval from Prime Minister Yousaf Raza Gilani," Federal Finance Minister Dr Hafeez

KARACHI - After a long time, the ANP on Thursday supported the MQM for demanding reduction in petroleum prices recently announced by the Oil and Gas Regularity Authority (OGRA). In a statement issued from the Bacha Khan Markaz, ANP Sindh President Shahi Syed stated that the demand for the reduction in prices of petroleum products is right to avoid further burdening the public. "Every time government is advised to adopt alternate sources rather than increasing the prices of petroleum

ISLAMABAD - The recent petroleum price increase has been challenged in Islamabad High Court (IHC). The President of Human Rights Association of Pakistan, M Kokab Iqbal on Thursday filed a writ petition against the recent increase in petroleum and Compressed Natural Gas (CNG) prices. The petitioner contended that the government's decision regarding increase in POL prices was against the article 9 of the constitution.
He said that instead of controlling corruption the government

LAHORE - The Water and Sanitation Agency (WASA) is fast heading to bankruptcy as its budgetary deficit is about to surge from Rs 3 billion to 3.5 billion with the increase in petroleum prices. Out of Rs 3 billion, deficit attributable to electricity bills is Rs 2.5 billion. After the increase in petroleum prices, under the new fuel adjustment charges, electricity bills are bound to jack up, inflating WASA's bills by Rs 500 million annually. Sources in WASA told Pakistan Today that the

LAHORE - The Lahore High Court (LHC) sought on Thursday a reply within two weeks from the government and the Oil and Gas Regularity Authority (OGRA) chairman on a civil miscellaneous application against the recent increase in petroleum prices.
Justice Sheikh Azmat Saeed passed the order on the application, filed by Pakistan Consumer Rights Forum Secretary Muhammad Hanif Goraya through his counsel Mateenul Haq Chaudhry, into an already pending main writ petition on the matter.