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Tag Archives: petroleum

13 commodities prone to smuggling, Preventive’s study reveals

KARACHI: The Model Customs Collectorate (MCC) Preventive, in its study on smuggling, has revealed alarming statistics for the country. The MCC investigated 13 commodities prone to smuggling in Pakistan, for fiscal year 2014 and came to the conclusion that 11 of them were severely impacted due to illegal trade. The Collectorate estimated that 59% of the total demand for products ... Read More »

PIAF welcomes Rs10b relief through cut in oil prices

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) Chairman Irfan Iqbal Shiekh has appreciated the caretaker government for reducing the prices of petroleum products by lowering the general sales tax on directives of the Supreme Court of Pakistan (SC). While issuing a press statement along with Senior Vice Chairman Tanvir A Sufi and Vice Chairman Shahzeb Akram, PIAF chairman said ... Read More »

Sweden-based Lundin petroleum flags Q2 exploration expenses

AMSTERDAM: Sweden-based Lundin Petroleum said Tuesday that it will expense $14 million in exploration costs during the second quarter. The company will expense $14 million in post tax exploration costs and recognize a net foreign exchange gain of about $28 million for the second quarter of 2015. Lundin said its profitability for the second quarter of 2015 will be “impacted ... Read More »

Faroe Petroleum confirms Norwegian exploration plans despite falling oil prices

OSLO: Faroe Petroleum has confirmed that it is committed to its exploration programme off Norway this year, despite the fall in oil prices. The Aberdeen-based firm said it was proceeding with drilling at four wells. It added that its programme would benefit from Norway’s 78% exploration tax rebate. The commitment was made in Faroe’s annual results statement for the year ... Read More »

British net imports of petroleum products rise to 7.5 million tonnes in 2014

LONDON: Britain’s net imports of petroleum products increased last year after a new wave of refinery closures and capacity cuts left the country unable to meet its demand. The cuts have been driven by rising overseas competition that put refining margins under heavy pressure. They have left Britain increasingly dependent on fuel imports, raising concerns the country will be vulnerable ... Read More »

Amsterdam leads Europe in clean petroleum products tank storage

AMSTERDAM: Amsterdam is the biggest hub in northwest Europe for clean petroleum products (CPP) tank storage, having just over 6 million cubic meters of an estimated 15.5 million cubic meters of capacity in the ARA region, a new survey from oil and chemical industry adviser Downstream B.V. shows. The Downstream B.V. study estimates all commercial tank storage for crude, products ... Read More »

US CBP centers of excellence and expertise fully operational in current month

WASHINGTON: US Customs and Border Protection (CBP) Centers of Excellence and Expertise for Electronics; Petroleum, Natural Gas & Minerals; and Pharmaceuticals, Health & Chemicals will transition beyond the test phase and into a fully operational status beginning Jan. 28. “The Centers for Excellence and Expertise are transforming the way CBP processes trade and works with the international trade community,” said ... Read More »

13% cut in POL prices: Transporters reject govt’s order of 20% reduction in fares

KARACHI: Despite 13 per cent reduction in petroleum, oil & lubricant (POL) prices, the public transporters in metropolis have rejected the government’s demand of slashing 20 per cent fares. The Sindh Transport Department has issued a notification to all transporters for reducing fares by 20 percent after reduction in petroleum prices. However, the transporters said that the public transport vehicles ... Read More »

13% cut in POL prices: Transporters reject govt’s demand of 20% reduction in fares

KARACHI: Despite 13 per cent reduction in petroleum, oil & lubricant (POL) prices, the public transporters in metropolis have rejected the government’s demand of slashing 20 per cent fares. The Sindh Transport Department has issued a notification to all transporters for reducing fares by 20 percent after reduction in petroleum prices. However, the transporters said that the public transport vehicles ... Read More »

Rs29.69/litre cut in 4 months: Petrol price decreased by Rs6.25, diesel by Rs7.86

ISLAMABAD: The government has further reduced petroleum, oil, & lubricants (POL) prices effective from Jan 1 (today). Prime Minister Nawaz Sharif announced this, while addressing a news conference at the Parliament House. He said that petrol price was being reduced by Rs6.25 per litre, that of HOBC by Rs14.14, kerosene oil Rs11.26, light diesel oil Rs10.48 and high diesel oil ... Read More »

Rs29.69/litre cut in 4 months: Petrol price decreased by Rs6.25, diesel by Rs7.86

ISLAMABAD: The government has further reduced petroleum, oil, & lubricants (POL) prices effective from Jan 1 (today). Prime Minister Nawaz Sharif announced this, while addressing a news conference at the Parliament House. He said that petrol price was being reduced by Rs6.25 per litre, that of HOBC by Rs14.14, kerosene oil Rs11.26, light diesel oil Rs10.48 and high diesel oil ... Read More »

ECC plunders masses of Rs50b for gas companies, approves 23pc hike in tariff, Rs9.43/L POL cut?

ISLAMABAD: The federal government, after giving the masses Rs9.43/litre relief in petroleum, oil & lubricant (POL) prices, has shocked the nation as the Economic Coordination Committee (ECC) of the Cabinet has approved 23 per cent increase in gas tariff from Jan 1 to recover about Rs69 billion from the consumers and to give Rs50 billion to gas companies. The ECC ... Read More »

POL Rs9.43/litre cut: ECC shocks nation with 30% gas tariff hike to recover Rs69b

ISLAMABAD: The federal government, after giving the masses Rs9.43/litre relief in petroleum, oil & lubricant (POL) prices, has shocked the nation as the Economic Coordination Committee (ECC) of the Cabinet has approved average 30 per cent increase in gas tariff from Jan 1 to recover about Rs69 billion from the consumers and issued policy guidelines for the Oil and Gas ... Read More »

Another Rs14 per litre cut in POL prices by end-Nov?

ISLAMABAD: Pakistanis received good news among the piles of bad reports when Prime Minister Nawaz Sharif announced reduction in petroleum, oil & lubricant (POL) prices on October 31 by Rs9.43 per litre. But this cut was not enough in the wake of declining world oil prices. Brent crude is expected to trade as low as $74/barrel within 2014 after a relentless ... Read More »

Govt to produce 1000MW from 46 oilfields of 280mmcfd, start 1st LNG Terminal in early 2015

ISLAMABAD: Minister for Petroleum and Natural Resources Khaqan Ababsi on Monday said that the ministry has discovered 46 oilfields with capacity of 280mmcfd dormant natural gas, which could generate up to 1000MW electricity. Talking to journalists in the Parliament, his ministry has forwarded to the CCI a summary for regularistaion of LPG prices. If CCI approves our suggestions after taking ... Read More »

Rupee records Rs1.25 gain vs dollar at 1.226% in 3 days to Rs101.9 as POL import bills plunge

KARACHI: Pakistani rupee Monday took another leap against US dollar both in interbank and open market and recorded 50 paisa gain as petroleum, oil & lubricants (POL) import bills plunged due to lowering international oil prices to $83.39 per barrel, lowest since December 1998. As per the local currency market, the greenback shed 50 paisa in interbank to reach 101.9, ... Read More »

PM Nawaz slashes petrol price up to Rs9.43/ltr

ISLAMABAD: Pakistanis finally received good news among the piles of bad reports especially of increasing inflation as Prime Minister Nawaz Sharif Friday announced reduction in petroleum prices by Rs9.43 per litre. Customs Today has another feather in its cap as this leading community newspaper was first to break this news of reduction in petroleum, oil & lubricant (POL) prices before ... Read More »

Petrol price reduced by Rs9.43 per litre

ISLAMABAD: Pakistanis finally received good news among the piles of bad reports especially of increasing inflation as Prime Minister Nawaz Sharif Friday announced reduction in petroleum prices by Rs9.43 per litre. Customs Today has another feather in its cap as this leading community newspaper was first to break this news of reduction in petroleum, oil & lubricant (POL) prices before ... Read More »

Lasbela Chamber urges govt to reduce POL prices by Rs10

KARACHI: The business community of Lasbela has urged the government to reduce petroleum prices by at least Rs10 per litre as the oil prices in the international market are falling swiftly. Lasbela Chamber of Commerce and Industry President Yakoob A Karim said that the PML-N government, according to its claim of being the business friendly, should bring down the POL ... Read More »

POL prices likely to cut by Rs8

ISLAMABAD: The prices of Petroleum, Oil, & Lubricants (POL) may be cut by Rs8 per litre from November 1 as global oil prices continue to fall. A senior government official predicted that the decline in oil prices would continue at least for a short term as OPEC is considering cutting production to avoid further decline in oil prices. The government ... Read More »