Tag: diesel

  • Another hike of Rs4.9 per unit approved in power tariff

    Another hike of Rs4.9 per unit approved in power tariff

    Owing to the monthly Fuel Cost Adjustment (FCA) for February, the National Electric Power Regulatory Authority (NEPRA) on April 15 increased the price of electricity by Rs4.85 per unit.

    It has also announced an increase in the price of power, stating that the power output in February was more expensive than the previously set fuel price.

    According to the notice, the power distribution companies (DISCOs) will collect the amount from electricity consumers in the April bill. In addition, consumers will be hit with a charge of Rs37.7 billion, excluding general sales tax (GST). However, K-Electric and lifeline customers will be exempt from the hike.

    On March 31, the NEPRA held a hearing to determine the FCA but did not make a decision. The Central Power Purchasing Agency (CPPA) requested that the cost per unit be increased to Rs4.94 by the NEPRA.

    Following the monthly FCA, which only operates for one month, the administration had already hiked the power price to Rs5.95 per unit for the month of January.

    As per NEPRA’s data, the most expensive energy production sources, including High-Speed Diesel (HSD) and Residual Fuel Oil (RFO), were used more than average in the prior months, raising the overall cost of production.

  • PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    PM Shehbaz rejects OGRA’s proposal, petrol price to remain unchanged till April 30

    Pakistan’s new Prime Minister (PM) Shehbaz Sharif on Friday dismissed the proposal from the Oil and Gas Regulatory Authority (OGRA) to raise the price of petroleum products for the fortnight. The recent decision is aimed at providing relief to the public affected by inflation.

    It is worth noting that the present government’s choice to maintain the same prices will oblige it to provide another substantial subsidy till the end of April 2022.

    Earlier, OGRA suggested to the Finance Division that the price of petrol be increased by Rs21.50 and that of diesel be hiked by Rs51.30 in view of the current petroleum levy and general sales tax (GST).

    Read more: Massive hike of Rs83.5 for petrol, Rs119 for diesel proposed by OGRA

    The authority also proposed a hike of Rs83.50 per liter of petrol and Rs119.88 per liter of diesel considering the federal government’s recommended petroleum levy of Rs30 and 17 per cent GST, as per the official statement.

  • Oil prices jump following Russia’s biggest production decline

    Oil prices jump following Russia’s biggest production decline

    Oil prices rose on April 13, after concerns that declining output in sanctions-hit Russia may affect supply, following the Russian announcement that peace negotiations to stop its invasion of Ukraine had reached a stalemate.

    Consequently, Brent crude futures were up 59 cents, or 0.6 per cent, to $105.23 a barrel, while West Texas Intermediate (WTI) crude futures were up 60 cents, or 0.6 per cent, to $101.20 a barrel. The previous session saw both contracts rise by more than 6%.

    On Tuesday, Russian President Vladimir Putin criticised Ukraine for the termination of peace talks and stated that Russia will not abandon its “special operation” to disarm its western neighbor.

    He stated that peace talks with Ukraine are at a stalemate, but that the seven-week operation is going as planned. In a note, ANZ oil experts stated that this raises the threat of the prolonged potential of supply disruptions in the oil sector.

    According to those familiar with the figures, Russian oil and gas extract output declined below 10 million BPD on April 11, the biggest drop since July 2020, as a result of sanctions imposed by numerous nations after Russia invaded Ukraine and logistical difficulties, which hindered business.

    This is quite serious as Russia is the world’s second-largest oil exporter.

    According to reports, Russia’s Energy Minister Nikolai Shulginov said late Tuesday that the government was willing to sell oil and oil products to “friendly countries in whatever price range,” adding that Moscow was focused on guaranteeing the oil sector’s proper functioning.

    Read more: International oil prices declined by 4%, crashing below $100 per barrel

    Meanwhile, indications of a partial relaxation of some of China’s strict COVID-19 restrictions have fueled optimistic sentiment between some market players this week.

  • CNG stations in Sindh to open on April 11

    CNG stations in Sindh to open on April 11

    On April 6, the Sui Southern Gas Company Limited (SSGC) ordered the three-day closure of all compressed natural gas (CNG) stations in Sindh.

    According to a statement from the gas company, all CNG stations will remain closed for 72 hours, starting at 8 AM on Friday and ending at 8 AM on Monday.

    The CNG stations were closed in the province to address the gas shortage in the country and as a part of the gas load management plan.

    “Due to the short supply of gas in the SSGCL system, the availability of gas has diminished, resulting in line pack depletion and low pressure in the system,” according to the statement.

    “All CNG stations in Sindh (including those using RLNG) would stay closed in accordance with the current sectoral priority order for gas load management”.

    It is worth noting that CNG dealers had reopened their business on February 14 after a two-and-a-half-month hiatus. Following the gas load management plan, gas supplies to the CNG sector were suspended from December 1, 2021, to February 15, 2022.

    The unavailability of CNG multiplied the problems of the common man as the masses were forced to top their automobiles up with Petrol, which nearly touched Rs160 during that period.

  • PML-N’s Miftah Ismail fact-checked by PTI’s Hammad Azhar on load-shedding, Miftah acknowledges

    PML-N’s Miftah Ismail fact-checked by PTI’s Hammad Azhar on load-shedding, Miftah acknowledges

    Miftah Ismail, General Secretary of the Pakistan Muslim League-Nawaz (PML-N) in Sindh, recently took to Twitter, saying that Pakistan State Oil (PSO) has restricted fuel supplies to Independent Power Projects (IPPs), potentially resulting in significant load shedding in the coming week.

    He directly accused Prime Minister (PM) Imran Khan of the impending power outage, writing that it is the result of his incompetence, corruption, falsehoods, and “lust for power: that has gotten the country into such a mess.

    After an hour, Former Energy Minister, Hammad Azhar responded to Ismail’s tweet, calling it “Fake news” and claiming that he had checked with PSO and there had been no such supply cuts notified for IPPs.

    “My statement regarding IK’s corruption (Farah), incompetence (Buzdar), lying (Sh Rasheed) & hunger for power (Suri) is valid,” Ismail responded with a strange tweet to cover up his incorrect finding about PSO.

    It is worth noting that PSO serves a diverse range of customers, including Pakistan’s industrial sector, several power projects, aviation, and maritime sectors. On a daily basis, the company meets the POL needs of millions of clients.

    Apart from selling oil to Pakistan’s power utilities, such as K-Electric and Wapda, PSO is the primary supplier of furnace oil to all IPPs in the country, with a local market share of more than 80 per cent.

  • Pakistan to import 32.7 million barrels of oil to cover petroleum needs

    Under a deferred payment agreement with the Saudi Fund for Development (SFD), Pakistan would acquire roughly 32.7 million barrels (MBL) of crude oil in 2022 to cover its petroleum product needs.

    The Pak-Arab Refinery Company Limited (PARCO) and National Refinery Limited (NRL) plan to import 16.89 and 15.81 million barrels of oil in the ongoing year, respectively.

    Crude oil worth $100 million per month may be imported under the terms of the arrangement, with payment deferred for a year. The price will be set in accordance with the existing long-term agreement between Saudi Aramco, PARCO, and NRL.

    The facility will be available for a 12-month period, which may be increased for one year. The withdrawn funds, plus the margin of 3.8 per cent, will be repaid in one annual installment in US dollars.

    Previously, In June 2021, the Saudi government agreed to pay $4.2 billion in providing economic aid to Pakistan, which was legally formalised in November. While the SFD programme has been in effect since March 7, 2022, and oil purchase has now already begun.

  • Petroleum sales increase by 23% in March, despite hefty oil prices

    Petroleum product sales rebounded in the last month after a dismal February with Oil marketing companies (OMC) witnessing an increase of 23 per cent in sales of petroleum products on a year-over-year (YoY) basis in March 2022.

    Overall petroleum sales in March 2022, increased to 1.82 million tonnes compared to 1.54 million tonnes in March 2021, as per the data released by Arif Habib Limited.

    The stability comeback shows a 19 per cent increase in overall OMC sales on a month-over-month (MoM) basis.

    OMC volume growth was driven by furnace oil, which climbed by 34 per cent on a YoY basis, followed by HSD volume growth of 29 per cent and MS volume growth of 13 per cent. MoM growth in OMC volumes followed a similar pattern, with FO taking the lead.

    Although the increase in furnace oil volumes was driven by increased furnace oil usage in the power sector due to low gas and Re-Gasified Liquefied Natural Gas (RLNG) availability.

    The increase in HSD volumes was driven by increased demand from the transportation and agriculture sectors and increased usage in generators and the power sector.

    Moreover, the government’s price caps and the additional number of days in March compared to February were the main contributors to MoM growth in diesel and gasoline sales.

    Consequently, petroleum sales increased by 19 per cent on a YOY basis in 9MFY22, with double-digit increases for petroleum products.

    Diesel sales grew by 17 per cent, followed by 16 per cent increase for furnace oil and a 10 per cent growth for motor oil.

    While some are expecting a drop in petroleum sales due to the political turmoil and rising commodity prices, others say that higher oil consumption cannot be overturned as the summer is already here and people are likely to consume more electricity, also that the power sector may switch to furnace oil due to RLNG commitment defaults.

  • Petrol, Diesel prices to remain unchanged till April 15

    The government has decided to maintain the existing prices for petroleum products for the fortnight. Petroleum prices will remain unchanged from April 1 to April 15, as per a statement released by the finance division.

    Petrol is currently priced at Rs149.86 per liter, while diesel, kerosene oil, and light diesel are priced at Rs144.15, Rs125.56, and Rs118.31 per liter, respectively.

    Following an increase in global market prices at the time, the government approved a record-breaking Rs12.03 per liter hike for petrol on February 15. Surprisingly, on February 28, the government decreased POL prices by Rs10 per liter, to lessen the impact of existing inflation on the public.

    The Oil and Gas Regulatory Authority (OGRA), on the other hand, has raised the price of liquefied petroleum gas (LPG) by Rs13 per liter.

    Read More: Nisab amount of zakat deduction set at Rs88,927 for 2022

    After an increase of Rs157 per domestic cylinder and Rs606 per commercial cylinder, the prices of domestic and commercial LPG cylinders have been fixed at Rs2,916 and Rs11,220, respectively, for April 2022.

    Conversely, in the aftermath of the Russia-Ukraine conflict, the international market saw massive volatility as crude oil prices reached new highs.

  • Gen Bajwa told me not to call Maulana Fazlur Rehman ‘diesel’: PM Khan

    Gen Bajwa told me not to call Maulana Fazlur Rehman ‘diesel’: PM Khan

    Prime Minister (PM) Imran Khan said that Chief of Army Staff (COAS) Major-General Qamar Javed Bajwa has asked him not to call Jamiat-Ulema-eIslam-Fazl’s (JUI-F) Maulana Fazlur Rehman “diesel”.

    “I was just talking to Gen Bajwa and he told me not to refer to Fazl as diesel. But I am not the one who is saying that. The people have named him diesel,” the prime minister said. He was addressing a public gathering in Dir.

    The premier said that in a recent media talk, Fazl had said when he comes to power, he would “mend an institution”. This, the premier said, was a reference to Pakistan Army.

    https://twitter.com/UmerNaseem_/status/1502251719526424582

    “Today, Pakistan exists because of the army,” the prime minister said. “Will these people fix the army?”

    If today the world does not recognise Pakistan’s green passport, it’s because of these three stooges: Imran Khan

    Speaking about the three “stooges” — leaders of JUI-F, PPP, PML-N — who have joined hands against him, PM Imran said the chiefs of these three parties are among those who have been ruling the county for the last 30-35 years.

    https://twitter.com/ChicoJahangir/status/1502267420504899584

    “If today the world does not recognise Pakistan’s green passport, it is because of these three because these three mortgaged Pakistan,” he claimed.

    Speaking about the no-trust motion filed against him, he said he had been praying that the Opposition would take such a step

    I will take all three wickets with one inswing yorker: PM Khan

    “This has given me a chance to take three wickets in one ball,” he said, three wickets being a reference to Zardari, Shehbaz, and Fazl. “I am competing against these three dacoits and … I will take all three wickets with one inswing yorker.”

    He alleged that the Opposition had been demanding an NRO from him.

    “They tell me that they will topple my government if I don’t close corruption cases against them. But I tell them that I will not close the cases even if I have to give my life for it. I am not doing politics against you but fighting a jihad.”

    He continued that he had called on people to gather at Islamabad’s D-Chowk a day before the session for voting on the no-confidence motion, which is yet to be scheduled.

    The person who met Modi; how will he fix the Pakistan army?

    Without mentioning the name of former prime minister Nawaz Sharif, PM Imran Khan said that the “biggest coward and the biggest liar” of Pakistan is residing outside the country.

    “They say I shouldn’t call him fugitive but the fact is that he is a fugitive and liar,” the premier said, adding that he started lifafa (envelope) journalism in Pakistan.

    “The person who tried to bribe former army chief Asif Nawaz Janjua with a BMW is planning to fix the Pakistan army,” he said, taking a jibe at the PML-N supremo.

    “The person who met Indian Prime Minister Narendra Modi in Nepal and invited the person who is torturing the Kashmiris to a wedding; how will he fix the Pakistan Army,” he questioned.

    Once again criticising them, he questioned: “Who will fix the army — PDM chief, who told the American ambassador that he is ready to serve him if given one chance, or PPP’s Asif Ali Zardari, who wrote a letter to the Americans to protect him from the army?”

    “Or will Shehbaz Sharif, who said that I did wrong by criticising the European Union, fix the institute?”

    PM Khan says only ‘animals are neutral’

    Speaking about PPP’s “Awaami March”, he said that after so much they brought people to Islamabad from Sindh and what was the message that he gave: “kaanpein tang rahi hain.”

    Taking a jibe at PPP Chairman Bilawal Bhutto-Zardari, the PM said that by the time Bilawal leaves politics, new words will be added to the dictionary like “kaanpein tang rahi hain, cheeni ugg rahi hai.”

    “This is what happens when you forcefully try to make a person a leader…kaanpein taangti hain,” he stated.

    He further added that Allah did not allow us [PTI] to be neutral as only “animals are neutral” because the animals do not distinguish between good and evil. “Humans stand with the good,” he concluded.

    Restrain your tongue: Shehbaz Sharif

    Responding to PM Khan’s speech, PML-N President Shehbaz Sharif said, “You are talking about sisters and daughters in a way that is not allowed in the civilised world and Islamic society. I want to warn you, restrain your tongue or we have to restrain.”

    Keep your fight political: Maulana Fazl

    Pakistan Democratic Movement (PDM) chief Maulana Fazlur Rehman on Friday took a swipe at PM Khan and told him to “keep his fight political,” after the premier launched a verbal assault at the Opposition during a public gathering in Lower Dir.

    Fazl said: “Your foul language makes you ineligible to hold the post of the prime minister as there is no nobility in you.”

    The PDM chief claimed to have the majority to overthrow the PTI-led government and went on to call the premier “crazy.” 

    “We have experience in dealing with such situations,” he warned.

  • After iPhones, car prices also increase as govt imposes new taxes

    After iPhones, car prices also increase as govt imposes new taxes

    The Sindh Excise and Taxation Department has issued a notification on Friday regarding the increase in the tax on vehicles with higher engine capacity.

    According to the notification, the tax on cars over 1,000cc has been increased to Rs100,000 from the existing Rs50,000. People who buy vehicles ranging between 1,001cc to 2,000cc will have to pay Rs200,000 tax compared to the existing Rs100,000 while those of 2,001cc and above will pay Rs400,000 in taxes.

    Some of the revised car prices, as per ARY News, are:

    Suzuki Alto VX price has been increased by Rs 32,000. Now it costs around 13 lac.

    Suzuki Alto VXL price has been increased by Rs 43,000. The current price stands around Rs17 lac.

    Suzuki Cultus VXR price has been increased by Rs126,000. The vehicle now costs about Rs20 lac.

    Suzuki Cultus VXL price has been increased by Rs139,000. The price has gone around Rs2,244,000 (22 lac, 40 thousand).

    Corolla Altis Grande X CVT 1.8 B price has been increased by Rs100,000. The new price is Rs4.2 million.

    The manual version of Corolla Altis X 1.6 price has been increased by Rs81,000. Its new price is Rs3.38 million.

    The price of Fortuner 2.7 G has been increased by Rs390,000. The SUV is now available at Rs8.56 million.

    The price of Fortuner Legender Diesel saw the highest increase of Rs493,000 (4 lac and 93 thousand). This vehicle will now cost around Rs10.84 million.

    The price of the Hyundai Elantra has seen an increase of Rs4lac. The vehicle now costs around Rs44 lac.

    Apart from cars, iPhones from abroad are now being subjected to 17% sales tax instead of a fixed sales tax.