Furnace oil shortfall affecting Karachi’s power supply
KARACHI: Rapid rise in temperatures and increased industrial and commercial activities due to the easing lockdown has caused power demand to peak at 3200 MW. While K-Electric is maximizing its…
Petroleum products sales reflect growth after 18 months
KARACHI: A total of 1.42 million tons of POL (petroleum, oil, lubricants) sales were recorded in November 2019, reflecting a 7.0 percent increase as against off-take of 1.33 million tons…
New IMO emission standards to bring more woes for refinery sector
KARACHI: From Jan 2020, International Maritime Organization (IMO) will enforce new emissions standards to curb pollution i.e. ships are required to use fuel oil with a sulfur content of less…
OGDC posts 25 percent growth in revenues
KARACHI: Oil & Gas Development Company (OGDC) unveiled its quarter ended December 31, 2018 (2QFY19) profit after tax at Rs30.02 billion (EPS – Rs 6.98) versus Rs19.66 billion (EPS –…
Government ends exemption given to K-Electric to import furnace oil through PSO
ISLAMABAD: After protests by local refineries, the government has notified a complete ban on import of furnace oil, ending an earlier exemption allowed to K-Electric. The decision was reportedly taken…
Government’s directives to upgrade add to the refineries’ woes
KARACHI: The government has announced a ban on the import of Furnace Oil (FO) and also instructed refineries to utilize deemed duty granted to them on sale of High Speed…
Pakistan slaps absolute ban on furnace oil imports
ISLAMABAD: Prime Minister Imran Khan Wednesday ordered to immediately impose a ban on any further import of furnace oil. He was chairing a meeting of Cabinet Committee on Energy at…
Pakistan allows furnace oil export
ISLAMABAD: Pakistan government has allowed export of furnace oil and decided to stop the fuel import in a bid to help oil refineries ease their surplus that threatened to break…
Pakistan’s electricity generation declines in January
KARACHI: Pakistan’s overall power generation in January 2017 clocked in at 6,914 GWh, down 4.0 percent compared with December 2016 and up 2.0 percent compared with January 2016, official numbers…
Pakistan’s petroleum consumption declines in February
KARACHI: Pakistan’s total energy sales of petroleum oil and lubricants clocked-in at 1.74 million tons in February 2017, down 15 percent compared to sales in January 2017 while sales volume…
FBR notifies procedure for processing of sales tax zero-rating claim applications
KARACHI: The Federal Board of Revenue (FBR) has notified the procedure and requirements for the purpose of uniform and expeditious processing and disposal of cases for the grant, rejection or…
Sales tax raised on furnace oil, diesel
KARACHI: The government has raised rate of sales tax on furnace oil in a bid to increase its revenue collection, which had a hit due to declining global oil prices…