Customs Intelligence and Investigation seizes 139,000 liters of smuggled diesel

QUETTA: Customs Intelligence and Investigation Quetta has recovered 139,000 liters of smuggled diesel of Iran origin from several vehicles, which was being transported to various distribution centers in the country. The value of the seized commodity comes to Rs10.7 million approximately. The vehicles used in the transportation of the smuggled… Continue reading

OCAC Statement on Petrol Availability

Karachi: On behalf of Oil Marketing Companies (OMCs) & Refineries operating in Pakistan, Oil Companies Advisory Council (OCAC) would like to inform that current stocks of Petrol (Motor Gasoline) are continuously being replenished by OMCs from supplies being made available through local Refinery’s production & regular arrival of vessels carrying… Continue reading

OGRA serves Show Cause Notice on six OMCs for fuel shortage at retail outlets

KARACHI: Oil and Gas Regulatory Authority (OGRA) has served Show Cause Notices (SCNs) on six oil marketing companies (OMCs) for fuel shortage at their retail outlets. OGRA spokesperson Imran Ghaznavi said the SCNs had been served on Shel, Attock Petroleum, Hascol, Puma, Gas & Oil, and Total Parco on the… Continue reading

Byco Puts Its Refining Complex On “Cold Circulation”, Due To Lack Of POL Demand

Karachi: Byco Petroleum Pakistan Limited, Pakistan’s largest oil refinery by design and installed capacity, has been constrained to put its refinery on “cold circulation”, due to absence of demand for POL products. Consumption of POL products in the nation have fallen drastically subsequent to the announcement of lockdowns across provinces… Continue reading

PSO reports profit after tax of Rs. 4.2 billion in 1H FY19

KARACHI: The Board of Management (BOM) of Pakistan State Oil Company Limited (PSOCL) has reviewed the performance of the Company for first half of the financial year 2019 (1HFY19) in its meeting held on February 16, 2019. The challenging economic trend in the country fueled by rupee devaluation and adverse… Continue reading

Pakistan stocks slip 1.5 percent

KARACHI: Pakistan stocks slipped 1.5 percent during the week ended November 24, 2017, which started off on a bearish note amid ongoing sit-in by religious parties, dampening investor’s sentiment. Consequently, lack of triggers during the week kept investors at bay, dealers said. Faizan Ahmed at JS Global Capital said political… Continue reading

Customs Intelligence Quetta seizes smuggled goods worth Rs90 million

KARACHI: Directorate of Customs Intelligence Quetta on the directives of Director General Customs Intelligence & Investigation Shaukat Ali has initiated a crackdown against movement of smuggled goods particularly Irani diesel. The Directorate has been advised to investigate on the lines whether any oil marketing company (OMC) was involved in the… Continue reading

Customs detect evasion of tax and petroleum development levy by OMCs

KARACHI: Pakistan Customs has detected evasion on the part of oil marketing companies (OMCs). These OMCs while ex-bonding dutiable petroleum products are not paying or short paying sales tax as well as petroleum development levy (PDL) by applying incorrect PDL rate. The rate of PDL for sales through retail outlets… Continue reading

Customs Sukkur seizes smuggled diesel

  KARACHI: Customs Sukkur has seized 2290 liters of smuggled Irani diesel in cans concealed in a truck loaded with coal. A large quantity of diesel used to be smuggled into Pakistan from Iran and was openly sold in the market. Several oil marketing companies (OMCs) were also found to… Continue reading

ASO Hyderabad detect diesel smuggling being carried on in an organized manner

KARACHI: The Anti Smuggling Organization (ASO) Hyderabad has seized a large quantity of smuggled Irani diesel and lodged an FIR against staff of Hascol Petroleum Limited and others for aiding and abetting smuggling of this commodity. According to the details of the case information was received through Additional Collector MCC,… Continue reading