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Category: Energy

You can go through stories related to energy. The stories are about changes in petroleum prices and updates on energy sector of Pakistan and world.

  • PPL announces Rs31.14 billion half year profit

    PPL announces Rs31.14 billion half year profit

    KARACHI: Pakistan Petroleum Limited (PPL) on Friday announced financial results for the half year ended December 31, 2021. The company announced Rs31.14 billion as net profit for the half year.

    The net profit of the company grew by over 19 per cent when compared with Rs26.11 billion in the same half of the last year.

    Pakistan Petroleum Limited is a Pakistani state-owned petroleum company. The company announced earnings per share at Rs11.44 for the half year ended December 31, 2021 as compared with Rs9.59 in the same period of the last year.

    READ MORE: PPL gets license for large scale mining of Lead, Zinc

    The board of directors of the company at its meeting held on February 25, 2022 approved the financial statements for the half year ended December 31, 2021.

    The board of directors approved an interim cash dividend for the year ending June 30, 2022 of Rs1.50 per share on ordinary shares and Rs1.5 per share on convertible preference shares. The dividend will be distributed to those members whose names appear in the register of members of the company as at the close of business on March 10, 2022.

    READ MORE: PPL posts 18% net profit growth in first quarter

    According to the financial results, the revenue of the company increased to Rs90.42 billion for the half year ended December 31, 2021 as compared with Rs75.81 billion in the same half of the preceding year.

    Operating expenses of the company eased to Rs19.96 billion when compared with Rs22.18 billion.

    Exploration expenses during the half ended December 31, 2021 increased sharply to Rs9.04 billion as compared with Rs3.27 billion in the same half of the last year.

  • Sindh High Court stops tax recovery against SSGC

    Sindh High Court stops tax recovery against SSGC

    KARACHI: Sindh High Court has suspended tax recovery notices issued against Sui Southern Gas Company Limited, according to a communication sent to the Pakistan Stock Exchange (PSX) on Friday.

    The gas utility clarified reports regarding action of the Large Taxpayers Office (LTO) Karachi for making recovery by attachment of bank accounts.

    READ MORE: FBR freezes SSGC’s bank accounts for tax recovery

    SSGC said that LTO Karachi had issued notice of recovery of sales tax to banks regarding SSGC without following the legal process and waiting for decision of an independent forum i.e. Appellate Tribunal.

    “Demand was raised on irrational and unreasonable grounds of treating swapping of indigenous gas against RLNG to SNGPL as sales income,” the gas utility said.

    It said that against the said recovery notice, SSGC filed constitutional petition before Sindh High Court and the SHC suspended the recovery notice of LTO Karachi through an Order dated February 23, 2022 being devoid of legal merits and directed SSGC to pursue matter before the Appellate Tribunal.

    The LTO Karachi on February 23, 2021 issued a press release stating that it had frozen bank accounts of SSGC due to its default of sales tax amount to the tune of Rs23 billion. The default amount of sales tax was also confirmed by the Commissioner Inland Revenue (Appeals).

    The SSGC in its latest communication said that the LTO Karachi had withdrawn such recovery notices.

    The LTO Karachi in an official note dated February 24, 2022 sent to banks stated: “… for the recovery of sales tax outstanding demand of Rs23.65 billion through bank attachment issued/served in respect of M/s. Suit Southern Gas Company Limited is hereby withdrawn with immediate effect.”

  • OGDCL declares over 63% net profit for 1HFY22

    OGDCL declares over 63% net profit for 1HFY22

    KARACHI: Oil and Gas Development Company Limited (OGDCL) on Wednesday announced financial results for the half year ended December 31, 2021.

    The company announced over 63 per cent growth in net profit to Rs69 billion for the first half (July – December) 2021/2022 as compared with Rs42.22 billion in the corresponding period of the last fiscal year.

    READ MORE: OGDCL declares Rs33.63 billion net profit in first quarter

    The company announced earnings per share (EPS) at Rs16.02 for the half year ended December 31, 2021 as compared with Rs9.82 announced in the corresponding half of the last year.

    The board of directors of the company in their meeting held on February 23, 2022 approved an interim cash dividend for the quarter ended December 31, 2021 at Rs2 per share i.e. 20 per cent. This is in addition to interim dividend already paid at Rs1.75 per shre i.e. 17.50 per cent.

    READ MORE: OGDCL discovers huge gas deposits in Balochistan

    According to the financial results, the sales of the company registered a massive increase to Rs151.16 billion for the first half of the fiscal year 2021/2022 as compared with Rs110.97 billion in the corresponding half of the last fiscal year.

    Operating expenses of the company were flat at Rs34.37 billion in July – December 2021/2022 as compared with Rs33.3 billion in the same period of the last fiscal year.

    READ MORE: OGDCL announces gas discovery in KPK

    OGDCL paid an amount of Rs17 billion as royalty during the first half of the current fiscal year as compared with Rs12.9 billion in the corresponding half of the last fiscal year.

  • KATI strongly criticizes hike in petroleum prices

    KATI strongly criticizes hike in petroleum prices

    KARACHI: Korangi Association of Trade and Industry (KATI) in a statement on Wednesday strongly criticized the government for the substantial increase in petroleum prices.

    Ms. Maheen Salman, acting president of KATI said that increase in prices of petroleum products by the government more than Rs 12 per liter is unacceptable and unbearable.

    READ MORE: Pakistan raises petrol price to record high at Rs160/liter

    She said that the price of petrol in the history of the country has crossed the highest level of Rs150 liter and reached a PKR 160 per liter which is alarming. Earlier, the price of petrol was beyond the purchasing power of the people.

    Maheen Salman said that due to the policy of the government, the inflation for the lower income group had gone up to 21 percent and now the recent increase in petroleum products will further increase the inflation which will severely affect the middle class and upper-middle-class including the poor.

    READ MORE: Korangi Association flays key policy rate hike

    Acting President KATI said that inflation has broken the back of the low-income group. There are no steps being taken by the government to provide some relief to the poor.

    Maheen Salman further said that the statement of the Finance Minister came out in the assembly that the IMF has strict conditions to withdraw the subsidy from the people.

    READ MORE: Around 65,000 industry workers vaccinated: KATI

    In such a situation, the government is increasing inflation on a daily basis but the means for the increase in revenue are not being created.

    Job opportunities are dwindling, industries are closing, flight of investment is all-time high, so how can the country develop. She appealed to the government to keep the inflation rate in line with the purchasing power of the people.

    READ MORE: KATI seeks precautionary measures before rains

  • NKATI urges PM Imran to reduce petroleum prices

    NKATI urges PM Imran to reduce petroleum prices

    Faisal Moiz Khan, the President of the North Karachi Association of Trade & Industry (NKATI), has expressed deep concerns regarding the recent surge in domestic petroleum prices.

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  • Pakistan raises petrol price to record high at Rs160/liter

    Pakistan raises petrol price to record high at Rs160/liter

    ISLAMABAD: Pakistan on Tuesday sharply increased the price of petrol to a new record high level at around Rs160 per liter in the wake of surge in international oil prices.

    According to a statement issued by the Finance Division, the government has announced a massive increase in all the petroleum products effective from February 16, 2022.

    READ MORE; Petroleum prices kept unchanged for next fortnight

    The government increased the rate of petrol by Rs12.03 to Rs159.86 from Rs147.83. The rate of high speed diesel has been enhanced by Rs9.53 to Rs154.15 from Rs144.62. The government increased the price of kerosene oil by Rs10.08 to Rs126.56 from Rs116.48. Similarly, the rate of light diesel oil has been increased b Rs9.43 to Rs123.97 from Rs114.54.

    READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

    The finance division in the press release said that the price of petroleum products were showing drastic increase in the international markets and presently are at the highest level since 2014.

    “Despite the unabated increase since the beginning of the year, Prime Minister Imran Khan deferred the last review of petroleum products prices on January 31, 2022 and advised against the summary of Oil and Gas Regulatory Authority (OGRA).”

    READ MORE: Prices of all POL products increased to wish New Year

    In order to provide utmost relief to the consumers, the government levied zero per cent sales tax and reduced petroleum levy rate against the budgeted targets.

    Resultantly, the government is bearing the revenue loss of Rs35 billion (fortnightly) on account of budgeted to existing petroleum levy and sales tax rates.

    READ MORE: Petrol price reduces to Rs140.82 per liter

    The finance division said that in the fortnightly review of petroleum products prices, the Prime Minister has considered the recommendations to increase the prices of petroleum products in line with change in the international oil prices. “Despite the increase in the prices of petroleum products, petroleum levy and sales tax have been kept to the minimum,” it added.

  • HUBCO declares 25% decline in half-year profit

    HUBCO declares 25% decline in half-year profit

    KARACHI: Hub Power Company Limited (HUBCO) (PSX: HUBC on Tuesday declared 25 per cent decline in net profit for the half year ended December 31, 2021.

    According to consolidated financial results submitted to the Pakistan Stock Exchange (PSX), the profit after tax of the company fell to Rs12.72 billion during July – December 2021 as compared with Rs16.89 billion in the corresponding period of the last fiscal year.

    READ MORE: Kamran Kamal appointed HUBCO chief

    HUBCO is the first and largest Independent Power Producer (IPP) in the country with a combined installed power generation capacity of 2920 MW, according to company’s website.

    The board of directors of the company in a meeting held on February 15, 2022 reviewed and approved the financial results for the period December 31, 2021.

    The board has not recommended any cash dividend, bonus shares or right shares for the period.

    The fall in profit may be attributed to slump in share of profit from associations and joint venture, which declined to Rs830.74 million for the half year ended December 31, 2021 as compared with Rs7.6 billion in the corresponding period of the last fiscal year.

    According to the consolidated results, the total turnover of the company was at Rs46.27 billion for the period under review as compared with Rs26.79 billion in the same period of the last fiscal year.

    The gross profit of the company was flat at Rs15.81 billion for July – December 2021 as compared with Rs15.87 billion in the corresponding period of the last fiscal year.

    Operating expenses of the company fell significantly to Rs47.48 million for the half year ended December 31, 2021 as compared with Rs236.71 million in the same period of the last year.

    HUBCO announced Rs9.41 as earnings per share for the period July – December 2021 as compared with Rs12.60 EPS in the same period of the last year.

  • SSGC restores supply to CNG stations ahead schedule

    SSGC restores supply to CNG stations ahead schedule

    KARACHI: Sui Southern Gas Company (SSGC) on Friday announced to restore gas supply to CNG Stations from February 14, 2022, a day ahead for scheduled restoration.

    “The gas supply will be restored to CNG stations based on RLNG from February 14, 2022,” Salman Ahmed Siddiqui, Head of Corporate Communications, and spokesman SSGC said.

    READ MORE: Industry protests against gas shortage at SSGC

    As per gas management plan the gas supply was remained suspended since December 01, 2021 and was to be restored on February 15, 2022. “The gas supply will be restored ahead of scheduled time to those CNG stations, which are using RLNG,” the spokesman added.

    READ MORE: PM appealed restoring gas to Karachi industrial zones

    The Senior vice chairman of the All Pakistan CNG Association (APCNA), Central, Shoaib Khanjee said that the gas is being restored after two and a half months. “We hope gas stations will not be closed due to gas shortage,” he added.

    READ MORE: PHMA cries foul on gas suspension to textile industry

    He said that the industry had suffered immense losses due to the gas suspension. He appealed the government to provide subsidy to the industry. He also appealed the government to take stern action against those who involved in sabotage of the industry.

  • PSO posts massive growth of 245% in six months

    PSO posts massive growth of 245% in six months

    KARACHI: Pakistan State Oil Company Limited (PSX: PSO) has declared massive growth of 245 per cent in net profit for the six months ended December 31, 2021.

    According to financial results submitted to the Pakistan Stock Exchange (PSX) on Friday, the company declared Rs31.92 as profit after tax for the six month period ended December 31, 2021 as compared with Rs9.26 billion in the same half of the last year.

    READ MORE: PSO registers 120% growth in quarterly profits

    The company declared Rs68.20 as earnings per share (EPS) for the period under review as compared with EPS of Rs19.93 in the same period of the last year.

    The board of management of the company in the meeting held on Friday and recommended a ‘nil’ dividend.

    READ MORE: PSO’s prudent planning helps considerable savings

    Net sales of the company surged to Rs998.77 billion for the half year ended December 31, 2021 as compared with Rs580.98 billion in the corresponding half of the last year.

    The gross profit of the company was at Rs50.16 billion as compared with Rs21.38 billion.

    Administrative costs increased to Rs1.81 billion during the six month period ended December 31, 2021 as compared with Rs1.72 billion in the same period of the last year.

    READ MORE: PSO posts highest ever annual net profit of Rs29.1bn

  • FBR announces sharp cut in sales tax on POL products

    FBR announces sharp cut in sales tax on POL products

    ISLAMABAD: The Federal Board of Revenue (FBR) has announced sharp cut in sales tax on supply of petroleum products.

    The FBR on Thursday issued SRO 183(I)/2022 to reduce the sales tax against normal rate of 17 per cent.

    The revenue body previously issued SRO 88(I)/2022 dated January 18, 2022 to change the sales tax rates.

    READ MORE: FBR slashes sales tax rates on petrol, HSD

    According to the SRO 183(I)/2022, the sales tax rate on light diesel oil has been slashed to zero percent from previous 2.7 per cent.

    The sales tax rate on petrol has been reduced to 0.79 per cent from 2.5 per cent. Similarly, the sales tax on high speed diesel has been reduced to 3.17 per cent from 5.44 per cent.

    The sales tax rate on kerosene oil has been slashed to 5.30 per cent from 8.30 per cent.

    READ MORE: Pakistan’s petrol price rises to record high at Rs147.83

    The federal government had deferred the increase in prices of petroleum products for next fortnight starting February 01, 2022. A statement issued by the Finance Division stated that the petroleum products were showing substantial increase in the international market and presently trading at highest level since 2014.

    The oil prices have witnessed an increase of 14.5 per cent just in January 2022 in the global market. The existing sales tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets.

    READ MORE: Prices of all POL products increased to wish New Year

    The government is bearing the revenue loss of around Rs30 billion (fortnightly) on account of budgeted to existing petroleum levy and sales tax rates and Rs 260 billion annually due to reduced sales tax rate.

    Despite revenue losses due to rising petroleum prices globally, the Prime Minister of Pakistan has deferred the proposal by OGRA to increase up to Rs. 16.79/Litre in the petroleum product prices and desired that petroleum product prices shall remain the same from 1st February, 2022 as notified earlier on January 15, 2022 for providing maximum relief to the general public.