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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.

  • 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.

  • K-Electric to raise Rs12 billion through Sukuk

    K-Electric to raise Rs12 billion through Sukuk

    KARACHI: K-Electric Limited, the leading power generation and supply company, has announced plans to raise Rs12 billion through the issuance of Sukuk.

    (more…)
  • Pakistan Oilfields declares Rs10.92 billion half year profit

    Pakistan Oilfields declares Rs10.92 billion half year profit

    KARACHI: Pakistan Oilfields Limited on Friday announced 64 per cent growth in its net profit to Rs10.92 billion during first half (July – December) 2021/2022.

    The company’s net profit for the same half of the last year was Rs6.5 billion.

    The company declared earnings per share (EPS) at Rs38.48 for the half year ended December 31, 2021 as compared with EPS Rs23.42.

    READ MORE: Pakistan Oilfields announces large oil, gas discovery in Kohat

    The board of directors of Pakistan Oilfields met on Friday February 04, 2022 to approve the financial results of the company for six months ended December 31, 2021.

    The board approved an interim cash dividend for the half year December 31, 2021 at Rs20 per share i.e. 200 per cent.

    Net sales in 2QFY22 climbed up by 44 per cent YoY, clocking-in at Rs12,610 million against Rs8,773 million during SPLY as a result of  i) 79 per cent YoY surge in realized oil prices and ii) 8 per cent YoY Pak Rupee depreciation against USD.

    Meanwhile, oil and gas production plummeted by 10.2 per cent and 9.7 per cent YoY, respectively. Whereas, topline in 1HFY22 clocked-in at PKR 23,687 million, witnessing a growth of 35 per cent YoY given a 71 per cent YoY hike in average realized oil prices.

    The exploration costs ascended by three times YoY in 2QFY22, arriving at PKR 108 million compared to PKR 34 million in SPLY, given higher geological and geophysical cost during the period. On a cumulative basis, exploration costs during 1HFY22 reached PKR 559 million, up by 5x YoY owed to higher seismic activity.

    Other income depicted a massive jump of 8x YoY, reaching PKR 2,018 million during 2QFY22 in contrast to PKR 242 million during the same period last year. This massive increase comes on the back of exchange gain on foreign currency tagged with higher income from bank saving accounts, deposits and investments. Similarly, other income during 1HFY22 comes out to be PKR 4,718 million, up 8x YoY.

    The company booked effective taxation at 36 per cent in 2QFY22 vis-à-vis 39 per cent in 2QFY21.

  • Attock Petroleum declares 208% growth in six-month profit

    Attock Petroleum declares 208% growth in six-month profit

    KARACHI: Attock Petroleum Limited on Friday declared 208 per cent growth in profit after tax for the six months period ended December 31, 2021.

    The company announced Rs6.61 billion as profit after tax for the period under review as compared with Rs2.41 billion profit after tax for the same period of the last year.

    Attock Petroleum Limited announced earnings per share of Rs66.40 for the six months period ended December 31, 2021 as compared with EPS of Rs21.56 in the same period of the last year.

    The board of directors of Attock Petroleum met on Friday February 04, 2022 and announced an interim cash dividend for the six month period ended December 31, 2021 at Rs15 per share i.e. 150 per cent.

    The board however approved no bonus share, right share or any other entitlement/corporate action.

    The company declared profit before tax of Rs9.37 billion for the first half (July – December) 2021 as compared with Rs2.99 billion in the same period of the last year.

    The net sales of the company increased sharply to Rs154.27 billion during the first half of the current fiscal year as compared with Rs89.97 billion in the corresponding half of the last fiscal year.

    Operating expenses of the company also surged to Rs3.4 billion during the period under review as compared with Rs1.79 billion in the same period of the last fiscal year.

  • Saudi oil facility for Pakistan to start soon

    Saudi oil facility for Pakistan to start soon

    ISLAMABAD: Saudi Arabia to operationalize soon the oil facility to Pakistan, it was agreed at a meeting on Thursday.

    Ambassador of the Kingdom of Saudi Arabia in Islamabad Nawaf bin Saeed Al-Malkiy called on the Federal Minister for Economic Affairs Omar Ayub Khan in his office on Thursday.

    READ MORE: KSA extends oil on deferred payments to Pakistan

    During the meeting, it was agreed to operationalize the Saudi Oil Facility at the earliest.

    The Financing Agreement worth $ 1.2 billion for import for petroleum products was signed on November 29, 2021 between the Saudi Fund for Development (SFD) and Economic Affairs Division (EAD), Pakistan.

    As per Financing Agreement, the SFD will extend financing facility up to $100 million per month for one-year for purchase of petroleum products on deferred payment basis.

    Both the sides discussed ongoing development projects and new initiatives.

    READ MORE: SBP signs $3bn deposit agreement with Saudi Fund

    The Minister for Economic Affairs appreciated the Saudi support in the priority development areas, said a press release received here today.

    They also discussed the remaining work of development projects in the earthquake affected areas of Azad Jammu & Kashmir (AJK) and Khyber Pakhtunkhwa (KP).

    Saudi Fund for Development (SFD) is providing financial assistance for various development projects in the areas of Energy, Health, Education and Infrastructure.

    Most recently, the SFD has committed to provide financing for Mohmand Dam Project, Shounter Hydropower Project, Jagran-IV Hydropower Project, Gravity Flow Water Scheme Mansehra, and Abbottabad- Muzaffarabad Road Project.

    The Saudi Ambassador assured of continued support at all level to further strengthen the bilateral economic cooperation between the two brotherly countries.

    The Saudi Ambassador expressed that the Kingdom of Saudi Arabia is committed to play a much stronger role in the socioeconomic development of Pakistan.

  • Petroleum prices kept unchanged for next fortnight

    Petroleum prices kept unchanged for next fortnight

    ISLAMABAD: The government has kept the prices of petroleum products unchanged for next fortnight on Monday after Prime Minister Imran Khan rejected the proposals to hike the POL prices.

    Prime Minister Imran Khan Monday rejected proposals to increase the petrol price by Rs 10 per liter and diesel by Rs 14, in the national interest.

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

    The prime minister said that government would bear the burden of the price hike this time to protect the people from the additional economic burden.

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

    As the government was striving to avert the burden of inflation from the people, therefore the prime minister deferred the Energy Ministry’s summary despite the fact that the oil prices were increasing worldwide owing to the swelling global inflation.

    Following the decision, the prices of petroleum products will be maintained at: petrol Rs147.83 per liter; high speed diesel (HSD) Rs144.62 per liter; kerosene Rs116.48 per liter; and light diesel oil at Rs114.54 per liter.

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

    A statement issued by the Finance Division stated that the petroleum products are 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% just in last month in the global market.

    The existing Sales Tax rate and Petroleum Levy on various petroleum products are much below the budgeted targets. The Government is bearing the revenue loss of around Rs.30 billion (fortnightly) on account of budgeted to existing PL and ST rates and Rs. 260 billion annually due to reduced ST rate.

    READ MORE: Govt. keeps petroleum prices unchanged

    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, 2020 as notified earlier on 15th January, 2022 for providing maximum relief to the general public. The Prime Minister has further desired to keep the prices at the same level through adjustments in Sales Tax, if required.