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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.

  • Prices of petroleum products kept unchanged

    Prices of petroleum products kept unchanged

    ISLAMABAD: The federal government on Friday decided not to increase the prices of petroleum products during next fortnight in order to provide relief to the consumers during the holy month of Ramazan.

    A statement said that in line with the vision of the Prime Minister to provide relief to the consumers in the holy month of Ramazan, the government has decided not to increase the prices of the petroleum products.

    The implementation of this proposal requires an adjustment in the rates of petroleum levy on all petroleum products and a reduction in sales tax as well in case of kerosene oil and light diesel oil.

    It is pertinent to mention that the government was not charging any Petroleum Levy (PL) on Kerosene and light diesel oil.

    The cumulative revenue impact of the decision will be Rs. 4.8 billion.

    The prices of petroleum products w.e.f May 01, 2021 are as follows:

    MS Petrol Rs.108.56/liter

    High Speed Diesel Rs. 110.76/liter

    Kerosene oil Rs. 80.00/liter

    Light Diesel Oil Rs. 77.65/liter

  • PSO announces 5-time increase in net profit for nine-month period

    PSO announces 5-time increase in net profit for nine-month period

    KARACHI: Pakistan State Oil (PSO) has declared five-time increase in net profit for nine-month period ended March 31, 2021. The unprecedented growth may be attributed to reduction in cost of products sold during the period.

    According to financial results for nine-month period ended March 31, 2021 submitted to Pakistan Stock Exchange (PSX), the company announced an amount of Rs18.24 billion during first nine months (July – March) 2020/2021 as compared with profit of Rs3.01 billion in the corresponding period of the last fiscal year.

    The gross sales of the company fell to Rs1,008.7 billion during first nine months of the current fiscal year as compared with Rs1,038.01 billion in the corresponding period of the last fiscal year.

    The cost of products sold significant fell to Rs815.22 billion during July – March of 2020/2021 as compared with Rs867.18 billion in the same period of the last fiscal year.

    PSO declared gross profit of Rs37.7 billion during first nine months of the current fiscal year as compared with Rs20.14 billion in the same period of the last fiscal year.

    Operating cost of the company was remained flat at Rs8.06 billion during first nine months of the current fiscal year as compared with Rs8.07 billion in the same period of the last fiscal year.

    PSO declared earnings per share at Rs38.86 for the nine months period ended March 31, 2021 as compared with Rs6.41 EPS in the same period of the last fiscal year.

  • PPL declares decline in net profit to Rs38.12 billion during nine months

    PPL declares decline in net profit to Rs38.12 billion during nine months

    KARACHI: Pakistan Petroleum Limited (PPL) on Thursday declared decline in net profit to Rs38.12 billion for the nine-month period ended March 31, 2021.

    According to unconsolidated financial results submitted to Pakistan Stock Exchange (PSX), the petroleum company declared Rs38.12 billion during first nine months (July – March) 2020/2021 as compared with Rs39.23 billion in the corresponding period of the last fiscal year.

    Revenue of the company fell to Rs112.23 billion during the period under review as compared with the revenue of Rs126.23 billion in the same period of the last fiscal year.

    Operating expenses of PPL also eased to Rs32.45 billion during the nine-month period ended March 31, 2021 as compared with Rs33.04 billion in the same period of the last fiscal year.

    The company paid royalties and other levies to the tune of Rs16.67 billion during first nine months of the current fiscal year as compared with Rs18.88 billion in the corresponding period of the last fiscal year.

    Exploration expenses fell drastically during the period under review. The expenses under this head fell to Rs3.62 billion during July – March 2020/2021 as compared with Rs13.76 billion in the same period of the last fiscal year.

    The net profit of the company for the quarter ended March 31, 2021 also fell to Rs11.88 billion when compared with Rs14.67 billion in the same quarter of the last year.

  • K-Electric declares 222 percent growth in quarterly net profit despite massive impairment loss

    K-Electric declares 222 percent growth in quarterly net profit despite massive impairment loss

    K-Electric Limited (KE), a leading power generation and supply company, has reported an impressive 222 percent increase in net profit for the quarter ending March 31, 2021.

    (more…)
  • Pakistan Refinery announces contraction in accumulative loss at Rs17.74 billion

    Pakistan Refinery announces contraction in accumulative loss at Rs17.74 billion

    KARACHI: Pakistan Refinery Limited (PRL) on Tuesday announced financial results for quarter ended March 31, 2021. The accumulated losses of the company contracted at Rs17.74 billion by March 31, 2021 as compared with loss of Rs18.36 billion by June 30, 2020.

    In addition, current liabilities of the company exceeded its current assets by Rs14.49 billion as March 31, 2021 as against Rs16.84 billion by June 30, 2020.

    The company ended the period with negative cash and cash equivalents amounting to Rs5.65 billion as against Rs10.19 billion on June 30, 2020.

    The company said: “These conditions may cast significant doubt on the company’s liability to continue as a going concern and the company may be unable to realize its assets and discharge its liabilities in the normal course of business.”

    The refinery further said that right issue of one ordinary share of every one share held amounting to Rs3.15 billion, announced in February 2020 to address negative equity and liquidity issues was completed during the period thereby increasing the share capital to Rs6.3 billion.

    “Further, by changing crude recipe and operational philosophy during the current financial year, company was able to produce IMO-2020 grade Marine Residual Fuel (MRF), a premium product and Euro-II High Speed Diesel for a certain period that enabled the company to earn additional revenues,” it said.

    However, sustainable production of above high premium products is tied with long term crude arrangements, it added.

    The company’s ability to produce Petrol (MS) 92, 95 and RON has resulted in saving of RON differential price adjustment on MS and also generated additional revenues to the company during the period.

    “All these efforts helped the company in earning profit after taxation of Rs621 million for nine-month period ended March 31, 2021 as compared with loss after tax of Rs6.77 billion in the same period of the last year.”

    The company said: “Based on the cumulative impact of factors mentioned above, the company believes that it will continue as a going concern and will be able to realize its assets and discharge its liabilities in the normal course of business.”

  • NTDC sets up control center to monitor power supply during Sehr, Iftar and Traweeh

    NTDC sets up control center to monitor power supply during Sehr, Iftar and Traweeh

    LAHORE:  National Transmission and Dispatch Company Limited (NTDC) has setup Central Control Center at 220 kV grid station, New Kotlakhpat, Lahore to monitor and keep a close liaison with NPCC and all DISCOs during Sehr, Iftar and Traweeh, a statement said on Wednesday.

    The monitoring cell has been established in compliance of directions of Ministry of energy (Power Division). The Central Control Center will monitor stability of the Power System.

    Engr. Dr. Khawaja Riffat Hassan visited the control center and checked the arrangements. He said that the Central Control Center will work round the clock under the supervision of GM (Asset Management) North and dedicated team will look after continuous and uninterrupted power supply to all distribution companies throughout the country.

    He said that in order to meet any emergency Regional Control Centers of Asset Management at Islamabad, Multan, Hyderabad & Quetta have also been established.

    MD NTDC further said that in case of a fault at any Grid Station or Transmission Line of NTDC across Pakistan, the control center will monitor the team mobilisation and material directly and latest information will be shared with the Ministry of Energy (Power Division) and respective DISCOs.

  • Engro Corp approves $31.4m for petrochemical project study

    Engro Corp approves $31.4m for petrochemical project study

    KARACHI: The board of directors of Engro Corporation Limited has approved $31.4 million for commencement of a study on a projected related to petrochemical chemical for future investment prospects.

    In an information shared with the Pakistan Stock Exchange (PSX), the company said that the board in its meeting held on April 08, 2021 approved an amount of up to $31.4 million towards conducting engineering, design and technical studies including a Front End Engineering Design (FEDD) study in relation of PDH-PP Project.

    The result of these studies, when completed, are expected to inform the final investment decision in relation to this project, which decision will also be based on a conducive policy environment and arranging the right mix of debt and equity partners at such time.

  • Sales of POL products surge by 44pc in March

    Sales of POL products surge by 44pc in March

    KARACHI: The sales of petroleum products have climbed up by 44 percent year on year (YoY) in March 2021 due to low base of March 2020 as the government last year enforced lockdown that resulted in slowdown in sales volume.

    Analysts at Arif Habib Limited said that total petroleum and lubricant sales clocked-in at 1.49 million tons in March 2021, depicting a gigantic growth of 44 percent YoY (ex- furnace oil growth of 32 percent YoY and 4 percent MoM) and 6 percent MoM due to extra working days compared to February and low base of March 2020 given the incumbent government enforced a lockdown last year resulting in a slowdown in sales volumes.

     The growth in sales volumes is primarily attributable to: i) Economic growth driving retail fuel sales, ii) Surge in trade activity (exports and imports) and better agricultural yields resulting in higher sales of HSD, iii) double digit growth in automobile offtake, iv) preference to private transport over public transport to reduce chances of contracting Covid-19, and v) strict surveillance on borders and various parts of country in order to control supply of illegal or dumped fuel from Iran.

    During 9MFY21, sales of total petroleum products increased by 15 percent YoY to 14.15 million tons against 12.27 million tons in 9MFY20.

    Dissection of data revealed that major contribution to growth came from HSD and FO with offtake undergoing a jump to 5.38 million tons and 2.30 million tons, up by 17 percent and 43 percent YoY against 4.60 million tons and 1.61 million tons in SPLY.

  • Petrol price reduced to Rs110.35 per liter

    Petrol price reduced to Rs110.35 per liter

    ISLAMABAD: The government on Wednesday announced a decline of Rs1.55 per liter petrol to Rs110.35 for the next fortnight starting April 01, 2021.

    According to revised petroleum prices issued by the finance division the price of petrol has been revised downward by Rs1.55 per liter to Rs110.35 from existing price of Rs111.90.

    The price of high speed diesel has been reduced by Rs3 per liter to Rs113.08 from Rs116.08.

    Similarly, the per liter kerosene oil has been reduced by Rs1.55 to Rs82.06 from Rs83.61.

    Likewise, the price of light diesel oil has been brought down by Rs1.56 per liter to Rs79.86 from exiting Rs81.42.

    The prices will be effective from April 01, 2021.

  • Byco Petroleum changes name

    Byco Petroleum changes name

    KARACHI: Byco Petroleum Pakistan Limited has changed its official name to Cinergyco PK Limited, according to information shared with Pakistan Stock Exchange (PSX) on Wednesday.

    It said that the board of directors has considered and approved a change in company’s name from Byco Petroleum Pakistan Limited to Cinergyco PK Limited.

    Consequently, for such purpose, the board has also resolved to call an extraordinary general meeting for seeking approval/authorization of the shareholders, the company added.