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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.

  • Authorities seal 609 illegal pumps; recover 4.5 million petrol, diesel

    Authorities seal 609 illegal pumps; recover 4.5 million petrol, diesel

    Islamabad: Pakistan Customs with the assistance of law enforcement agencies has sealed around 609 illegal pumps selling smuggled petroleum products.

    Besides, around 4.5 million liters of smuggled petrol and diesel have also seized during the operation, a statement issued by the PM office said on Friday.

    The authorities have initiated crackdown against the illegal fuel stations on the directives of Prime Minister Imran Khan.

    An across-the-board and non-discriminatory action under the ministry of interior is on full swing, which has started yielding positive results, the PM office said.

    In case, owners of the sealed fuel station remain unable to produce authentic documents within seven days of the action, the State will be authorized to confiscate their pump along with other properties under the Custom Act, it said.

    Non-production of documents will deem the fact that the properties were acquired through illegal means of smuggling, it added.

  • Oil production falls by 6 percent in second quarter of current fiscal year

    Oil production falls by 6 percent in second quarter of current fiscal year

    KARACHI: Pakistan’s Oil production fell by 6 percent year on year (YoY) during second quarter of the current fiscal year to 76,331 barrels of oil per day, analysts said on Thursday.

    This has been attributed to decline in production of Tal block fields like Mardankhel and Makori Deep by 27 percent and 31 percent YoY, respectively. Oil production during 1HFY21 fell at the same rate of 6 percent YoY.

    Production from Chanda, Maramzai, and Makori East increased in range of 5-46 percent YoY. Chanda’s production increased due to induction of Chanda-5 well. Production from Nashpa increased 7 percent QoQ as field was on an annual turnaround in the last quarter (Sep 03-09, 2020).

    As per PPIS data, five new fields were inducted to production line during 2QFY21 namely Baqa (300+ bopd; operated by UEP), Saand (100+ bopd; operated by OGDC), Tando Allay Yar SW (90+ bopd; operated by OGDC), Bolan East (800+bopd; operated by MARI) and Mangrio (200+bopd; operated by OGDC).

    Pakistan gas production declined by 4 percent YoY to 3,409 mmcfd as flows from KPD, Kandhkot and Qadirpur fell in the range of 6-18 percent. During 1HFY21, production declined by 3 percent YoY.

    During 2QFY21, Kandkhkot field’s production declined due to lesser offtake from Gencos. Mari field filled those Kandhkot fields flows as depicted from 12 percent YoY increase in its production.

    Four new fields were added to production line, namely Saand (7+ mmcfd; operated by OGDC), Tando Allah Yar SW (9+ mmcfd; operated by OGDC) and Mangrio (3+ mmcfd; operated by OGDC) and Baqa (1mmcfd, operated by UEPL).

  • Gas crisis: one day complete shutdown announced for captive power units

    Gas crisis: one day complete shutdown announced for captive power units

    KARACHI: The Sui Southern Gas Company Limited (SSGC) on Tuesday announced a complete shutdown of supply for industries during next 24 hours considering the ongoing gas crisis.

    According to a statement a 100 percent closure to be observed by captive power units of all industries including export oriented starting 0000 hours on Wednesday January 13, 2021 to 0000 hours on Tuesday January 14, 2020.

    The SSGC informed all industrial association that presently its franchise is experiencing an emergency situation. “Our two major gas fields have faced technical problems and curtailed 55 MMCFD gas,” it said, adding that SSGC system is completely depleted and severe low pressure is being faced across the franchise, particularly, in Karachi.

    As per CCOE directive, SSGC announced one-day closure for Sunday, January 10, 2021 and the same was withdrawn to accommodate the consumers after the electricity shutdown in the whole country.

    “Considering the above gas crisis, request our esteemed consumers to extend their cooperation by curtailing their gas consumption for 24 hours, starting 0000 hours on Wednesday January 13, 2021 till 0000 hours on Thursday January 14, 2021.

  • New Year gift: prices of all petroleum products increased

    New Year gift: prices of all petroleum products increased

    ISLAMABAD: The federal government on Thursday announced a New Year gift for general public by enhancing prices of all petroleum products next fortnight effective from mid-night of January 01, 2021.

    According to a press statement issued by the Finance Division, the prices of petroleum products enhanced and will effect from January 01, 2020 for the next fortnight, are as follow:

    The price of petrol has been increased by Rs2.31 to Rs106 per liter from Rs103.69.

    The rate of high speed diesel (HSD) increased by Rs1.80 to Rs110.24 per liter to Rs108.44.

    The price of kerosene oil has been enhanced by Rs3.36 to Rs73.65 per liter from Rs70.29.

    Similarly, the price of light diesel oil has been increased by Rs3.95 to Rs67.86 per liter from Rs71.81.

  • Shanghai Power allowed extension for public announcement offer to acquire KE shares

    Shanghai Power allowed extension for public announcement offer to acquire KE shares

    KARACHI: Securities and Exchange Commission of Pakistan (SECP) has allowed 90 days extension to Shanghai Power Company to make public announcement of offer to acquire 66.40 percent ordinary shares of K-Electric Limited.

    According to a communication to Pakistan Stock Exchange (PSX) on Tuesday related to extension in timeline for public announcement offer to acquire up to 4,639,825,784 ordinary shares of K-Electric Limited by Shanghai Electric Power Company Limited.

    Arif Habib Limited in the letter said with reference to the public announcement of intention published on June 30, 2020 to acquire 66.40 percent ordinary shares of K-Electric Limited by Shanghai Power Company Limited under the provision of regulation 7(1) of the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017

    The SECP in its letter said that the authority had granted the extension of ninety days to make public announcement of offer by Arif Habib Limited, which now may be made till March 27, 2021.

  • POL Products: import unit price plunges by 46%; retail price up 35% in five months

    POL Products: import unit price plunges by 46%; retail price up 35% in five months

    ISLAMABAD: The unit price of imported POL products fell by 46 percent during first five months (July – November) of the current fiscal year, yet the retail petrol price increased by 35 percent during the period under review.

    According to Pakistan Bureau of Statistics (PBS) the import of POL products fell by 16.51 percent to $1.815 billion during first five months of the current fiscal year as compared with $2.17 billion in the same period of the last fiscal year.

    At one end where import payment for finished petroleum produces fell by 16.51 percent the quantity of same products has increased by 54.42 percent during the period under review.

    The country paid $1.815 billion for the import of 6.08 million metric tons of petroleum products during July – November 2020. However, the payment for POL Products was $2.17 billion for the import of 3.93 million metric tons. Therefore, the unit price came down by 46 percent for the period under review.

    On the other hand, the government increased the price of petrol by 35 percent during the period under review. The per liter petrol was Rs74.52 on July 01, 2020 and it was increased to Rs100.69 per liter up to November 30, 2020.

    It is interestingly to note that the exchange rate during the period also witnessed appreciation in the local currency. The rupee appreciated by 4.47 percent during the period under review. The rupee was at Rs166.89 to the dollar on July 01, 2020 and it appreciated to Rs159.42 to the dollar on November 30, 2020.

  • Customs invites OMCs for auction of POL products on December 22

    Customs invites OMCs for auction of POL products on December 22

    ISLAMABAD: Directorate General of Intelligence and Investigation. Customs, Multan has announced auction of huge quantity of POL products on December 22, 2020 at the directorate office.

    The directorate will auction POL products, included: High Speed Diesel (HSD) 295,200 liters; Kerosene Oil 111,630 liters; and base oil 94,200 liters.

    The directorate said that the quotations for the auction had been invited only from Oil Market Companies (OMCs) to purchase the same on as is where is basis.

    The successful bidder shall pay 10 percent withholding tax of the accepted bid amount of the auctioned subject POL products.

    It said that the sealed tenders/offers must be received up to 1:00PM on December 22, 2020. The tenders/offers shall be opened at 2:00PM on the same day by the competent authority in the presence of all the participants.

    The highest tender/offer shall be considered for processing of the case and submit to the competent authority in terms of Rule 73 of Customs Rules. In case of acceptance of the offer by the competent authority under aforementioned rules, rest of the amount shall be paid by the successful bidder within a period of seven days under Rule 68 of the Customs Rules.

    In case of rejection of the bid earnest money shall be refunded to the bidder under Rule 74 of Customs Rules.

  • Petrol increased to Rs103.69 per liter

    Petrol increased to Rs103.69 per liter

    The government has announced an increase in the prices of all petroleum products, including petrol, for the upcoming fortnight, effective from December 16, 2020. This adjustment reflects global market trends and fluctuations in crude oil prices, impacting the cost of fuel domestically.

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  • ECC abolishes peak-hour electricity tariff

    ECC abolishes peak-hour electricity tariff

    ISLAMABAD: Economic Coordination Committee (ECC) of the Cabinet on Thursday approved abolishment of higher electricity tariff for peak hours.

    Adviser to the Prime Minister on Finance and Revenue, Dr. Abdul Hafeez Shaikh chaired the meeting of the Economic Coordination Committee (ECC) of the Cabinet.

    Minister for Privatization Muhammad Mian Soomro, Minister for Economic Affairs Makhdoom Khusro Bakhtiar, Minister for Railways Sheikh Rashid Ahmed, Adviser to the PM on Commerce Abdul Razak Dawood, SAPM on Revenue Dr. Waqar Masood, SAPM on Power Tabish Gauhar and Adviser to the PM on Institutional Reforms and Austerity Ishrat Hussain participated in the meeting.

    Governor State Bank of Pakistan Dr. Reza Baqir joined the meeting through video link.

    The Power Division presented the case for abolishment of Time-of-Use tariff scheme for Industrial consumers to spur industrial activity amid COVID-19 pandemic by removing the distinction between the current system of peak and off-peak hours as a part of Industrial support package.

    The underlying rationale is to incentivize industrial units to operate round the clock and produce greater output during testing times.

    Consequently, ECC accorded approval, in principle, to the proposal regarding amendment in the respective SROs both for the XWDISCOS and K-Electric to charge the off-peak rates against the peak hours.

    The abolishment of peak and off-peak tariff structure would be implemented with effect from November 01, 2020 till April 30, 2021.

  • Diesel oil price hiked by Rs4/liter

    Diesel oil price hiked by Rs4/liter

    ISLAMABAD: The government has increase the price of high speed diesel oil by Rs4 per liter. The prices of other POL products have been kept unchanged for next fortnight with effect from December 01, 2020, a statement said on Monday.

    The government in its endeavor to provide maximum relief to the public has decided to absorb most of the increase in international prices of petroleum products, the statement said.

    The prices of MS (Petrol), Kerosene (SKO) and Light Diesel Oil would remain the same w.e.f. 01 December 2020 for the next fifteen days.

    However, due to significant increase in the international price of High Speed Diesel (HSD), the price of High Speed Diesel has been increased by Rs. 4.00 per liter for the same period.

    The price of high speed diesel has been increased to Rs105.43 per liter from Rs104.43.

    The prices of MS (Petrol) at Rs100.69; Kerosene (SKO) at Rs65.29, ant Light Diesel Oil at Rs62.86 have been kept unchanged for next fortnight.

    POL prices increased up to Rs3.10/liter