The government has announced an increase in the prices of petrol and other petroleum products, citing rising international oil prices as a key factor.
(more…)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.
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OGDCL-PPL awarded exploration rights of new block in Balochistan
KARACHI: The government has provisionally awarded exploration rights of a new block situated in the Balochistan Province to a joint venture comprising Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL), a statement said on Friday.
The statement issued by PPL said that the government had provisionally awarded a new block ‘Suleiman (Block No. 3069-9) situated in Balochistan for exploration rights to the joint venture formed between OGDCL and the company.
“OGDCL and the Company [PPL] each hold fifty percent working interest in the block which will be operated by OGDCL, subject to the execution of a Petroleum Concession Agreement and issue of an Exploration License,” the statement added.
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SHC dismisses petition challenging KE privatization
KARACHI: Sindh High Court (SHC) has dismissed a constitutional petition that has challenged the privatization of K-Electric, the power distribution company.
In a note sent to Pakistan Stock Exchange (PSX) on Monday, K-Electric Limited said that the court had dismissed constitutional petition bearing No. D1511-2012 titled as KESX Labour Union and Others vs. Federation of Pakistan and others’ along with related petitions on January 21, 2020, whereby the court had dismissed the said petition through which the privatization of the K-Electric Limited was challenged.
The judgment was announced in the open court. However, the certified copy of the afore-noted judgment is still awaited, K-Electric said.
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Petrol per liter price increased to Rs109.20
Islamabad: The government on Friday announced increase in prices of petroleum products for next fortnight and fixed Rs109.20 for per liter petrol, a statement said.
The new prices will be implemented with effect from January 16, 2021.
The price of petrol has been increased by Rs3.2 per litter to Rs109.20 from previous rate of Rs106.
The rate of high speed diesel has been enhanced by Rs2.95 per liter to Rs76.65 from Rs73.65.
The price of kerosene oil has been increased by Rs3 per liter to Rs76.65 from Rs73.65.
The rate of light diesel oil has been increased by Rs4.42 per liter to Rs76.23 from Rs71.81.
The new prices of petroleum products are effective till January 31, 2021.
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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.
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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).
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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.
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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.
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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.
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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.