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  • POL prices increased for next fortnight; per liter petrol up by Rs5.4 to Rs118.09

    POL prices increased for next fortnight; per liter petrol up by Rs5.4 to Rs118.09

    ISLAMABAD: The government on Thursday announced increase in petroleum prices to be implemented midnight with effect from July 16, 2021 for next fortnight.

    The government announced an increase of Rs5.4 to Rs118.09 in price of petrol from Rs112.69.

    Likewise, the prices of high speed diesel increased by Rs2.54 per liter, from Rs113.99 to Rs116.53; kerosene oil by Rs1.39 per liter, from Rs85.75 to Rs87.14 whereas the price of light diesel oil increased by Rs1.27, from Rs83.40 per liter to Rs84.67 per liter.

    The Oil and Gas Regulatory Authority (OGRA) had recommended Rs11.50 increase in per liter petrol, however the Prime Minister, considering to provide maximum relief to the public allowed only Rs5.4 liter increase, said a press statement issued by the Finance Ministry here.

    In this way, the government observed Rs6.10 price hike in the commodity, it added. “The government has been providing maximum relief to the consumers by reducing the price of the petroleum products since April 2021,” it added.

    The statement said that although the international oil prices have been on rise, the government took the decision not to pass on the entire burden of increase to the consumers.

    The rates of sales tax and petroleum levy have been adjusted in a manner that maximum relief is provided to the consumers.

  • Ogra imposes penalty of Rs10 million on Hascol Petroleum

    Ogra imposes penalty of Rs10 million on Hascol Petroleum

    The Oil and Gas Regulatory Authority (OGRA) has imposed a penalty of Rs10 million on Hascol Petroleum Limited and suspended its marketing license for Khyber Pakhtunkhwa. The regulatory action, communicated to Hascol on October 20, 2020, was disclosed by the company in a notification to the Pakistan Stock Exchange (PSX) on Thursday.

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  • FIRs lodged against two OMCs for black marketing

    FIRs lodged against two OMCs for black marketing

    ISLAMABAD: Authorities on Tuesday initiated legal action against Oil Marketing Companies (OMCs) for indulgence in hoarding of petroleum products (POL) and creating artificial shortage.

    At least two FIRs have been lodged against OMCs including Hascol Petroleum Limited and Gas & Oil Pakistan Limited for their involvement in black marketing of petroleum products.

    A team of ministry of energy (petroleum division) inspected various OMCs terminal at Kaemari Karachi on Tuesday. The team observed hoarding / black marketing by the OMCs.

    Sources said that the FIRs had been lodged against the Chief Executive Officers (CEOs) of the OMCs.

    In latest development the Oil and Gas Regulatory Authority (OGRA) decided to undertake inspection of all oil depots in the country from Wednesday i.e. June 10, 2020.

    There are 22 oil depots in the country. Around 22 teams of OGRA and HDIP will inspect the depots.

  • OMCs must have 21 days stock of POL products, federal cabinet decides

    OMCs must have 21 days stock of POL products, federal cabinet decides

    ISLAMABAD: Authorities to enforce license condition that Oil Marketing Companies (OMCs) must have 21 days stock in order to ensure availability of petroleum products.

    Prime Minister Imran khan chaired the meeting of the federal cabinet held on Tuesday. The prime minister directed the Minister of Petroleum and Oil and Gas Regulatory Authority (OGRA) to ensure that every OMC maintains 21 days stock to meet its license conditions.

    The cabinet took serious note of the artificial shortage of petrol in the country. The Prime Minister directed that maximum punitive action must be taken against all those responsible for this.

    The following specific directions were given:

    a. The Cabinet noted that OGRA and Petroleum Division have legal authority to physically enter and inspect oil companies storage facilities. The Cabinet directed Petroleum Ministry to form joint raiding teams comprising of representatives of Petroleum Division, OGRA, FIA and District administrations. The teams shall inspect all petrol depots/storage. They have all authority to enter any site. Anyone found involved in hoarding shall face full force of law, including arrest and forced release of such stores.

    b. Any company found not maintaining the mandatory stocks and supply to its outlets, as per their license, shall face punitive actions, including suspension and cancellation of license and heavy fines.

    c. The Prime Minister directed that the Petroleum Division and OGRA take all actions necessary to ensure regular supplies within 48-72 hours.

    d. Ministry of Energy informed the cabinet that while June 2019 total supplies were 650,000 metric tons while supplies arranged for June 2020 are 850,000 metric tons. The cabinet urged the public not to engage in panic buying. The stocks that are being hoarded will be identified and ensured to be available in the market and action taken against hoarders.

  • POL prices increased up to Rs3.10/liter

    POL prices increased up to Rs3.10/liter

    ISLAMABAD: The government has increased the prices of petroleum products (POL) up to Rs3.10 per liter effective from January 01, 2020.

    In a notification issued on Tuesday, the government decided to increase the prices of petroleum products as per recommended by Oil and Gas Regulatory Authority (OGRA).

    Following are the new POL prices:

    The price of kerosene (SKO) has been increased by Rs3.10 per liter to Rs99.45 to from Rs96.35.

    The price of petrol has been increased by Rs2.61 per liter to Rs116.60 from Rs113.99.

    The rate of High Speed Diesel (HSD) has been increased by Rs2.25 per liter to Rs127.26 from Rs125.01.

    The price of Light Diesel Oil (LDO) has been increased by Rs2.08 to Rs84.51 from Rs82.43.

  • Hascol Petroleum gets license for lube oil blending plant operation

    Hascol Petroleum gets license for lube oil blending plant operation

    KARACHI: The Oil and Gas Regulatory Authority (OGRA) has granted license to Hascol Lubricants (Private) Limited to start commercial operations of the lube oil blending plant located at Port Qasim Authority, company official said on Wednesday.

    Hascol Lubricants (Private) Limited is the wholly owned subsidiary of Hascol Petroleum Limited.

    The company said that the blending plant is built on a state of the art technology with a capacity of 40,000 Metric Ton per annum.

    The blending plant is powered by ABB Blending System (French origin) which is considered as one of the best in the world along with the Comaco Filing Machines (Italian Origin), said a company notice sent to Pakistan Stock Exchange (PSX).

    The blending plant is also equipped with a laboratory of superior technology, capable of performing test of lubricants against international standards.

    “The company expects that the commencement of the commercial operations of the blending plant will have a positive financial impact on its profitability and will also improve the existing volumes of the company’s lubricants business.”

  • Prices of Petrol, HSD increased by Rs6/liter

    Prices of Petrol, HSD increased by Rs6/liter

    ISLAMABAD: The government has increased prices of petroleum products up to Rs6 per liter for the month of April 2019.

    The prices of petrol and diesel have been increased by Rs6 per liter and prices of kerosene oil and light diesel oil by Rs3 per liter.

    The price of diesel prices has been inflated from Rs111.43 to Rs117. 43 per litre, petrol from Rs92.89 to 98.89 per litre, LDO from Rs77. 54 to Rs80.54 per litre and kerosene from Rs86. 31 to Rs89.31 per litre.

    Oil and Gas Regulatory Authority (OGRA) in its summary had proposed that the price of high speed diesel be increased by Rs11. 17 per litre (10 per cent) and petrol by Rs11.98 per litre (12.8 per cent) for April.