Islamabad: In a bid to tackle the persistent dry outs in the petroleum sector, the government of Pakistan has unveiled a new policy known as the “bonded warehouse.”
Following the last update on May 1, the daily petroleum prices in Pakistan for May 2023 have remained unchanged, offering stability to consumers. The current prices will be effective until May 15, 2023.
ISLAMABAD: Pakistan likely to impose tax on petroleum products to avert imminent shortfall in revenue collection. Reports suggested that the Federal Board of Revenue (FBR) – the apex tax collecting agency of the country – is anticipating massive revenue shortfall in coming months due to no tax on petroleum products besides slowdown in economic activity. […]
KARACHI: Mari Petroleum Company Limited (MPCL) on Thursday declared over Rs33 billion after tax profit for the fiscal year 2021/2022. According to annual financial results submitted to the Pakistan Stock Exchange (PSX), the net profit of the company increased by 5.15 per cent when compared with Rs31.44 billion in the preceding fiscal year. The company […]
ISLAMABAD: The chairman of Pakistan Tehreek-e-Insaf (PTI), Imran Khan on Monday demanded the present coalition government to reduce the petroleum prices drastically. In a public address on Monday, after securing landslide victory in by-election, Imran Khan demanded the government to cut off petrol prices because the oil prices in the international market has been reduced […]
KARACHI: Pakistan Petroleum Dealers Association (PPDA) on Sunday decided to call of shut down strike scheduled for July 18, 2022 on government’s assurance to increase the dealers’ margin. PPDA on July 02, 2022 announced a complete shutdown of petrol pumps from July 18, 2022 in protest of rise in cost of doing business and falling […]
KARACHI: Pakistan Petroleum Dealers Association (PPDA) on Saturday announced a complete shutdown of petrol pumps from July 18, 2022 in protest of rise in cost of doing business and falling dealers margin. READ MORE: NA approves levy on petroleum products up to Rs50/liter Abdul Sami Khan, Chairman, PPDA at a meeting discussed the current dealers […]
ISLAMABAD: The government has estimated a collection of Rs750 billion as petroleum levy during next fiscal year 2022/2023. It is worth mentioning that the previous PTI government had not imposed a petroleum levy in order to provide petroleum products at cheaper rates. READ MORE: FBR assigned tax collection target of Rs7 trillion in 2022/2023 However, […]
ISLAMABAD: Prime Minister Imran Khan has said that the government is working on a new petroleum policy, which will offer incentives to foreign exploration and production (E&P) companies. The prime minister said this at a meeting with Chief Executive Officer Kuwait Petroleum Shaikh Nawaf Saud Al-Sabah, along with his delegation, which called on Prime Minister […]
KARACHI: The income tax law has explained separately for computation of profits and gains from exploration and production of petroleum in Pakistan.