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This tag provides stories related to petroleum. Pakistan Revenue is committed to provide updated petroleum prices to readers when updated. Petroleum prices are very important for all segments of socity.

  • Mari Petroleum declares Rs33 billion as annual profit for FY22

    Mari Petroleum declares Rs33 billion as annual profit for FY22

    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 announced earnings per share (EPS) at Rs247.84 for the year ended June 30, 2022 as compared with EPS Rs235.71 in the previous year.

    READ MORE: Engro, Excelerate Energy ink MoU to market RLNG in Pakistan

    The board of directors of Mari Petroleum Company Limited was held on Thursday August 4, 2022, which recommended a final cash dividend for the year ended June 30, 2022 at Rs62 per share at 62 per cent. This is in addition to the interim dividend already paid at Rs62 i.e. 62 per cent.

    The final cash dividend (including interim) will bring the total cash dividend to 50 per cent of the net profits of the company.

    The overview of the financial results revealed that the company’s natural gas production increased by five per cent, while crude oil and condensate production remained steady, which translated into the highest-ever total production of 36.91 MMBOE. “This equates to a net daily average production of 101,109 boepd, which is above the 100,000 boepd mark for the very first time,” the company said.

    READ MORE: Pakistan high petroleum prices massively cut oil sales in July

    The company further said that the enhancement in production, greater financial discipline and better prices drove the company’s profit before tax to the highest ever Rs52.1 billion, which is 19 per cent higher from the last year’s results.

    The tax charge for the year is Rs19.1 billion, which includes the provision for super tax of Rs5.2 billion, which has resulted in increased effective tax rate of 36.7 per cent in the fiscal year under review as compared with 28.4 per cent in the last fiscal year.

    The company said that the above dividend will be paid to those shareholders whose names will appear on the register of members at the close of business on September 21, 2022.

    READ MORE: Pakistan State Oil gets Rs30 billion to avoid default

    According to the financial results the gross sales of the company massively increased to Rs108.97 billion for the year ended June 30, 2022 as compared with Rs82.69 billion in the preceding year. The payment impact of general sales tax and federal excise duty was Rs13.84 billion in the year ended June 30, 2022 as compared with Rs9.67 billion in the preceding year.

    This brings the net sales of the company at Rs95.13 billion as compared with Rs73.02 billion. The company paid an amount Rs12 billion as royalty during the fiscal year 2021/2022 as compared with Rs9.31 billion in the preceding fiscal year.

    Operating expenses of the company grew to Rs17.40 billion during the year ended June 30, 2022 as compared with Rs15.04 billion in the preceding year.

    Meanwhile, the expenses on exploration and prospecting expenditure recorded massive growth to Rs10.93 billion during the fiscal year 2021/2022 as against Rs4.54 billion in the preceding fiscal year.

  • Imran Khan demands substantial reduction in petroleum prices

    Imran Khan demands substantial reduction in petroleum prices

    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 sharply.

    Imran Khan, the former prime minister who was removed from the executive post on April 10, 2022 through a motion of no confidence.

    READ MORE: New petroleum prices in Pakistan from July 15, 2022

    Earlier, in February 2022, Imran Khan as the prime minister announced massive relief to the masses through grant of huge subsidy on petroleum prices and electricity tariff.

    The PTI had also kept the petroleum levy and sales tax at zero to avoid passing on the high prices of crude oil in international market.

    Imran Khan said that during his government the prices of petroleum products were kept at subsidized rates when oil prices in the international market were $106 per barrel. But now oil prices have been drastically reduced to $96 per barrel, so the government should reduce the price of petrol products according to the ratio of oil prices in the international market.

    The government on July 14, 2022 announced reduction in prices of petroleum products effective from July 15, 2022 after a massive decline observed in the prices of oil in international markets.

    READ MORE: Slashing petroleum prices summary to be sent: Miftah

    Following are the recent prices of petroleum products:

    The prices of petrol have been decreased by Rs18.50 per liter to Rs230.24 from Rs248.74.

    The rate of high speed diesel has been decreased by Rs40.54 per liter to Rs235.95 from Rs276.54.

    The rate of kerosene oil has been decreased by Rs33.81 per liter to Rs196.45 from Rs230.26.

    Similarly, the rate of light speed diesel has been decreased by Rs34.71 per liter to Rs191.44 from Rs226.15.

    READ MORE: FPCCI demands 10% cut in petroleum prices

    Although the Shehbaz led coalition government reduced the above prices ahead of by-election in Punjab but the PML-N failed to attract masses.

    The PML-N secured only four seats out of 20 showing its failure. This has also strengthened Imran’s statement for conducting general elections without any delay.

  • Petroleum dealers decide not to shut down petrol pumps

    Petroleum dealers decide not to shut down petrol pumps

    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 dealers’ margin.

    READ MORE: Dealers threaten shutting down petrol pumps from July 18

    The government has assured the petroleum dealers to increase dealers’ commission by 100 per cent. The government has agreed to increase the dealers’ commission from Rs3.5 to Rs7 per liter.

    The government also assured the petroleum dealers to increase margin by Rs3.5 on petroleum products per liter. The government discussed that the procedure for increasing the dealers’ margin would be notified later.

    READ MORE: NA approves levy on petroleum products up to Rs50/liter

    According to the sources, the government will increase the 50 percent of dealers’ margin on July 31, 2022 and the next 50 per cent would be increased on August 15, 2022.

  • Dealers threaten shutting down petrol pumps from July 18

    Dealers threaten shutting down petrol pumps from July 18

    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 margin, which were forcing petroleum dealers to shut down their business. The association demanded that the dealers margin should be enhanced to 6 per cent.

    Sami Khan said that due to high cost of electricity their profit margin declined drastically. Besides, massive hike in prices of petroleum products also affected their business adversely.

    READ MORE: New prices of petroleum products in Pakistan from July 01, 2022

    He further added, the protest shut down would continue till the demands were accepted. He said that fuel stations could not continue supply while sustaining continuous losses. At present the dealers are receiving margin after deduction of tax at Rs3.20 per liter on diesel and Rs3.90 on petrol per liter.

    READ MORE: Petroleum levy to generate Rs750 billion

    He also recalled the promise of increasing margin to 4.5 per cent given by the previous PTI government but due to increased prices of diesel and petrol, the PPDA is facing many problems in operating the fuel stations.

    The chairman threatened the present coalition government led by PML-N to close down the fuel stations if the demand of increasing margin to 6 per cent is not accepted.

    READ MORE: What are new petroleum prices in Pakistan?

  • Petroleum levy to generate Rs750 billion

    Petroleum levy to generate Rs750 billion

    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, the current coalition government led by PML-N in its budget 2022/2023 announced on June 10, 2023 estimated collection of Rs750 billion during the next fiscal year.

    The government has estimated a collection of Rs135 billion in the current fiscal year.

    READ MORE: Budget 2022/2023: Salient features of customs duty act

    The present government also estimated an amount of Rs40 billion through natural gas development surcharge during the next fiscal year as compared with existing estimates of Rs30 billion in the outgoing fiscal year.

    An amount of Rs70 billion has been estimated to be collected from royalty on natural gas during the next fiscal year as compared with existing estimates of Rs60 billion in the current fiscal year.

    READ MORE: Budget 2022/2023: Salient features of sales tax

    Under the head of gas infrastructure development cess (GIDC) the government is estimating a collection of Rs200 billion during the next fiscal year as compared with existing Rs25 billion in the current fiscal year.

    The government has also estimated a collection of Rs10 billion from windfall levy against crude oil as compared with estimated Rs12 billion in the outgoing fiscal year.

    READ MORE: Budget 2022/2023: Salient features of income tax

  • New petroleum policy to offer incentives to foreign E&P companies: Imran Khan

    New petroleum policy to offer incentives to foreign E&P companies: Imran Khan

    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 Imran Khan at Prime Minister’s Office on Wednesday.

    The prime minister said that in order to capitalize the existing potential of the sector, the fovernment was working on a new petroleum policy offering incentives to foreign exploration and production (E&P) companies and removing impediments in way to undertaking smooth and profitable business ventures.

    Minister for Energy Omar Ayub Khan, Minister Energy Punjab Dr. M. Akhtar Malik, Secretary Petroleum Mian Asad Hayauddin and senior officers were also present during the meeting.

    Shaikh Nawaf Saud Al-Sabah briefed the Prime Minister about Kuwait Petroleum’s business ventures in Pakistan since 1980s in the area of exploration.

    He evinced keen interest in further expanding business activities in the country.

    The prime minister welcomed Shaikh Nawaf Saud Al-Sabah and his delegation to Pakistan and assured Government’s continued support to the company in their smooth business operations.

    The prime minister highlighted various steps that the present Government has taken for improving ease of doing business and facilitation of foreign investment.

    The prime minister observed that exploration remained a neglected area in past.

    Imran Khan appreciated company’s contribution towards imparting training to the local manpower in E&P sector.

    Minister Energy Punjab Dr. M. Akhtar Malik also briefed the meeting about various initiatives being taken by Punjab Government in Petroleum sector.

  • Income Tax Ordinance 2001: Computation of profits, gains from exploration, production of petroleum

    Income Tax Ordinance 2001: Computation of profits, gains from exploration, production of petroleum

    KARACHI: The income tax law has explained separately for computation of profits and gains from exploration and production of petroleum in Pakistan.

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