Many fuel stations shut down after sudden demand, supply suspension rumors

KARACHI: Several fuel stations were shut down in the city on Wednesday evening due to sudden demand after rumors of fuel supply suspension following mysterious toxic gas leakage. Earlier in the day Pakistan State Oil (PSO) temporarily closed down its storage terminal at Kemari for safety of its staff as toxic gas claimed around 15 […]

by Mrs. Anjum Shahnawaz

Oil sales show continuous decline for 8th consecutive quarter

Oct 2

Energy

Oil sales show continuous decline for 8th consecutive quarter

KARACHI: The oil sales witnessed continued downward trend in first quarter of fiscal year 2019/2020 for 8th consecutive quarter and posted fall of 13 percent Year on Year (YoY). Major decline was witnessed in Furnace Oil (FO) and Hi Speed Diesel (HSD) to the extent of 29 percent and 16 percent YoY, respectively, analysts at […]

by Mrs. Anjum Shahnawaz

OMCs sales sharply decline by 25pc in 10 months

May 6

Corporate, Energy

OMCs sales sharply decline by 25pc in 10 months

KARACHI: The sales of Oil Marketing Companies (OMCs) massively declined by 25 percent during first ten months (July – April) of current fiscal year owing to slowdown in economic activities. The sales of OMCs fell to around 15.28 million tons during July – April 2018/2019 as compared with 20.4 million tons in the same period […]

by Faisal Shahnawaz

PSO declares 55 percent decline in net profit for nine-month period

Apr 22

Corporate, Stock & Commodity

PSO declares 55 percent decline in net profit for nine-month period

KARACHI: The net profit of Pakistan State Oil (PSO) has declined substantially by 55 percent to Rs5.92 billion for the period July – March 2018/2019 as compared with Rs13.22 billion in the corresponding period of the last fiscal year. According to financial results submitted to Pakistan Stock Exchange (PSX) on Monday for nine-month period ended […]

by Faisal Shahnawaz

ECC may approve sovereign guarantee for Utility Stores Corporation

Apr 17

Finance

ECC may approve sovereign guarantee for Utility Stores Corporation

ISLAMABAD: The Economic Coordination Committee of the Cabinet (ECC) may grant formal approval for sovereign guarantee for Utility Stores Corporation (USC) in its meeting scheduled for April 17, 2019. According to agenda of the ECC meeting scheduled for Wednesday, the ministry of industries and production had proposed for the sovereign guarantee for the public sector […]

by Faisal Shahnawaz

PSO receives Rs60 billion from power companies

Mar 4

Corporate

PSO receives Rs60 billion from power companies

KARACHI: Pakistan State Oil (PSO) has said it received Rs60 billion as partial settlement of receivable from power sector companies. In a notice to Pakistan Stock Exchange (PSX) on Monday, the state run oil marketing company said that it had received an aggregate amount of Rs60 billion as partial settlement of receivables related to certain […]

by Faisal Shahnawaz

PSO declares 50% decline in net profit for first half

Feb 18

Corporate

PSO declares 50% decline in net profit for first half

KARACHI: Pakistan State Oil (PSO), the state-run oil company, has announced a 50 percent decline in net profit for the half-year period ending on December 31, 2018, as revealed in the financial results submitted to the Pakistan Stock Exchange (PSX) on Monday.

by Faisal Shahnawaz