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Tag Archives: Ministry of Petroleum and Natural Resources

Plugging Rs70b gap: GST on POL raised by 5pc to 22pc; govt to collect Rs45b

POL-price-cut

ISLAMABAD: In a bid to offset the revenue shortfall, the General Sales Tax (GST) on petroleum products has been increased General Sales Tax (GST) by 5 percent to 22 percent from the existing 17 percent. This move will enable the government to collect additional Rs19 billion due to increase in GST and Rs10 billion on account of the existing petroleum ... Read More »

Ministry tells Sindh, KPK govts to probe incidents of crude oil theft

Oil theft

ISLAMABAD: Following a number of complaints regarding theft of crude oil, the Ministry of Petroleum and Natural Resources has written to the chief ministers of Sindh and Khyber Pakhtunkhwa provinces to conduct investigations into theft complaints that not only depriving the exchequer of huge losses but also causing environmental hazards. The ministry has asked the Sindh and KPK governments to ... Read More »

314 CNG stations: IHC directs SNGPL to submit load management plan

IHC

ISLAMABAD: The Islamabad High Court (IHC) single bench comprising Justice Athar Minallah, while hearing the writ petitions of 314 CNG stations of Potohar region, has directed Sui Northern Gas Pipeline Limited (SNGPL) Managing Director to submit gas load management plan for industry and CNG sector before the court. The petitioners have adopted before the court that the Ministry of Petroleum ... Read More »

46 gas fields to generate 1,000MW: Summary for CCI prepared to slash LPG prices: Abbasi

Khaqan abbasi

ISLAMABAD: The Ministry of Petroleum and Natural Resources has prepared a summary regarding regularistaion of Liquid Petroleum Gas (LPG) prices which will be tabled in next meeting of the Council of Common Interest (CCI) and its approval will help bring down prices of LPG substantially. Talking to journalists, Minister for Petroleum and Natural Resources Khaqan Ababsi informed that his ministry ... Read More »

Flawed load management plan, Finance Ministry overstepped Petroleum Ministry’s domain: PEW

Dr Murtaza Mughal

ISLAMABAD: The government’s electricity and gas load management plan which prefers textile sector to the masses is flawed and faulty besides showing a major policy shift aims at pleasing the influential textile sector. But it will hardly work for a month only. Pakistan Economy Watch (PEW) Dr Murtaza Mughal pointed out that the government’s new plan for energy load management ... Read More »

Sensing Rs18b scam: CNG traders, transporters up the ante against LNG import

lng

KARACHI: Describing it a mega scam to con out the public of around $180 million or Rs18 billion per year, All-Pakistan CNG Association and Karachi Transport Ittehad threatened protest and sit-in at the Sui Southern Gas Company (SSGC) head office if the government does not withdraw the decision to import LNG. Addressing a press conference, All-Pakistan CNG Association Sindh chairman ... Read More »

Rs10.54 billion earned from Saindak Project: Petroleum Ministry

petroleum

ISLAMABAD: A report of Ministry of Petroleum and Natural Resources revealed Tuesday that the government earned Rs 10,012.54 million from Saindak Copper Gold Mines Project located District Chagai, Baluchistan in last two years -2011-12-2012-13. According to the report, Rs 5,412.819 million had been paid to Government of Baluchistan as Royalty and profit share. Rs 599.235 million had been paid to ... Read More »

ECC decides to impose 5pc GST on LNG import to help Rs450b CNG sector

Dar ECC meeting

ISLAMABAD: The Economic Coordination Committee (ECC) of the Cabinet has decided to impose 5 per cent GST on LNG import to bring Rs450b CNG industry out of crisis. Federal Minister for Finance Senator Muhammad Ishaq Dar chaired the meeting of the ECC here at the Prime Minister’s Office and considered the proposal for exempting LNG import from Gas Infrastructure Development ... Read More »

Petroleum Ministry approves Rs 2.94 cut in petrol price

A worker fills the tank of a car at a petrol station in Cairo

ISLAMABAD: The petrol price has been reduced by Rs 2.94 per litre which would be applicable from October 1 throughout the country. In a statement on Tuesday, the Ministry of Petroleum and Natural Resources said that the Oil and Gas Regulatory Authority (OGRA) had recommended decrease in petroleum prices and sent a summary in this regard to the ministry. The ... Read More »

Rs107m recovery: Tribunal turns down PSO appeal

Tribunal

KARACHI: The Customs Appellate Tribunal dismissed a Pakistan State Oil (PSO) appeal against the recovery of Rs107 million by the Customs authorities the former had not paid in the head of development surcharge on supply of POL products. It is verdict, the tribunal observed that the appellant could not be allowed to manipulate the provisions of Customs Act, 1969 and ... Read More »

Petroleum Ministry hopeful of LNG import by year-end

LNG

ISLAMABAD: The Ministry of Petroleum and Natural Resources is hopeful that the import of Liquefied Natural Gas (LNG) is likely to start by the end of this year to offset the fast depleting natural gas reserves in the country. According to an official of the ministry, the LNG will be imported through a transparent process and at competitive prices. He ... Read More »