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The Pakistani government is looking to tame inflation with fuel price cuts and a price-control mechanism, caretaker Prime Minister Anwaar ul Haq Kakar said on Monday. ... October 16, 2023 at 10:34 ...
(Bloomberg) -- Pakistan’s government increased local fuel prices from Friday to meet a key condition set by the International Monetary Fund for reviving its bailout program after talks with the ...
The Russian invasion of Ukraine has caused fuel prices to rise worldwide. Excessive external borrowings by the country over the years raised the spectre of default, causing the currency to fall and making imports more expensive in relative terms. By June 2022, inflation was at an all-time high, along with rising food prices. [1] [2] [3] [4]
The Inland Freight Equalization Margin (IFEM) is a regulatory measure implemented in Pakistan to equalize the price of petroleum products across different regions of the country. [ 1 ] [ 2 ] It includes the costs for refineries to transport crude oil from its source to their facilities, as well as the expenses for Oil Marketing Companies (OMCs ...
[3] [7] A year later, in 2002, Mari Gas, Total, and their contracting partners—Petronas, OMV, and the Oil and Gas Development Company—signed Pakistan's first-ever Production Sharing Agreements (PSAs) with the Government of Pakistan. [8] Mari's tariff was cost-plus but it was changed to international crude prices, starting from 2014-2015. [9]
Attock Petroleum started its operations in 1998 and is third largest oil marketing company in Pakistan as of 2018. [5] [2] In 2005, Attock was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 57.75. [6] [7]
Natural gas production is at a relatively high level and remaining reserves are estimated to be about 885.3 billion cu m (1 January 2009 est.). Pakistan's gas fields are only expected to last for about another 20 years at the most due to heavy industrial usage. [12] [13] The Largest Gas Producing province of Pakistan is Baluchistan.
In 2004, Pakistan Petroleum was listed on the Karachi Stock Exchange, following an initial public offering at PKR 55 per share. [4] In 2012, Pakistan Petroleum acquired MND operations in Pakistan for $180 million. [5] Later, it was unearthened that Pakistan Petroleum paid twice the market value and this resulted in the loss of PKR 6.21 billion. [6]