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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 ...
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...
The reform raised the price to $0.40 US per liter and later reduced the ration to 60 liters per month. The price for over-quota consumption and the imported cars were $0.70 US per liter. The energy price reform included a cash-rebate program through which each person received 455,000 rials ($15 US) per month from the government.
There are five main oil refineries in Pakistan with a combined capacity of approximately 450,000 barrels of crude oil per day (bpd), equivalent to 20 million tonnes per annum. [8] Cnergyico PK Limited is the largest oil refiner, with its oil refining complex in the Balochistan province able to refine up to 156,000 barrels per day of crude oil. [9]
The Pakistani government on Monday welcomed the arrival of the first shipment of discounted crude from Russia under a key deal between Islamabad and Moscow. Prime Minister Shahbaz Sharif hailed it ...
After the partition of British India in August 1947, the newly formed Government of Pakistan required oil exploration to be conducted by companies incorporated in Pakistan and using the local currency. [4] In response to this requirement, Attock Oil Company incorporated Pakistan Oilfields Limited, in which it held a shareholding of 70 percent. [4]
National Refinery Limited (NRL) is a Pakistani oil refinery which is a subsidiary of UK-domiciled Attock Oil Company. [2] It is based in Korangi Creek, Karachi. [3] [4]It is a petroleum refinery and petrochemical complex engaged in the manufacture and sale of asphalts, BTX, fuel products and lubes for domestic consumption and export.
The crude oil that is produced in Pakistan gets refined at home at five oil refineries which are Cnergyico Pk Limited, Pak-Arab Refinery Company Limited , Pakistan Refinery Limited, Attock Refinery Limited, and National Refinery Limited. [7] The combined processing capacity of these five refineries is roughly 420,000 barrels per day.