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Tag Archives: Petroleum

Historic oil fall: Pakistan’s petroleum products set to decline

  Presently Brent oil sank to $36.05 a barrel — its weakest since July 2004 — before recovering slightly to $36.56. A worldwide oversupply has dramatically driven down the oil price, with suppliers declining to reach deals to address the glut. Just 18-month ago, in June last year, the price of oil was traded at $115 per barrel. The price of US crude was also recorded down this week, dropping …

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The influence of oil prices on Pakistan’s economy

  During early 1990s in Pakistan, power and transport industry were the key consumers of petroleum/oil having share of 25 percent and 50 percent, respectively in its total consumption. The crude oil prices have shown a record rise in the last few years rendering the oil importing and developing countries to face the serious fall out and economic setbacks. Experts have revealed that the consumption of petroleum/oil has explained an …

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Falling oil prices: who are the true beneficiaries?

  Oil price in the international market has slumped from around $100 per barrel to below $45 in the past one year. But in Pakistan, the governments generally do not provide the genuine relief to the masses after only reducing fuel prices marginally in the domestic market. A common man will only become the beneficiary of falling oil prices in the global market if the government and the oil and …

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Discovery of indigenous oil, gas reserves in Balochistan a good turn

  Having abundant gas treasury with good standing in the world Pakistan’s gas reserves are rapidly depleting as the country facing acute gas shortage and hardly meet its industry and domestic needs. Gas load shedding has become a routine in major industrial cities of the country. The country’s demand for energy, according to one estimate, is expected to rise at the rate of 10-12 percent annually in the foreseeable future, …

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Oil price fall improves earnings of refining sector all over the world

  Interview with Mr. Mumtaz Hasan Khan – Chairman & CEO, Hascol Petroleum Limited Profile Mumtaz Hasan Khan Chairman and CEO of Hascol Petroleum Limited has over 50 years of experience in the oil industry. He started his working life in Burmah Shell Oil Storage and Distribution Company in May 1963 and worked there till January 1976, where his last assignment was International Sales Manager. From February 1976 to July …

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Petroleum products contribute phenomenally to sales tax collection

  Petroleum products were the top revenue contributor of domestic sales tax, contributing around 44 percent (or Rs233.2 billion) to the total proceeds during 2014-15. Sales tax collection was concentrated in few commodities as 10 major items, including POL (petrol, oil and lubricants) and natural gas, shared 73 percent of the total domestic sales tax. All the major 10 items posted positive growth except natural gas and fertilizer. The collection …

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