Latest news with #OMCs
Business Recorder
18 hours ago
- Business
- Business Recorder
Ministry seeks ECC nod for new OMCs, dealers' digitisation
KARACHI: The Petroleum ministry is set to send a summary to the Economic Coordination Committee (ECC), in near future, for imposition of additional fees for oil marketing companies (OMCs) and dealers to digitize supply chain and petrol pumps in a bid to curb fuel smuggling. While talking to the media during his visit to the Sui Southern Gas Company Limited (SSGC) on Friday, Federal Minister for Petroleum Ali Pervaiz Malik said that the additional fee will be added to the price of petroleum products. However, he claimed that the imposition of fees would not lead to an increase in fuel prices. He mentioned plans to digitize the petrol pumps and supply chain system within the next 6-12 months. Minister said that the cost will be utilized to digitize vehicles transporting oil to pumps and petrol pumps to detect and discard smuggled diesel and other petroleum products. The digitization plan involves using radar-based technology, digital nozzles, and installation of CCTV cameras to monitor the supply chain. For this, the ministry will send a summary to the Economic Coordination Committee (ECC) within two months, seeking approval for the additional fee, which is expected to be around Rs1.35 per liter for OMCs and Rs1.40 per liter for dealers. The minister elaborated that the government has already registered all petroleum products nationwide in phase-I and plans to fully digitize trucks transporting petroleum products over the next two to three months. The nozzles will also be fully digitized in the next few months. The minister highlighted the importance of ensuring a consistent supply chain of energy products, making them competitive in the international market, and ensuring sustainability. He also mentioned the upgrading of the oil refineries to produce clean energy for a better environment. Malik further informed that the government is working to curb smuggled diesel with the help of border law enforcement forces and restructure the Oil and Gas Regulatory Authority (OGRA) as well. Federal Minister for Energy Pervaiz Malik has expressed optimism about the country's economy, citing signs of early recovery in the form of lower inflation, reduced electricity tariffs, and decreased petroleum and diesel prices. In a press briefing at SSGC head office on Friday, Malik also acknowledged that the government still faces significant challenges, particularly in the energy sector. 'Accumulation of circular debt and stopping losses in the gas sector are complex issues that require immediate attention,' he said. Despite these challenges, Malik expressed confidence that the government is making progress. 'We want to put Pakistan on a sustainable, inclusive, developed, and climate-friendly journey, and for this, the energy sector is being organized,' he said. However, Malik expressed concern over power producers not honoring their commitments to lift imported gas (RLNG) for electricity generation, which is contributing to the circular debt. The ministry might consider acquiring bank loans to reduce the circular debt, he added. The minister emphasized that the government is committed to providing relief to the public and ensuring the country's economic progress. Copyright Business Recorder, 2025
Business Recorder
a day ago
- Business
- Business Recorder
Smuggling control: Pakistan govt may approve fees to digitise fuel supply, petrol pumps
Pakistan government is likely to approve additional fees for oil marketing companies (OMCs) and dealers to digitise supply chain and petrol pumps in a bid to curb fuel smuggling, Business Recorder learnt on Friday. The additional fee 'will be added to it (petroleum products) in the form of every litre,' said Federal Minister for Petroleum Ali Pervaiz Malik on Friday while talking to the media during his visit to the Sui Southern Gas Company Limited (SSGC). As per details, the digitisation would use radar based technology and digital nozzles, and installation of CCTV cameras to run and monitor the supply chain. Fuelling around: OMCs' rollercoaster ride in FY24 Malik did not disclose the amount of the additional fee. The background information, however, suggests it may be Rs1.35/litre for OMCs and Rs1.40/litre for dealers (petrol pumps). The Petroleum ministry is set to send a summary to the Economic Coordination Committee (ECC) in this regard within two months. The minister stated that his ministry had previously submitted a summary, which contained some issues. The issues were being addressed, he added. 'The cost will be utilised to digitise vehicles transporting oil to pumps and digitise petrol pumps as well to detect and discard the smuggled-in diesel and other petroleum products,' he said. The minister elaborated that they had registered all the petroleum products nationwide in phase-I. In the phase-II, lorries and trucks - which transport petroleum products from oil depot to petrol pumps - would be fully digitised over the next two to three-months from 85% at present. In another two months, the nozzles would be fully digitised using 70% at present, he explained. FBR tells ministry: 2.5% advance tax not applicable to OMCs' outlets 'The petrol pumps and supply chain system of the products would get fully digitised within six to 12-month from the time we provide OMCs the required investment and make arrangements for payments and paybacks,' Malik said. The minister regretted the power producers were not 'honouring their commitment to lift the imported gas (RLNG) for electricity generation', which is apparently causing surge in receivables of the Pakistan State oil (PSO) and filing up circular debt in the gas sector in contradiction to the International Monetary Fund (IMF) recommendation to free the debt and reduce it to zero in the time to come. The ministry might opt to acquire bank loan to reduce the circular debt like power sector was doing, the minister said.
Business Recorder
a day ago
- Business
- Business Recorder
Upward momentum persists at PSX
Buying rally continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 100 points during the first half of the trading session on Friday. A bullish run was observed in the initial hours of trading, pushing the KSE-100 to an intra-day high of 119,503.12. At 12pm, the benchmark index was hovering at 119,041.35, an increase of 69.95 points or 0.06%. Positive momentum was observed in key sectors, including cement, chemicals, commercial banks, fertilisers, oil and gas exploration companies, OMCs, and power generation. Index-heavy stocks including HUBCO, NRL, PRL, PSO, MARI, OGDC, PPL, HBL, NBP, MCB and UBL traded in the green. On Thursday, the Pakistan Stock Exchange (PSX) closed in the green zone, as investors remained strong due to various domestic and international reasons. The benchmark KSE-100 Index gained 638.50 points or 0.54% to settle at 118,971.40 points. Internationally, stocks slipped in Asia on Friday, and the US dollar dropped with Treasury yields as investors digested an appeals court's decision to keep President Donald Trump's tariffs in effect, a day after markets rallied on a separate ruling blocking most of them. Japan's Nikkei saw the most pronounced selling, after experiencing the most pronounced buying on Thursday, with moves in the exporter-heavy index exacerbated by the ebb and flow in demand for the safe-haven yen. Asian shares, US dollar climb on rosy data, tech optimism The United States Court of Appeals for the Federal Circuit in Washington temporarily reinstated Trump's duties on Thursday while it considers the government's appeal. The Nikkei dropped 1.7% in the Asian morning, putting it basically back at Wednesday's closing level. The yen strengthened about 2% from its low on Thursday to last change hands at around 143.48 per US dollar. A stronger yen reduces the value of overseas revenues. Hong Kong's Hang Seng sank 1.4% and mainland China's blue chip index eased 0.3% in early trading. South Korea's KOSPI fell 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.4%. This is an intra-day update
Business Recorder
2 days ago
- Business
- Business Recorder
Upward momentum persists, KSE-100 gains nearly 300 points in early trade
Buying rally continued at the Pakistan Stock Exchange (PSX), with the benchmark KSE-100 Index gaining nearly 300 points during the opening hours of trading on Friday. At 10am, the benchmark index was hovering at 119,259.25, an increase of 287.85 points or 0.24%. Positive momentum was observed in key sectors, including cement, chemicals, commercial banks, fertilisers, oil and gas exploration companies, OMCs, and power generation. Index-heavy stocks including HUBCO, NRL, PRL, PSO, MARI, OGDC, PPL, HBL, NBP, MCB and UBL traded in the green. On Thursday, the Pakistan Stock Exchange (PSX) closed in the green zone, as investors remained strong due to various domestic and international reasons. The benchmark KSE-100 Index gained 638.50 points or 0.54% to settle at 118,971.40 points. Internationally, stocks slipped in Asia on Friday, and the US dollar dropped with Treasury yields as investors digested an appeals court's decision to keep President Donald Trump's tariffs in effect, a day after markets rallied on a separate ruling blocking most of them. Japan's Nikkei saw the most pronounced selling, after experiencing the most pronounced buying on Thursday, with moves in the exporter-heavy index exacerbated by the ebb and flow in demand for the safe-haven yen. Asian shares, US dollar climb on rosy data, tech optimism The United States Court of Appeals for the Federal Circuit in Washington temporarily reinstated Trump's duties on Thursday while it considers the government's appeal. The Nikkei dropped 1.7% in the Asian morning, putting it basically back at Wednesday's closing level. The yen strengthened about 2% from its low on Thursday to last change hands at around 143.48 per US dollar. A stronger yen reduces the value of overseas revenues. Hong Kong's Hang Seng sank 1.4% and mainland China's blue chip index eased 0.3% in early trading. South Korea's KOSPI fell 0.5%. MSCI's broadest index of Asia-Pacific shares outside Japan was off 0.4%. This is an intra-day update
News18
2 days ago
- Automotive
- News18
Petrol, Diesel Fresh Prices Announced: Check Rates In Your City On May 30
Last Updated: Petrol, Diesel Price On May 30: Check City-Wise Rates Across India Including In Delhi, Mumbai And Kolkata Latest prices of petrol and diesel in your city. Petrol and Diesel Prices on May 30, 2025: Oil marketing companies (OMCs) revise petrol and diesel prices daily at 6 AM, reflecting fluctuations in global crude oil prices and currency exchange rates. These regular updates ensure transparency and provide consumers with the most accurate and current fuel price information. Petrol Diesel Price Today In India Check city-wise petrol and diesel prices on May 30: City Petrol (₹/L) Diesel (₹/L) New Delhi 94.72 87.62 Mumbai 104.21 92.15 Kolkata 103.94 90.76 Chennai 100.75 92.34 Ahmedabad 94.49 90.17 Bengaluru 102.92 89.02 Hyderabad 107.46 95.70 Jaipur 104.72 90.21 Lucknow 94.69 87.80 Pune 104.04 90.57 Chandigarh 94.30 82.45 Indore 106.48 91.88 Patna 105.58 93.80 Surat 95.00 89.00 Nashik 95.50 89.50 Key Factors Behind Petrol and Diesel Rates Petrol and diesel prices in India have remained unchanged since May 2022, following tax reductions by the central and several state governments. Oil Marketing Companies (OMCs) update fuel prices daily at 6 a.m., adjusting for fluctuations in global crude oil markets. While these rates are technically market-linked, they are also influenced by regulatory measures such as excise duties, base pricing frameworks, and informal price caps. How to Check Petrol and Diesel Prices via SMS You can easily check the latest petrol and diesel prices in your city through SMS. For Indian Oil customers, text the city code followed by 'RSP" to 9224992249. BPCL customers can send 'RSP" to 9223112222, and HPCL customers can text 'HP Price" to 9222201122 to receive the current fuel prices. Watch India Pakistan Breaking News on CNN News18. Stay updated with all the latest business news, including market trends, stock updates, tax, IPO, banking finance, real estate, savings and investments. Get in-depth analysis, expert opinions, and real-time updates—only on News18. Also Download the News18 App to stay updated! First Published:
