Latest news with #PakistanStateOil
Business Recorder
2 days ago
- Business
- Business Recorder
Move to cushion PSO: Exchange rate losses adjusted into petrol prices
ISLAMABAD: To cushion Pakistan State Oil (PSO) against exchange rate losses, the federal government has adjusted its fortnightly petroleum pricing, effective June 1, 2025, by reducing the Inland Freight Equalization Margin (IFEM) and slightly increasing average of Platts with incidentals and duty. The federal government adjusted Rs2.17 per litre exchange rate losses into petrol prices which led to increase in petrol prices by Re1 per litre with effect from June 1 to 15. With a major importer, state-owned PSO has 55 percent share in total petroleum products. The Oil and Gas Regulatory Authority (OGRA) as a regulator takes PSO cost of supply to determine the fortnightly prices of petroleum products. As compared with previous fortnight (May 16-31), avg of platts with incidentals and duty reduced by 58 paisa from Rs150.46 to Rs151.04 per litre. The PSO exchange rate adjustment increased from Rs1.34 to Rs3.51 per litre. The IFEM has been brought down by Rs1.75 per litre from Rs6.30 to Rs4.55 per litre on petrol. The price of high-speed diesel (HSD) has kept unchanged by adjusting 0.05 paisa raise in ave of platts with incidentals and duty, 20 paisa increase in PSO exchange rate with 25 paisa reduction in IFEM. The petroleum levy (PL) on petrol and HSD has been kept unchanged at Rs78.02 per litre and Rs77.01 per litre. Copyright Business Recorder, 2025
Express Tribune
5 days ago
- Business
- Express Tribune
Electricity focus hurts balance
Listen to article Federal Minister for Petroleum Ali Pervaiz Malik has stated that the overemphasis on the power sector in recent years has undermined other vital components of Pakistan's energy landscape, particularly the gas and petroleum sectors. During a visit to the Sui Southern Gas Company (SSGC) head office in Karachi, Malik remarked that while electricity remains a critical component of national energy planning, the persistent neglect of the petroleum and gas sectors is aggravating existing problems, most notably the growing circular debt. He revealed that power generation companies had committed to purchasing six LNG cargoes but are now failing to honour those agreements, leaving around 600 million cubic feet per day (mmcfd) of imported RLNG unused. This failure, he cautioned, is leading to an accumulation of receivables at Pakistan State Oil (PSO) and contributing to a rise in circular debtcontrary to International Monetary Fund (IMF) directives aimed at reducing it. Malik disclosed that the government is considering borrowing from banks to cover gas-sector dues, following a financing model already used in the power sector. He also raised the alarm over rampant diesel smuggling, calling it a "cancer" within the petroleum industry. To counter this, the ministry has launched a wide-ranging digitisation initiative. All trucks transporting petroleum products will be brought under a digital monitoring system, and every unloading point will be officially recorded. The digitisation drive will also cover petrol pumps across the country, where manual nozzlesfrequently used for fuel theft or the sale of smuggled fuelwill be replaced with digital meters linked directly to the Federal Board of Revenue (FBR). To finance this upgrade, the petroleum ministry is preparing a proposal for the Economic Coordination Committee (ECC) to approve an additional fee on petroleum products. Though Malik did not specify the fee amount, sources suggest it may be Rs1.35 per litre for oil marketing companies and Rs1.40 for dealers. On the issue of new residential gas connections, Malik said a final decision would be made after consultation with Prime Minister Shehbaz Sharif. He noted that the gas pipeline infrastructureparticularly in Karachiis outdated, with some pipelines over 40 years old. SSGC's network alone spans 55,000 kilometres, underscoring the magnitude of the challenge. Malik also discussed plans to improve energy trade with the United States by exploring petroleum imports. A special committee under the finance minister is reviewing the proposal. He concluded his Karachi visit with a tour of Pak-Arab Refinery Limited (PARCO), where he was received by Managing Director Irteza Ali Qureshi and senior company officials.
Arab News
04-05-2025
- Arab News
Over 14,500 Pakistani Hajj pilgrims arrive in Madinah via 60 flights
ISLAMABAD: More than 14,500 Pakistani Hajj pilgrims have reached the Saudi holy city of Madinah via 60 flights on their way to perform the annual pilgrimage, the Pakistani religious affairs ministry said on Sunday, days after Pakistan launched its Hajj flight operation. The country launched its Hajj flight operation on April 29 which will continue till May 31. Pilgrims will continue to leave for Madinah during the first 15 days of the operation and afterwards, they will land in Jeddah and travel directly to Makkah. This year's annual pilgrimage will take place in June, with nearly 89,000 Pakistanis expected to travel to Saudi Arabia under the government scheme and 23,620 Pakistanis through private tour operators. The total quota granted to Pakistan was 179,210, which could not be met. 'The arrival of Pakistani Hajj pilgrims in Madinah continues and so far, 14,670 pilgrims have arrived in Madinah via 60 Hajj flights,' Muhammad Umer Butt, who speaks for the Pakistani religious affairs ministry, told Arab News over the phone from Madinah. Another 2,500 pilgrims will reach the Saudi holy city of Madinah via 11 flights on Sunday, according to Butt. The first groups of Pakistani pilgrims are scheduled to depart for Makkah on May 7 after completing their eight-day stay in Madinah. Departures will follow the sequence of their arrival in the city. 'Under the single-route system, all Pakistani pilgrims arriving in Madinah will travel to Makkah for Hajj and return home via Jeddah, while those flying directly to Makkah will visit Madinah before departing for Pakistan,' he shared. The Pakistan Hajj mission has arranged accommodations near the Prophet's Mosque in Madinah to facilitate pilgrims in offering voluntary prayers, according to the spokesperson. They are being served food by 13 catering companies, in accordance with Pakistan's taste and standards. Pakistani pilgrims praised the arrangements made by the Saudi authorities and the Pakistan Hajj mission. 'It is my first pilgrimage as I have never performed even Umrah before this, but my overall experience remains amazing,' Khurram Ahmed, who hails from Islamabad, told Arab News. Sajid Ali Channa, an employee of the state-run Pakistan State Oil from Karachi who is performing Hajj for the second time since 2019, described his experience as 'entirely new.' 'The Hajj ministry has made tremendous arrangements, and I've observed significant improvements, and a clear difference compared to 2019,' he said, adding that catering, transportation, and the problem-solving mechanisms were all functioning efficiently. Mishkat Rehman, another pilgrim from Karachi who is performing pilgrimage with her family, said they were being provided all facilities. 'We haven't faced any trouble like long queues at immigration at Karachi airport due to Route to Makkah project and we had a very peaceful travel,' she said. Pilgrims from across the world are converging in Saudi Arabia to perform Hajj, which begins on the 8th of Dhu Al-Hijjah, the final month of the Islamic calendar.
Business Recorder
30-04-2025
- Business
- Business Recorder
PSO demonstrates operational resilience amid market challenges in 9MFY25
KARACHI: The Pakistan State Oil (PSO) has posted a net profit of Rs 15.3 billion for the nine months ended March 31, 2025 (9MFY25). This performance translates into earnings per share (EPS) of Rs 32.5, reflecting the company's strategic focus and operational efficiency. According to the company's handout, the gross sales surged to Rs 2.5 trillion (9MFY24: Rs 2.8 trillion), reinforcing PSO's significant presence in the national energy landscape. The group recorded a net profit of Rs 12.3 billion for the period, translating into earnings per share (EPS) of Rs 26.2 compared to an EPS of Rs 35.5 during 9MFY24. The PSO upheld its leadership position in key fuel segments, maintaining a 46% market share in white oil, including 46.5% in diesel, and an impressive 99% in the jet fuel market. The company continued expansion of its retail network to 3,641 stations, following the strategic opening of 67 new outlets, further solidifying its market presence. Beyond business, the PSO contributed Rs 334 million to social and community development, including Rs 120 million dedicated to a nationwide Ramazan ration distribution initiative. Copyright Business Recorder, 2025
Business Recorder
29-04-2025
- Business
- Business Recorder
PSO profit declines 42% to Rs10.67bn in 9 months of FY25
The Pakistan State Oil (PSO) posted a profit-after-tax (PAT) of Rs10.67 billion in the first nine months of the financial year 2024-25, down by 42% against the PAT recorded in the same period last year, according to its consolidated statement shared in a notice to the the Pakistan Stock Exchange (PSX) on Tuesday. The company had recorded a PAT of Rs18.51 billion in 9MFY24. Its gross profit stood at Rs73.69 billion in 9MFY25, against Rs92.55 billion in 9MFY24. However, other income increased to Rs17.11 billion, from Rs16.74 billion in the same period the previous year. PSO board approves SPA execution with Azerbaijan's SOCAR PSO's administrative expenses rose around 19% to Rs6.42 billion, from Rs5.41 billion in 9MFY24. The profit from operations stood at Rs62.96 billion in 9MFY25, from Rs82.01 billion from the same period last year. The company's profit before tax was recorded at Rs23.92 billion in 9MFY25, from Rs31.38 billion in the same period the previous year.
