Not govt, OGRA hikes petroleum prices: Chandio

TrendPK.com
ISLAMABAD: Federal Law Minister Maula Bux Chandio Saturday said the joint session of the Parliament could be called in the first week of February.

Talking to media outside the parliament, the federal minster said the Accountability Bill will be brought in consultation with all political parties.

Reacting to a question regarding the recent fuel hike, Chandio said it is not the government that is empowered to ramp up the prices of petroleum products; instead, it is Oil and Gas Regulatory Authority (OGRA), which takes up such matters.

Hitting out at the Minister for Petroleum and Natural Resources Dr. Asim Hussain for his statement regarding raise in the POL prices from February 1^st, Chandio noted Asim’s statement stands against the law.

On this occasion, the minister Chandio acclaimed Pakistan Muslim League-Quaid (PML-Q) Chaudhry Shujaat Hussain; but, criticized his (Shujaat’s) party. TrendPK

Please click ‘Video’ button to watch Chandio speak.

Blast kills four in Kuwait’s largest refinery

 The explosion took place at the Gas Liquefaction Plant at the refinery of Mina al-Ahmadi during maintenance works, Kuwait National Petroleum Co (KNPC) said in a statement cited by the official KUNA news agency.

The four people killed work for a private contractor, KNPC said. Two company workers were also injured but discharged from hospital after treatment.

An industry source earlier told AFP the dead workers were Asians and that the explosion was caused by a gas leak, adding that the blast also wounded three firemen.

The source said the refinery continued operations as usual and that the blast would have no impact on Kuwait s oil output and exports.

Mina al-Ahmadi is the largest of three refineries in OPEC member Kuwait, with a refining capacity of over 460,000 barrels per day. The other two at Shuaiba and Mina Abdullah have a combined capacity of around 450,000 bpd.

POL prices likely to slash by Rs. 5.45 per liter

ISLAMABAD: Prices of POL products are likely to be reduced up to Rs. 5.45 per liter from July 1 (tomorrow), TrendPK reported on Thursday.

According to sources, it is expected that total 6.3 percent reduction will be made in the petroleum products prices.

It is expected that petrol price will be cut by Rs. 5.45 per liter, high speed diesel by Rs. 3.99, light diesel by Rs. 1.13, high-octane by Rs. 3.85 and kerosene oil by Rs. 1.85 per liter.

The sources added that due to one percent cut in GST and reduction in crude oil’s prices in international market the authorities are set to give some relief to the POL products’ consumers in the country. TrendPK

Asian shares rise as oil prices fall

HONG KONG: Asian stocks rose on Friday as oil prices slipped from recent highs after OPEC said it would boost crude output if the Middle East crisis hit supplies, with traders eagerly snapping up bargains.

The euro extended its rally against the dollar as expectations grow that the European Central Bank will hike interest rates soon as it tries to take the heat out of rising eurozone inflation.

Tokyo gained 0.71 percent, or 74.05 points, to end at 10,526.76 and Sydney ended 0.57 percent, or 27.2 points, higher at 4,836.5, while Seoul closed 0.69 percent, or 13.54 points, up at 1,963.42.

Hong Kong jumped 1.82 percent, or 411.33 points, to 23,012.37 after four straight days of losses.

Shanghai closed flat at 2,878.57 as strong bank results and easing fears over monetary tightening were offset by weaker gold miners and oil firms.

The oil price rally sparked by turmoil in the Middle East was halted, at least temporarily, after the Organisation of the Petroleum Exporting Countries (OPEC) said it would increase production to make up for any losses caused by unrest in oil exporter Libya.

Saudi Oil Minister Ali al-Naimi said his country would increase output, according to commodities specialist Platts.

Jitters returned later in the day but oil prices were still well down from this week’s earlier highs.

Brent North Sea crude for April delivery was up $1.26 at $112.62 per barrel after almost hitting $120 late Thursday.

New York’s main contract, light sweet crude for April, rose 36 cents to $97.64 after earlier heading north of $100.

Global stock markets have fallen over the past week as uprisings across the oil-rich Middle East and North Africa sparked fears of surging oil prices.

This in turn fuelled inflationary worries as many countries struggle to keep a lid on prices in the wake of the global financial crisis.

“With food prices already at very high levels, the last thing the global economy needs now is soaring energy prices,” said Khoon Goh, a senior economist at ANZ Bank in Wellington.

“Such a combination will surely present a real inflation challenge for central banks around the world,” he told Dow Jones Newswires.

The troubles in Libya, where Moamer Kadhafi was clinging to his four-decade rule, kept a cap on gains, however, as the death toll from the unrest climbs higher and thousands try to flee the country.

The euro climbed against the greenback after German central bank chief Axel Weber said Thursday that interest rates “can only go one way from here”.

“Rates only know one direction at the moment — and that is north,” he said.

The single European currency changed hands at $1.3817 in Tokyo afternoon trading, compared to 1.3797 in New York late Thursday. It rose to 113.29 yen from 112.94 yen.

Sumino Kamei, senior analyst at the Bank of Tokyo-Mitsubishi UFJ, said: “The hawkish comment from Weber gave an additional fuel to speculation about the ECB’s rate hike.”

The dollar fetched 81.96 yen, little changed from 81.91 yen.

On the Tokyo exchange, car giant Toyota rose 2.18 percent to 3,755 yen despite news that it is recalling more than two million vehicles to fix floor mat and carpet defects that could jam the accelerator.

The improved sentiment saw the price of safe-haven gold lower than recent highs and it closed at $1,408.00-$1,409.00 an ounce, down from Thursday’s close of $1,414.00-$1,415.00.

In other markets:

– Singapore closed up 1.75 percent, or 52.08 points, at 3,025.16.

Oversea-Chinese Banking Corp rose 0.87 percent to Sg$9.26 and Singapore Airlines gained 1.46 percent to Sg$13.86.

– Taipei rose 0.68 percent, or 58.01 points, to 8,599.65.

Chunghwa Telecom was up 0.23 percent at Tw$88.1.

– Manila gained 0.17 percent, or 6.20 points, to 3,737.04.

Aboitiz Equity rose 2.3 percent to 40.00 pesos and Philippine Long Distance Telephone gained 1.1 percent to 2,222, but Metropolitan Bank was off 0.5 percent at 56.95.

– Jakarta rose 0.13 percent, or 4.40 points, to 3,443.53.

Coal producer Bumi rose 5.4 percent to 2,925 rupiah, car maker Astra ended up 0.3 percent at 51,550 and Bank Central Asia fell 2.4 percent to 6,100.

– Kuala Lumpur closed flat at 1,489.27.

Petronas Chemicals climbed 1.4 percent to 6.30 ringgit as plantations giant Sime Darby rose 0.2 percent to 9.04 and construction firm KL Kepong slid 2.8 percent to 20.20.

– Wellington edged down 0.13 percent, or 4.44 points, to 3,363.91.

Auckland Airport fell 0.9 percent to NZ$2.24 and resins maker Nuplex edged down 2.4 percent to NZ$3.31, but Fletcher Building gained 0.6 percent to NZ$8.63.

– Bangkok edged up 0.89 percent or 8.69 points to 985.91.

Banpu added 4.00 baht to 740.00, while PTT gained 3.00 baht to 343.00.

– Mumbai’s benchmark 30-share Sensex index rose 68.5 points to 17,700.91 after the government said Friday the country’s economy could grow by over nine percent next year but warned inflation remained a concern

India’s second biggest mobile phone firm Reliance Communications fell 5.4 percent or five rupees to 87.55 on growing concerns over the ongoing probe into a suspected multi-billion-dollar telecom scandal.

Kernex Microsystems, which makes rail safety devices, fell 4.97 percent or 4.95 rupees to 94.6 while private rail wagon maker Titagarh Wagons, plunged 13.06 percent or 49.85 rupees to 331.8.

PSO gives ultimatum to suspend supply over nonpayment of dues

According to officials, PSO is liable to pay Rs 40 billion to international suppliers and Rs 80 billion to local oil refineries. Volume of PSO circular debt has reached Rs 154 billion including RS 134 billion arrears of power sector. According to PSO officials, Ministry of Petroleum and Ministry of Finance have been informed in this regard but ministries concerned have not yet taken any step to solve the issue.

PSO officials have warned that they will block supply to HUBCO, WAPDA and KEPCO if 50 percent dues are not paid till February 14.

Federal govt asked not to increase petroleum prices

Latest News updates for Federal govt asked not to increase petroleum prices .

Central leader, PML-N MNA Muhammad Pervez Malik has said that the federal government should avoid increasing petroleum prices, otherwise a tsunami of price-hike would come in the country.

In a press statement issued here on Sunday, he said that the government on the pressure of IMF, would not be allowed to enhance prices of the petroleum products.

He said that the government had to implement 10-point national agenda of the PML-N without any further delay, if it want to deliver something to the country and the nation.

Pervez Malik said the people should be provided relief immediately, otherwise they would come on roads.

The size of federal cabinet and official expenditures should be decreased, which would help to remove the sense of deprivation among the people, he added.

DG Petroleum charged with contempt

The Supreme Court has charged DG Concessions of Petroleum Ministry Sher Muhammed Khan with contempt of court in a case about the sale of British Petroleum shares, trendpk.Com reported Wednesday.

A three-member bench of the apex court headed by Chief Justice of Pakistan Justice Iftikhar Muhammad Chaudhry and comprising Justice Ghulam Rabbani and Justice Khalil-ur-Rehman Ramday heard the petition filed by former chief Jamaat-e-Islami, Qazi Hussain Ahmed regarding alleged corruption in repurchasing assets of British Petroleum Company (BPL) on exorbitant rates.

It is pertinent to mention here that the court on Tuesday issued a show cause notice to Director General Petroleum (DGP) Sher Muhammad Khan for using contemptuous language regarding the litigations, which were pending before the courts. Today, the apex court charged Sher Khan with contempt of court and called Secretary Petroleum to submit another report regarding sale of BPL shares. Qazi Hussain in his petition, objected to government’s move to purchase its sold out assets from British Petroleum (BP) at exorbitant rates.

Former Petroleum Minister Usman Aminud Din today appeared before the court and said he gave his dissenting note against shares sale; the same should be in Auditor Generals knowledge.

DG Petroleum Concession indicted for contempt of court

ISLAMABAD: The Supreme Court on Wednesday charged Director General of Petroleum Concession, Sher Muhmmad, with contempt of court in British Petroleum case and summoned the Petroleum Secretary within two hours.

The decision was made by a three-member bench headed by Chief Justice Iftikhar Muhammad Chaudhry while hearing a suo motu case regarding transfer of machinery of Guddu-II and Naudero rental power projects.

Counsels for Guddu and Naudero projects submitted a written assurance that their clients would return Rs. 2 billion they received in advance.

In his remarks, the Chief Justice said everybody should follow suit on matters of the national exchequer.

Later, the apex court adjourned the hearing till December 14.

Govt. decides to increase petroleum products prices at midnight

Staff Report

ISLAMABAD: The government has in principle decided to increase the prices of petroleum products in the up coming monthly price review on Tuesday (today).

According to sources, the concerned authorities have decided to increase petrol price by Rs. 2.17 per liter and diesel price by Rs. 2.50 per liter.

After the official announcement, these new increased prices of the petroleum products will be charged from midnight (00.00am) today. Trend Pk

Govt. made Rs. 69 billion from petroleum products, FBR informs PAC

Staff Report

ISLAMABAD: The government made Rs. 69 billion in just four months from sales tax and customs duty of petroleum products. During the current fiscal year during the period of July-October, tax earnings increased by Rs. 30 billion. The Public Accounts Committee (PAC) received these details on Tuesday.

The Federal Board of Revenue (FBR) told PAC that apart from the Petroleum Development Levy (PDL), during the period of July-October, Rs. 69 billion had been received under sales tax and custom duty from petroleum products, while Rs. 428 billion had been received under pure taxes in the same

period.

The FBR added that the policy regarding sale of seized goods has been revised. Under the new policy, confiscated weapons would be sold to government institutes only and other general items would be sold through Utility and CSD stores

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