A substantial decline in the prices of crude oil and similarly petroleum products is one of the key reasons behind the moderating exports globally, including India which exports refined products to various countries.
The US accounts for about 18 per cent of India's merchandise exports, including electronics, pharmaceuticals, and petroleum products, among others. However, India's economy is largely driven by domestic demand, so the potential fallout from weaker US growth will likely be contained.
Petrol will now cost 259.10 Pakistani Rupees (PKR) per litre, down by PKR 1.86, while High-Speed Diesel (HSD) will be priced at PKR 262.75 per litre, with a decrease of PKR 3.32. according to ARY News.
Under the PNGRB Act, the board is responsible for setting the tariffs for pipelines used by companies to supply oil and gas. Previously, pipeline tariffs were based on railway tariffs for moving petroleum products, but the board has now introduced independent criteria for determining pipelin
The Petroleum Products Trading Regulatory Committee in Abu Dhabi continues its efforts to enhance security and safety measures in the Emirate, ensuring that operators and stakeholders adhere to federal and local regulations and decisions.
Amid the ongoing Pakistan Petroleum Dealers Association's strike, Karachi is experiencing a fuel crisis since the supply of petroleum products has run out, reported ARY News on Friday.
After taking charge of Petroleum Ministry for the second term, minister Hardeep Singh Puri said he will work to bring natural gas under Goods and Services Tax (GST). Currently, all petroleum products, alcohol and tobacco are out of the ambit of GST.
In response to recent concerns over potential shortages of food grains and petroleum products in the state, Sushanta Choudhary, a representative of the Food and Civil Ministry of Tripura, has assured the public that the state has an ample stock of essential supplies.
According to a press release, the memorandum, set to be inked between the Government of India and the Royal Government of Bhutan, seeks to enhance bilateral trade in the hydrocarbon sector, ensuring a secured and long-term supply of petroleum products to Bhutan.
India's demand for petroleum products is likely to increase by a mid-single-digit percentage in the financial year ending March 2024, following a 10 per cent post-pandemic recovery in 2022-23, according to Fitch Ratings.