Edible oil industry advocates tax reform | The Express Tribune

The government should contemplate imposing a 20-22% sales tax and a 5% income tax on commercial importers to discourage them, said KK Group of Industries CEO Khalid Islam Sheikh. Photo: file KARACHI: Edible oil manufacturers have called for reducing the duty on Crude Palm Oil (CPO), abolishing section 8B of the Sales Tax Act, and […]

Oil rises 1%, heads for weekly gain | The Express Tribune

Oil prices rose on Friday and were on track for gains of almost 7% week-on-week, amid persistent tensions in the Middle East after Israel rejected a ceasefire offer from Hamas. Brent crude futures rose 79 cents, or 0.97%, on the day to $82.42 a barrel by 1446 GMT, while US West Texas Intermediate crude futures […]

Govt to permit re-export of oil by foreign suppliers | The Express Tribune

ISLAMABAD: The federal government has announced plans to permit the import, local sale, and re-export of petroleum products facilitated by foreign suppliers. This decision, aimed at streamlining trade processes, involves amendments to the Customs Rules, 2001, introducing the Customs Bonded Facilitation Rules, 2024. The Federal Board of Revenue (FBR) has initiated amendments to the Customs […]

Despite reduction, oil prices still higher | The Express Tribune

KARACHI: Hyderabad Chamber of Small Traders and Small Industry President Muhammad Farooq Shaikhani has praised the government’s decision to reduce petroleum product prices, stating that this step will help mitigate the wave of inflation in the country. He said the announcement made on Friday by the Ministry of Finance, on the recommendation of the Oil […]

Saudi Arabia’s oil giant Aramco to invest in Pakistani company

A view of the Saudi Aramco oil facility. — AFP/File ISLAMABAD: In a major development, Saudi Arabia’s oil giant Aramco on Tuesday signed definitive agreements to acquire a 40% equity stake in Gas & Oil Pakistan Ltd (GO), making its first entry into Pakistan’s fuels retail market. According to a joint statement issued by Saudi […]

Saudi Aramco to buy 40% stake in major Pakistani oil company | The Express Tribune

KARACHI: Saudi Arabia’s Aramco Tuesday signed an agreement to acquire a 40% equity stake in a Pakistani gas and oil company, said a statement from the Saudi company. Aramco Executive Vice President of Products & Customers Yasser Mufti, Chief Executive Officer of Lahore-based Gas & Oil Pakistan Ltd. (GO) Khalid Riaz signed the agreement. The […]

Oil prices fall amid US production, China energy concerns

An oil plant located in the United States. — AFP/File In response to indications of increased production in the US and prospects of poor energy demand in China, investors in New York responded by sending oil prices down more than $3 a barrel on Thursday, prolonging losses from the previous session. Brent futures had dropped […]

Shell to sell majority stake in Pakistan unit to Saudi oil firm

A view of a closed petrol pump due to fake news of petrol price hike again in the country. — Online/File Shell Pakistan said its parent company’s unit, Shell Petroleum Company, has signed a deal to sell its 77.42% majority interest to Saudi Arabia-based Wafi Energy LLC, according to an official statement issued by the […]

World Bank sees oil prices hitting $157 if Israel-Hamas war spills over

A Palestinian man uses a fire extinguisher to douse a fire following an Israeli strike, in Khan Yunis in the southern Gaza Strip on October 14, 2023. — AFP  If the war between Israel and Hamas spreads throughout the Middle East, it may cause price shocks for basic goods like oil and agricultural products, the […]

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