Government on Thursday night has increased petroleum prices with immediate effect in wake of revival of the IMF program. With an increase of Rs 8.03 while reaching a new record-high, the petrol is now available for Rs 145.82 per liter.

The post New Record High for Petrol Prices first appeared on CarSpiritPK and is written by UsmanAnsari.

An inquiry commission report on investigation on petroleum crisis was presented in Lahore High Court on Monday. 7 companies got profit of Rs 2 billion in first four days due to the increase in petrol prices. The report further revealed that a veterinary doctor was made director general of the petroleum ministry.

The post Court Orders to Immediately Public the Commission’s Report on Petroleum Crisis first appeared on CarSpiritPK and is written by UsmanAnsari.

The federal government has increased the petrol price by Rs 3.86 per liter, according to a notification issued by the finance division. The revised prices will take effect from the 1st of August 2020.

The post Petrol Price Increased by Rs 3.86 first appeared on CarSpiritPK and is written by UsmanAnsari.

Oil industry and authorities are engaging in yet another tussle as government has put a ban on import of petrol and diesel of less than Euro-5 standard with effect from 1st August 2020 and 1st January 2021 respectively.

The post Oil Industry Protests over Sharp Switch to Euro-5 first appeared on CarSpiritPK and is written by UsmanAnsari.

Petrol seems to have become magically available across the country as soon as the government announced a massive price hike in petroleum products. According to Adviser to the Prime Minister on Petroleum Nadeem Babar there was sufficient evidence to show that OMCs and petrol pump owners were storing fuel in the current month while expecting an increase in the prices.

The post Petrol Becomes Magically Available After Price Hike first appeared on CarSpiritPK and is written by UsmanAnsari.

Prime Minister Imran Khan has ordered action against 9 oil market companies (OMCs) including cancellation of their licenses and the arrest of their officials after an inquiry body found them involved in deliberately creating a petrol shortage in the country by hoarding the fuel

The post Government to Take Action Against 9 OMCs first appeared on CarSpiritPK and is written by UsmanAnsari.

Oil companies and refineries have blamed the bureaucracy for current petrol shortage in the country, saying the indecision regarding import as well as enhancing local petrol production led to the current situation.

The post OCAC Blames Bureaucracy for Fuel Shortage first appeared on CarSpiritPK and is written by UsmanAnsari.

The Oil and Gas Regulatory Authority (OGRA) has held 6 major oil marketing companies (OMCs) responsible for petroleum shortage across the country and imposed on them a cumulative fine of Rs 40 million.

The post OGRA Penalizes 6 OMCs for Petroleum Shortages first appeared on CarSpiritPK and is written by UsmanAnsari.

With no signs of betterment in the ongoing acute petroleum shortage in the country, the government on Monday has blamed ‘mafias’ for creating another crisis and constituted a committee to probe “the element of hoarding and black marketing”.

The post Government Blame Mafias for Creating another Crisis first appeared on CarSpiritPK and is written by UsmanAnsari.

The government has decided to “completely deregulate” petrol pricing & marketing and do away with country-wide uniform pricing mechanism.

The post Petrol Pricing in Pakistan Likely to be Deregulated first appeared on CarSpiritPK and is written by UsmanAnsari.