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The Inland Freight Equalization Margin (IFEM) is a regulatory measure implemented in Pakistan to equalize the price of petroleum products across different regions of the country. [ 1 ] [ 2 ] It includes the costs for refineries to transport crude oil from its source to their facilities, as well as the expenses for Oil Marketing Companies (OMCs ...
The oil prices were seen rising to hit $71.38 per barrel in March 2021, marking the highest since the beginning of the pandemic in January 2020. [116] The oil price rise followed a missile drone attack on Saudi Arabia's Aramco oil facility by Yemen’s Houthi rebels. [117] The United States said it was committed to defending Saudi Arabia. [118]
The gas price prior to reform was $0.10 US per liter with the quota of 100 liters per month per passenger car. The reform raised the price to $0.40 US per liter and later reduced the ration to 60 liters per month. The price for over-quota consumption and the imported cars were $0.70 US per liter.
Attock Petroleum started its operations in 1998 and is third largest oil marketing company in Pakistan as of 2018. [5] [2]In 2005, Attock was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 57.75.
There are five main oil refineries in Pakistan with a combined capacity of approximately 450,000 barrels of crude oil per day (bpd), equivalent to 20 million tonnes per annum. [8] Cnergyico PK Limited is the largest oil refiner, with its oil refining complex in the Balochistan province able to refine up to 156,000 barrels per day of crude oil. [9]
Pakistan State Oil Company Limited is a Pakistani petroleum public company involved in procurement, storage, marketing and distribution of petroleum and related products. [ 3 ] [ 4 ] It has a network of 3,689 petroleum filling stations , out of which 3500 outlets serve the public retail sector and 189 outlets serve wholesale bulk customers.
After the partition of British India in August 1947, the newly formed Government of Pakistan required oil exploration to be conducted by companies incorporated in Pakistan and using the local currency. [4] In response to this requirement, Attock Oil Company incorporated Pakistan Oilfields Limited, in which it held a shareholding of 70 percent. [4]
The day after oil fell nearly 5 percent to a four-month low, the fourth down week finished with Brent at $80.61 and WTI at $75.89 as a result of continued bad news from China, high U.S. inventories and record production, with sanctions on Russian oil shipments causing prices to increase. [41] [42]