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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. The energy price reform included a cash-rebate program through which each person received 455,000 rials ($15 US) per month from the government.
The Largest Gas Producing province of Pakistan is Baluchistan. The Sui gas field is the biggest natural gas field in Pakistan. It is near Sui in Balochistan. The gas field was discovered in the late 1952 and the commercial exploitation of the field began in 1955. Sui gas field accounts for 6% of Pakistan's gas production. [14]
The prevailing energy crisis in Pakistan is taking away 2 percent (or Rs 380 billion) of the economy, despite the government has spent Rs 1.1 trillion as subsidies on the sector in the last four-year which accounts for 2.5 percent of the total volume of economy. [50]
In 2004, Pakistan Petroleum was listed on the Karachi Stock Exchange, following an initial public offering at PKR 55 per share. [4] In 2012, Pakistan Petroleum acquired MND operations in Pakistan for $180 million. [5] Later, it was unearthened that Pakistan Petroleum paid twice the market value and this resulted in the loss of PKR 6.21 billion. [6]
Hascol Petroleum was founded in 2001 and offered initial public offering in 2007. [3] In 2005, it received oil marketing license from the government. [4]In 2014, Hascol was listed on the Karachi Stock Exchange. [4]
The Iran–Pakistan gas pipeline, also known as the Peace pipeline, or IP Gas, [1] is an under-construction 2,775-kilometre (1,724 mi) pipeline to deliver natural gas from Iran to Pakistan. Although construction of the pipeline began in 2011, the Pakistani government did not officially approve its work until 2024.
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]
Punjab has the largest economy in Pakistan, contributing most to the national GDP. The province's share was 60.58% in 2020 to national economy. [ 2 ] Sindh which is the second largest province in terms of population and GDP which has steadily continued to grow, contributes 23.7% to the national economy. [ 2 ]