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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 ...
Pakistan State Oil is a Pakistani petroleum corporation involved in marketing and distribution of petroleum products. [3] 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. It is the largest fuel marketing company of Pakistan. [4] [5] [3] [6]
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]
[3] [7] A year later, in 2002, Mari Gas, Total, and their contracting partners—Petronas, OMV, and the Oil and Gas Development Company—signed Pakistan's first-ever Production Sharing Agreements (PSAs) with the Government of Pakistan. [8] Mari's tariff was cost-plus but it was changed to international crude prices, starting from 2014-2015. [9]
The country's five oil refineries process crude oil produced in Pakistan and from other countries to produce refined petroleum products such as High Speed Diesel (HSD), Motor Gasoline (MS), Furnace Oil (FO), Light Diesel Oil (LDO), High-Octane Blending Component , Jet fuel (JP-1&JP-8), Kerosene, Liquefied Petroleum Gas (LPG), and Naphtha. The ...
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.
On 1 January 2012, the Nigerian government headed by president Goodluck Ebele Jonathan, tried to cease the subsidy on petrol and deregulate the oil prices by announcing the new price for petrol as US$0.88/litre from the old subsidised price of US$0.406/litre (LAGOS), which in areas distant from Lagos petrol was priced at US$1.25/litre.
Oil traders, Houston, 2009 Nominal price of oil from 1861 to 2020 from Our World in Data. The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and sellers of crude oil such as West Texas Intermediate (WTI), Brent Crude, Dubai Crude, OPEC Reference Basket, Tapis crude, Bonny Light, Urals oil ...