In a significant move that has stirred both industry and consumer circles, the Pakistani government has announced a substantial increase in taxes on engine oil in the 2024-2025 budget. The new tax rates, which will range from 5% to 9%, are expected to have far-reaching effects on both the market and end-users.
Impact on Engine Oil Prices
In the ever-fluctuating landscape of the international oil market, the year 2024 has witnessed a notable uptick in prices, marking a shift from the challenges faced in the preceding year. Various factors are steering this upward momentum, shaping the current dynamics of the oil market.
A significant driver contributing to the surge in oil prices is the escalation of geopolitical tensions, particularly in the Middle East surrounding the…
In the heart of Pakistani communities, a silent revolution is taking place as families gather around their dining tables, engaged in lively discussions about a transformative change – installing solar systems to harness the power of the sun. In a country where energy crises are not uncommon, these families are seeking a sustainable solution to not only reduce their electricity bills but also contribute to a cleaner and greener environment.
Pakistan, like many other countries, faces the daunting challenge of transitioning to electric vehicles (EVs) while dealing with high inflation and a well-established infrastructure for petrol cars. The shift to electric cars is essential for mitigating climate change and reducing the country's dependence on imported oil. However, the road to introducing EVs to the Pakistani market is fraught with economic and infrastructural…
The
All-Pakistan Chinese Enterprises’ Association (APCEA) organized a briefing on
Wednesday to apprise media and think tanks about the potential and significance
of existing and ongoing energy projects under the China-Pakistan Economic
Corridor (CPEC).
The briefing, titled "Infodor Salon on CPEC Energy…
The prices of engine oil brands are expected to change in the
coming days. The government has announced a 10% increase in the import duty on
petroleum products, which will take effect from August 25, 2023. This is likely
to lead to an increase in the prices of engine oils, as they are imported
products.
The exact amount of the…
Oil prices are on track for their seventh straight weekly
gain, the longest such streak since 2022. This is being driven by a number of
factors, including:
The International Energy Agency (IEA) has forecast that global oil demand will hit a record 103 million barrels per day in August. This is being driven by strong economic growth in the United States and China, as well as the reopening of economies around the world.