Additionally, Nashpa Well No. 4 is yielding an extra 7.7 million cubic feet of gas per day.
Islamabad: The Oil and Gas Development Company Limited (OGDCL) has announced an increase in local oil and gas production.
According to an OGDCL spokesperson, the company has enhanced the reserves of gas and crude oil at Nashpa Well No. 4, located in the Karak district. The well is now producing an additional 330 barrels of oil per day.
Additionally, Nashpa Well No. 4 is yielding an extra 7.7 million cubic feet of gas per day. The spokesperson noted that the increased gas production has been integrated into the Sui Northern network. This boost in oil and gas production is expected to significantly reduce the national import bill by $59.85 million.
Petroleum Dealers Threaten Nationwide Shutdown Over Advance Tax
Karachi: The Pakistan Petroleum Dealers Association (PPDA) has issued a warning that they will shut down operations across the country on July 5 if the advance tax is not revoked.
Addressing a press conference, PPDA Chairman Abdul Sami Khan expressed concern over the 0.5% advance turnover tax imposed in the finance bill, stating that it makes it impossible to operate petrol pumps profitably. He urged the government to reconsider and eliminate this tax immediately, warning that dealers have no option but to close their businesses if the tax remains.
Khan criticized the government for imposing taxes on every item, which has led to a decrease in petroleum dealers’ sales. He accused the government of supporting smuggling and mentioned that speaking out against smuggling results in threats. He pointed out that taxes are already being applied at the point of purchase for all transactions.
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The PPDA delegation plans to visit Islamabad to meet with the Finance Minister, Petroleum Minister, and the Chairman of the Federal Board of Revenue (FBR) in an attempt to resolve the issues. If the problems are not addressed, the association will proceed with the nationwide shutdown.
Abdul Sami Khan highlighted that petrol pumps are already operating on very low profit margins and that the levy will further increase inflation. The additional burden of the advance tax will negatively impact their businesses and the commercial sector.
