The price of petrol has decreased while the price of high-speed diesel has increased, according to the government’s updated petroleum product prices.

The Petroleum Division has announced that the price of gasoline has been lowered by PKR 1 per litre, resulting in a new price of PKR 334.18 a litre.

In the meantime, high-speed diesel now costs PKR 386.83 per litre after a price hike of PKR 3.37 per litre.

The updated prices went into effect after midnight, according to the notification.

Following fruitful negotiations with the association’s delegation, Minister for Petroleum Ali Pervaiz Malik has established a high-level committee to handle the demands of the Oil Tanker Contractors Association (OTCA).

Within a week, the group, which will be led by the Special Secretary Petroleum, must present its recommendations.

The Oil Tanker Contractors Association (OTCA), the Oil Companies Advisory Council (OCAC), the Directorate General of Oil (DG Oil), and the Oil and Gas Regulatory Authority (OGRA) will all be represented.

Following a discussion between the petroleum minister and an OTCA delegation headed by President Abidullah Afridi, the development took place.

The group voiced concerns about the freight formula, the reduction in the White Oil Pipeline quota, and problems with commercial loading during the conference.

Pakistan’s oil industry is in turmoil over a large tax evasion scandal as thousands of metric tons of imported petrol have reportedly disappeared from a customs bonded storage causing a big loss to the national exchequer.

Official papers have revealed that a private petroleum company, in a clandestine operation, allegedly lifted petrol worth Rs2.38 billion from a customs bonded warehouse causing an estimated loss of Rs1.25 billion to the national exchequer in the shape of unpaid duties, taxes and levies.

The suspected tax evasion was discovered during the inspection of the corporation’s imported petroleum shipments. The discrepancy was reportedly discovered during a physical inspection of goods at the customs bonded facility of Bin Qasim Port.

The documents state the corporation has imported petrol in three consignments totalling 18,048 metric tons. During physical verification of stock, the bonded warehouse had 9,699 metric tons of petroleum but the company’s stock was short by 8,348 metric tons.

Private companies are doing research. The documents also reveal that PEPCO has been ordered to produce records in the probe.

This is not the first time a petroleum business is embroiled in a multi-billion-rupee tax evasion case. In another example, the Federal Board of Revenue (FBR) recovered approximately Rs5 billion from a petroleum business.

 China announced on Friday it was adding 14 European entities to an export control list in retaliation for the European Union penalizing 14 Chinese enterprises as part of its latest round of sanctions against Russia.

Chinese companies will not be allowed to export dual-use items, which can be used for both civilian and military purposes, to the 14 European organizations, China’s Commerce Ministry said in a statement.

Additionally, foreign companies are barred from providing to the 14 entities dual-use items made in China.

The European companies affected include Czech vehicle manufacturer Tatra Trucks, Italian electric motor maker Lafert SpA, German manufacturer Sindlhauser Materials GmbH and French drone manufacturer Cavok UAS.

A Chinese Commerce Ministry spokesperson said the measures were taken in retaliation for the E.U. on Thursday adding 14 mainland Chinese and Hong Kong enterprises to its latest list of sanctions against Russia over its war in Ukraine.

The measures are intended “to safeguard national security and interests, and to fulfill international obligations such as non-proliferation, in response to the E.U.’s egregious actions,” the spokesperson said.

The E.U. on Thursday adopted its 21st package of sanctions against Russia targeting banks, cryptocurrency companies and military equipment manufacturers among other categories. The sanctions included entities from other countries such as China, India and Turkey, believed to provide Russia with dual-use goods and technology.