ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production. The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability […]
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Prime Minister Shehbaz Sharif on Tuesday directed authorities to increase the country’s strategic petroleum reserves as a cabinet committee approved amendments to the oil refining policy. Pakistan has been planning to boost domestic storage for crude oil and refined products to increase its energy security, it emerged in May. With no strategic petroleum reserves, the […]
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Deputy Prime Minister and Foreign Minister Ishaq Dar on Tuesday said the government was “confident” that trade between Pakistan and the United States could double to $20 billion over the next five years. Dar made the remarks while addressing a delegation of US congressmen and businessmen in Islamabad. The gathering included US congressmen Ryan Zinke […]
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ISLAMABAD: The Islamabad High Court has dismissed a petition filed by Meezan Bank Ltd challenging the constitutional validity of Section 4C of the Income Tax Ordinance 2001, upholding the levy of super tax in a dispute involving about Rs11 billion. The division bench also vacated interim stay orders and dismissed all pending applications, holding that […]
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ISLAMABAD: Pakistan’s exports to the Middle East fell over 2 per cent year-on-year to $3.093 billion in FY26, reflecting the impact of the ongoing conflict on the country’s trade with the region. Exports to Saudi Arabia, Qatar, Bahrain and Jordan declined in FY26, while shipments to Kuwait recorded an uptick. Exports remained stagnant to the […]
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KARACHI: While foreign investors appear satisfied with the State Bank of Pakistan’s decision to keep its policy rate at 11.5 per cent, local businessmen have criticised the cautious approach, which they believe will stifle economic activity and hinder access to finance. Overseas Investors Chambers of Commerce and Industry (OICCI) Secretary General M Abdul Aleem views […]
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ISLAMABAD: The Economic Coordination Committee (ECC) of the cabinet on Monday approved more than Rs255 billion in subsidies under three separate incentive schemes to boost the country’s exports, which have remained struggling at $30bn per annum for years despite rising imports. The meeting, presided over by Finance Minister Muhammad Aurangzeb, also approved a special domestic […]
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The government on Friday decreased the price of petrol by Re1 and increased the price of high-speed diesel (HSD) by Rs3.77 per litre, respectively, passing on the impact of fluctuating global oil prices following renewed hostilities in the Persian Gulf. Following the changes, the price of petrol stands at Rs334.18 per litre, while that of […]
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ISLAMABAD: Petroleum Minister Ali Pervez Malik on Monday hinted at a decline in petrol and diesel prices following the clearance of Pakistan’s oil cargoes stuck at the Bab-al-Mandeb chokepoint due to Houthi attacks. “Today’s good news is that our ships stuck at Bab-al-Mandeb have come out safely,” the minister said, adding that crude oil, diesel […]
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The State Bank of Pakistan’s (SBP) Monetary Policy Committee (MPC) on Monday kept the interest rate unchanged at 11.5 per cent. The decision was announced by SBP Governor Jameel Ahmed during a press conference. At the outset of the press conference, the governor said, “MPC has decided to keep the policy rate unchanged at 11.5pc”. […]
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