ISLAMABAD: The petroleum minister defended a shift to daily fuel-price adjustments at a meeting with industry stakeholders Saturday, a day after diesel prices jumped by more than 31 rupees a liter and provincial authorities in Sindh warned of fuel hoarding tied to the volatility.
Economy
Pakistan renews airspace ban, extending India flight restrictions to Aug. 24
ISLAMABAD: Pakistan has once again extended its ban on Indian aircraft entering its airspace, aviation officials said on Saturday, keeping in place a restriction that has now stretched, with monthly renewals, across more than a year of strained relations between the two nuclear-armed neighbours.
Pakistan’s foreign financing nears $27 billion as economy stays dependent on rollovers
ISLAMABAD: Pakistan took on $16.2 billion in fresh foreign loans in the fiscal year through June, more than the government borrowed a year earlier, as a widening trade gap and weak foreign investment left Islamabad reliant on Gulf and Chinese creditors to keep its finances afloat.
Diesel surges nearly 10 percent as daily fuel pricing takes effect
ISLAMABAD: Pakistan raised diesel prices by 9.6% and pushed up petrol rates, as the government abandoned weekly fuel price reviews in favor of daily adjustments to keep pace with volatile international markets following renewed conflict between Iran and the US.
PM Sharif says security of Chinese nationals is ‘paramount’ for Pakistan
ISLAMABAD: Prime Minister Shehbaz Sharif pledged on Friday to spare no effort protecting Chinese nationals working in Pakistan, delivering his most emphatic assurance yet as the two countries signed nine pharmaceutical and healthcare agreements worth roughly $440 million.
Govt hands fuel pricing to Ogra for daily revisions
ISLAMABAD: Pakistan will begin adjusting petrol and diesel prices every day instead of on its traditional fortnightly schedule, as the government moves to pass through international market swings tied to the widening conflict between Iran and the United States, Petroleum Minister Ali Pervaiz Malik said on Friday.
Power firms seek Rs1.20 per unit fuel charge on costly LNG
ISLAMABAD: Pakistan’s power distribution companies are seeking regulatory approval to pass on Rs1.20 per unit in additional fuel charges to consumers next month, as the cost of imported liquefied natural gas nearly doubled and pushed generation expenses above budgeted levels.
Pakistan plans record spot LNG buying as Qatar supply falters
KARACHI: Pakistan is preparing to buy as many as six liquefied natural gas cargoes on the spot market for August delivery, according to people familiar with the matter, a buying spree that would mark the country’s heaviest reliance yet on costly emergency purchases since the US and Iran went to war in February.
Imports outrun record remittances as Pakistan’s current account slips into deficit in FY26
KARACHI: Pakistan’s current account swung to a deficit in the fiscal year through June, as a jump in imports overwhelmed record remittance inflows and left exports essentially unchanged, threatening to complicate the central bank’s path toward further interest-rate cuts.
FM Aurangzeb heads to Washington for trade, tariff talks
ISLAMABAD: Finance Minister Muhammad Aurangzeb will travel to Washington on Saturday for three days of talks aimed at advancing a bilateral trade and investment framework with the US, according to diplomatic sources familiar with the itinerary, as the two governments race to settle outstanding tariff questions before a key deadline expires this month.