By Staff Reporter
KARACHI: Fuel retailers plan to shut down their pumps across the country from Saturday, demanding a higher profit margin from the government.
Energy
Pakistan must keep raising policy rate to fight inflation, IMF says
By Staff Reporter
ISLAMABAD: The International Monetary Fund has urged Pakistan to continue its monetary tightening cycle to rein in inflation and support the exchange rate, after approving a new $3 billion loan for the country last week.
Pakistan Refinery, Air Link to buy Shell Pakistan’s stake
By Staff Reporter
ISLAMABAD: Pakistan Refinery Limited (PRL) and Air Link Communication, a smartphone distributor and manufacturer, said on Monday they would jointly acquire the majority stake of Shell Pakistan Limited (SPL), as the oil giant exits the country amid a financial crisis.
Petrol price down by Rs9, diesel by Rs7
By Staff Reporter
ISLAMABAD: The government reduced the prices of gasoline and diesel for the next two weeks, citing the appreciation of the local currency and lower international oil prices.
IMF bailout comes with a price: 20 percent increase in power tariff
By Staff Reporter
ISLAMABAD: Pakistan’s electricity regulator approved a 20 percent hike in the base power tariff for the fiscal year starting July 1, as the South Asian nation implements reforms agreed with the International Monetary Fund in the recently approved $3 billion loan program.
Pakistan seeks more Russian oil after first discounted deal
By Staff Reporter
ISLAMABAD: Pakistan is in talks to buy a second shipment of discounted Russian crude oil, its petroleum minister said on Wednesday, as the cash-strapped nation seeks to diversify its energy sources and save on foreign exchange reserves.
Photo courtesy of APP
Pakistan greenlights billions in public spending largely focused on alternative energy
A high-powered executive panel approved more than half a trillion rupees in development spending, although not all of it will come from the current year’s budget. By Muhammad Ali.
Pakistan approves new investment policy to lure foreign investors
By Staff Reporter
ISLAMABAD: Pakistan has approved a new investment policy for 2023 that aims to attract foreign and domestic investors by offering incentives, easing regulations, and creating special economic zones, the government said.
India snubbed as International court rules it can arbitrate Pakistan’s hydropower dispute
By Staff Reporter
ISLAMABAD: An international court ruled on Thursday that it could hear a dispute between India and Pakistan over two hydropower projects in the Himalayan region of Kashmir, rejecting India’s objections to its competence.
UAE eyes renewable energy investment in Pakistan, offers oil and gas supplies
By Staff Reporter
ISLAMABAD: The United Arab Emirates (UAE) wants to invest in Pakistan’s renewable energy sector and is also interested in its conventional energy sources, a senior UAE official said on Thursday.