ISLAMABAD: Pakistan’s government said it’s prepared to reinstate targeted fuel subsidies within days if the conflict between the US and Iran continues to disrupt global energy markets, even as it pushes ahead with plans to deregulate petroleum pricing.
Economy
Pakistan raises fuel prices again under new daily-adjustment system
ISLAMABAD: Pakistan raised retail petrol and diesel prices for a second consecutive day on Thursday, the latest sign that the government’s switch to daily fuel pricing is translating international oil-market swings into pump prices with a speed Pakistani consumers have not experienced before.
Pakistan flags Mideast tensions as risk to inflation, growth outlook
The government flagged renewed tensions in the Middle East as a threat to its inflation and external-sector outlook, even as officials pointed to a credit-rating upgrade and record technology exports as evidence the economy has turned a corner after last year’s stabilization drive.
London insurance Lloyd’s Market drops Pakistan from war-risk shipping list, easing trade costs
ISLAMABAD: Pakistan has been struck from a London insurance market list of high-risk maritime zones, a change the government says will lower shipping costs and strengthen the country’s pitch to global trade and logistics firms.
Pakistan-bound Qatari gas cargo slips through Hormuz amid renewed strikes
KARACHI: A cargo of Qatari liquefied natural gas bound for Pakistan cleared the Strait of Hormuz overnight, the first shipment from the world’s largest LNG exporter to make the transit in nearly three weeks, even as the war between the US and Iran shows no sign of abating.
Pakistan seeks higher power tariffs even as electricity demand slumps
ISLAMABAD: The government is pushing to raise electricity tariffs by Rs1.20 per unit even as power consumption falls, exposing the fiscal bind facing an energy sector caught between shrinking demand and rising fuel costs.
SBP sees financing gap narrowing as Gulf ally extends deposits
ISLAMABAD: Pakistan’s external financing requirements for the current fiscal year have fallen to $21.5 billion, State Bank of Pakistan Governor Jameel Ahmad said, as a three-year extension on $5 billion in Saudi Arabian deposits combined with $9 billion in central bank dollar purchases to ease pressure on the country’s foreign accounts.
Pakistan forms committee to manage wheat imports as prices surge
ISLAMABAD: The Economic Coordination Committee approved a steering panel to oversee wheat import needs on Wednesday, formalising an emergency response to a supply shortage that has pushed flour costs higher across the country of 268 million people.
Pakistan raises diesel price, trims petrol as daily reviews continue
ISLAMABAD: Pakistan increased the price of high-speed diesel by 2.24 rupees a liter while cutting petrol by 75 paisa, the latest in a string of daily adjustments the government adopted this month to keep pump prices in step with a volatile global oil market.
Senate committee orders Islamic banks to end abaya rule for female staff
ISLAMABAD: The Senate Standing Committee on Finance and Revenue has ordered the country’s central bank to stop commercial banks forcing female employees to wear abayas and headscarves, demanding immediate enforcement of a dress code policy the committee first laid down more than a year ago.