ISLAMABAD: Pakistan has approached the United States seeking a $10 billion exchange stabilisation facility, a request that would mark one of the largest such arrangements the US Treasury has extended to a foreign government in decades, Reuters reported on Tuesday.
Economy
Pakistan raises diesel by 7.15 rupees, petrol by 4.93 as daily pricing takes hold
ISLAMABAD: Pakistan raised the price of high-speed diesel by 7.15 rupees and petrol by 4.93 rupees a liter, according to a Petroleum Division notification issued on Tuesday, extending a pattern of near-daily increases since the country abandoned weekly fuel pricing in favor of a system that adjusts rates every 24 hours.
Pakistan fuel retailers to shut 15,000 pumps over daily pricing rule
ISLAMABAD: Pakistan’s largest fuel retailer association said it will shut roughly 15,000 petrol pumps nationwide from Thursday, escalating a standoff with the government over a new daily pricing mechanism that dealers say threatens their survival.
Pakistan hires bank consortiums for Eurobonds, Sukuk sales
ISLAMABAD: Pakistan appointed international bank consortiums to arrange a fresh round of Eurobond, Sukuk and rupee-denominated dollar bond sales, building on the South Asian nation’s return to global capital markets earlier this year.
Pakistan weighs US firm Honeywell plan to modernise ageing refineries
Finance minister met with executives from automation firm Honeywell International Inc. in Washington to discuss a proposal to modernise the South Asian nation’s refining sector, as Islamabad looks to cut its dependence on imported fuel.
Pakistan bars private firms from diesel imports, boosts PSO role
ISLAMABAD: Pakistan’s government has barred private oil marketing companies from importing high-speed diesel, handing state-run Pakistan State Oil exclusive control over the fuel’s supply for the current fiscal year, according to the Dawn newspaper.
Pakistan pays record $21.88 for LNG cargo as single bidder wins July shipment
KARACHI: Pakistan agreed to pay $21.88 per million British thermal units for a cargo of liquefied natural gas, its highest price of the year, as a prolonged outage at QatarEnergy’s flagship export terminal continues to force the South Asian nation into the costly spot market.
Pakistan trims petrol, hikes diesel rates as Iran-US conflict keeps oil markets on edge
The government lowered the retail price of petrol and sharply raised diesel rates on Monday, the latest in a string of adjustments triggered by swings in global oil markets since fighting resumed between Iran and the US earlier this year.
Petroleum dealers back daily fuel pricing, seek bigger margin
ISLAMABAD: Pakistan’s petroleum retailers have thrown their support behind a government plan to shift fuel-price adjustments from a weekly to a daily schedule, backing an overhaul designed to tighten transparency in a market officials say has become vulnerable to manipulation and hoarding.
Pakistan weighs return of fuel austerity as Mideast tensions squeeze reserves – report
ISLAMABAD: The government is preparing to reintroduce fuel conservation and austerity measures as soon as this week, as a fresh escalation in Middle East hostilities threatens to drive up oil prices and strain the country’s foreign exchange reserves, Dawn newspaper reported on Monday.