ISLAMABAD: Prime Minister Shehbaz said the government is moving to protect lower- and middle-income Pakistanis from the impact of higher fuel prices triggered by the global energy shock following the war involving Iran.
Economy
Pakistan caps fuel costs with Rs125 billion package
ISLAMABAD The government on Sunday diverted 125 billion rupees from savings and development budgets to block any increase in oil prices, protecting consumers from the immediate fallout of the regional war that has driven global crude to two-year highs.
Pakistan debunks weekend lockdown claim as fuel crisis deepens
ISLAMABAD: The information ministry on Sunday branded as fake a widely circulated notification that claimed the government had ordered a complete weekend lockdown to conserve fuel, urging citizens to stop sharing unverified social media posts that could sow confusion during an acute energy crisis.
PIA resumes direct London flights after six-year hiatus
ISLAMABAD: Pakistan International Airlines operated its first direct flight to London in six years on Sunday, sending flight PK-785 from Islamabad International Airport to Heathrow as the newly privatized national carrier pushes to rebuild its international network.
Iran opens Hormuz to more Pakistani ships in gesture Islamabad calls a ‘harbinger of peace’
ISLAMABAD: Iran has agreed to allow 20 additional ships flying the Pakistani flag to pass through the Strait of Hormuz, with two vessels crossing daily, Pakistan’s deputy prime minister said late Saturday in a move that officials here described as a significant confidence-building gesture amid a month-long war that has crippled global energy supplies.
Pakistan extends banking relief for food, drug exports to Iran as Gulf tensions disrupt sea routes
ISLAMABAD: The government has waived mandatory banking instruments for land-route exports of rice, other food items and pharmaceuticals to Iran, a three-month exemption aimed at shielding traders from growing uncertainty in maritime shipping caused by the Gulf crisis.
Pakistan to convene national leadership summit on fuel crisis as provinces reject subsidy burden
ISLAMABAD: Pakistan is organising a high-level national dialogue early next week to hammer out an “all-inclusive” strategy on austerity and energy conservation, after the country’s four provinces signalled they are unwilling to shoulder a collective Rs200 billion share of the fuel-subsidy bill amid surging international oil prices.
Karachi transhipment volumes jump as Middle East conflict prompts Gulf reroutes
KARACHI: Long queues of container ships have begun forming at Pakistan’s Karachi ports as global shipping lines divert vessels from the Strait of Hormuz amid heightened risks from the ongoing Middle East conflict, with government facilitation measures accelerating the shift.
Khyber Pakhtunkhwa demands NFC formula revamp or interim grants after walkout over merged districts share
ISLAMABAD: The government of Khyber Pakhtunkhwa has formally asked federal authorities to revise the National Finance Commission resource-distribution formula or, failing that, to provide discretionary grants to all provinces until a new consensus is reached.
IMF staff agree on $1.2bln Pakistan disbursement after reviews, backing fuel policy amid Middle East crisis
ISLAMABAD: The International Monetary Fund reached a staff-level agreement with Pakistani authorities for the release of about $1.2 billion, clearing the way for the third review under the country’s Extended Fund Facility and the second under the Resilience and Sustainability Facility, the fund said on Saturday.