ISLAMABAD: Prime Minister Shehbaz Sharif rejected yet another proposal to raise petrol and high-speed diesel prices, choosing instead to have the government absorb an additional Rs56 billion in costs as global oil prices remain elevated by the conflict in the Middle East.
Economy
Federal, provincial governments agree on targeted fuel relief via digital vouchers
ISLAMABAD: The federal government and the four provinces agreed on Friday to roll out immediately a mobile application-based quota system for subsidized fuel sales to motorcycles and three-wheelers, aiming to channel relief to low-income households while plugging leaks that have drained public resources.
ECC redirects Rs100 billion development spending to cushion consumers from petroleum volatility
ISLAMABAD: The Economic Coordination Committee of the cabinet approved a Rs100 billion supplementary grant for the prime minister’s austerity fund on Thursday to finance subsidies on petroleum products and shield consumers from price swings linked to developments in the Gulf region.
Barrick delays Reko Diq project as security worsens, Iran war disrupts supplies
KARACHI: Barrick is delaying development of its flagship Reko Diq copper and gold mine in Pakistan, citing the war in the Middle East and a sharp deterioration in security across Balochistan province, where the project is located, FT reported on Thursday.
Islamabad asks provinces to share fuel subsidy load to keep pump prices frozen
ISLAMABAD: The federal government is pressing provincial authorities to share the rising cost of imported fuel, in a bid to keep domestic petrol and diesel prices unchanged for consumers despite swings in global markets, according to people familiar with the discussions.
Pakistan finalises mobile-app fuel quota system for two- and three-wheelers to target subsidies amid surging oil costs
ISLAMABAD: The government has completed testing and finalised a mobile-application-based quota system for subsidised fuel sales to two- and three-wheelers, with the possibility of extending coverage to vehicles of up to 800 cubic centimetres, according to a senior government official.
Pakistan weighs ending petrol, diesel price freeze as IMF talks on hold
ISLAMABAD: Pakistan is actively considering unfreezing retail prices of petrol and high-speed diesel to bring them in line with global benchmarks, while preparing targeted subsidies for two- and three-wheelers, as jet fuel and kerosene prices have rocketed amid Middle East turmoil.
ADB launches financial package to shield Asia-Pacific from Middle East conflict fallout
ISLAMABAD: The Asian Development Bank said on Tuesday it is launching a financial support package to help its developing member countries in Asia and the Pacific cushion the economic and financial fallout from the conflict in the Middle East.
Pakistan secures March-April fuel cargoes, builds buffers as Middle East conflict roils oil markets
ISLAMABAD: Pakistan has largely locked in petrol cargoes for the current month and April, with additional shipments in the pipeline to thicken supply buffers, a high-level government committee was told Tuesday as officials monitor the fallout from escalating conflict in the Middle East.
Pakistan bans high-octane fuel in government vehicles as austerity tightens amid oil shock
ISLAMABAD: Prime Minister Shehbaz Sharif banned the use of high-octane fuel in all government vehicles on Monday, the latest austerity step as the country confronts the economic fallout from soaring global oil prices triggered by conflict in the Middle East.