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.
Economy
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.
A Pakistani farm hand is seen fertilising a wheat field by hand in this photo by Qasim Ghauri dated February 11, 2021. Image courtesy of APP.
Pakistan fertiliser buffers shield Rabi, Kharif crops from Iran conflict fallout
ISLAMABAD: The government has ruled out any risk of fertiliser shortages for the ongoing Rabi 2025-26 season and the upcoming Kharif 2026 planting, even as the escalation of conflict in Iran and the broader Middle East sharply raises threats to global energy and agrifood supply chains.
Pakistan shifts to targeted fuel relief and demand curbs as Iran conflict threatens supplies through April
ISLAMABAD: The government is preparing to limit fuel subsidies to only the neediest while ramping up conservation and demand-management steps, Finance Minister Muhammad Aurangzeb said, as global oil prices climb on supply risks from the US-Israeli war on Iran.
Pakistan hikes premium gasoline levy by Rs200 a liter to raise Rs9 billion monthly for public relief
ISLAMABAD: Prime Minister Shehbaz Sharif approved an immediate increase of Rs200 a litre in the levy on high-octane blending component, or HOBC, the premium gasoline used in luxury and high-performance vehicles, shifting more of the fiscal burden from the national budget to higher-income consumers as global oil prices surge.
PM Sharif rejects fresh fuel-price increase on Eid eve, govt to absorb Rs69 billion burden amid Gulf oil shock
ISLAMABAD: Prime Minister Shehbaz Sharif said his government will shoulder the full cost of a fresh surge in international oil prices rather than pass it on to consumers, absorbing an additional Rs69 billion in subsidies to prevent petrol and high-speed diesel from rising as much as Rs127 and Rs252 a liter respectively.
Pakistan extends export scheme input window to 18 months to aid SMEs
ISLAMABA: The government on Thursday extended the utilization period under the Export Facilitation Scheme to 18 months from nine, a change officials say will lower costs for shippers and give particular relief to small and medium-sized enterprises.
Hormuz chokepoint risks hit Gulf LNG-dependent Pakistan hardest in South Asia, CFR warns
KARACHI: Pakistan is among the Asian economies most at risk of rapid energy shortages if disruptions to Gulf shipping continue, according to analysis from energy data provider Kpler, the Council on Foreign Relations and reporting by the Financial Times.
PM Sharif appeals for fuel savings to head Off supply risks from Middle East turmoil
ISLAMABAD: The government called on the public on Thursday to step up fuel-conservation efforts, warning that supplies of petroleum products could come under pressure in the coming days as instability in the Middle East intensifies.