ISLAMABAD: The government raised the retail price of petrol by 77 paisa a litre while cutting high-speed diesel by Rs1.03, the Petroleum Division said on Monday, the latest in a run of daily adjustments that have become the norm since the outbreak of the Iran war roiled global crude markets in late February.
Economy
Hague court rejects India’s suspension of Indus water treaty, orders halt on Kashmir dam project
ISLAMABAD: An international arbitration court ruled on Monday that India cannot unilaterally suspend a six-decade-old treaty governing the sharing of water from the Indus River system, delivering a sharp rebuke to New Delhi and ordering it to curtail construction on a hydroelectric project in the disputed Kashmir region.
Pakistan, Saudi Arabia set $3 billion target for agricultural trade
ISLAMABAD: Pakistan and Saudi Arabia agreed to nearly double Pakistan’s agricultural and food exports to the kingdom, targeting $3 billion within two years as the countries deepen commercial ties beyond their traditional defence and security partnership.
CDWP recommends 20 percent cut to Gwadar water pipeline cost, refers project to ECNEC
ISLAMABAD: Pakistan’s central planning authority recommended cutting the estimated cost of a long-delayed pipeline project supplying water from Mirani Dam to the port city of Gwadar by roughly 20%, as part of a broader package of infrastructure and education projects worth 60.26 billion rupees cleared or advanced on Sunday.
Pakistan retires record Rs1.2 trillion in central bank debt ahead of schedule
ISLAMABAD: Pakistan repaid 1.2 trillion rupees of debt owed to its central bank ahead of schedule, the largest single early-repayment tranche the government has undertaken, an adviser to the finance minister said, as authorities press ahead with an effort to trim refinancing risk less than two months into the new fiscal year.
Pakistan pulls telecom land-access bill after backlash over property rights
ISLAMABAD: The government withdrew legislation that would have granted telecommunications companies broad authority to install infrastructure on private and public land, bowing to criticism that the measure trampled constitutional property protections and opened the door to forced entry onto private premises.
Fesco draws 10 bidders as Pakistan presses ahead with power privatisation
ISLAMABAD: The government cleared 10 companies to bid for control of Faisalabad Electric Supply Co. after the country’s only privately run utility withdrew from the contest and a Chinese firm was disqualified on a technicality, advancing Prime Minister Shehbaz Sharif’s push to sell off state power distributors.
PM Sharif orders independent audit of tax overhaul
ISLAMABAD: Prime Minister Shehbaz Sharif ordered tax authority to submit its restructuring program to independent third-party audits, adding a layer of external scrutiny to an overhaul that has already reshaped how the government collects revenue and polices smuggling.
Power regulator threatens to block industry tariff deal without consultation
ISLAMABAD: The power regulator said it won’t approve a special industrial tariff incentive package unless the government first consults with industry, adding a new obstacle to energy policy as consumers brace for a fresh round of fuel-cost increases tied to expensive liquefied natural gas imports.
SBP profit drops 20 percent as rate cuts bite
KARACHI: The State Bank of Pakistan reported a 20% drop in annual profit as the impact of the central bank’s monetary easing campaign began to show up in its own bottom line, even as the institution continued to funnel enormous sums to a government still struggling to close its budget gap.