ISLAMABAD: The government lowered pump prices for gasoline and diesel on Thursday, the latest in a string of near-daily adjustments that have replaced the country’s longstanding practice of setting fuel costs every two weeks.
Economy
Pakistan weighs scrapping tiered gas pricing for single rate
ISLAMABAD: Pakistan’s government is considering scrapping its tiered natural gas pricing system in favor of a single uniform rate for all consumers, Petroleum Minister Ali Pervaiz Malik said, a shift that would mark one of the most significant overhauls of the country’s energy subsidy regime in years.
Petrol, diesel costs climb for second straight day amid Mideast volatility
ISLAMABAD: Pakistan raised gasoline and diesel prices for a second consecutive day, extending a run of near-daily adjustments that the government adopted this year to track swings in global crude markets rattled by conflict between the US and Iran.
Pakistan coal plants’ sloppy buying habits cost consumers millions
ISLAMABAD: The independent power producers are paying inflated prices for imported coal through opaque procurement practices that regulators say are quietly padding electricity bills for millions of consumers, according to government findings that have prompted new policy guidelines aimed at plugging the leak, Dawn newspaper reported on Wednesday.
Pakistan forms panel to defuse $18 billion Iran pipeline dispute
ISLAMABAD: Prime Minister Shehbaz Sharif has set up a high-level committee to negotiate a settlement with Iran over a stalled natural gas pipeline, as the government seeks to limit its exposure to a Paris arbitration claim that could cost the cash-strapped economy as much as $18 billion.
Pakistan weighs scrapping Rs10 note as printing costs bite
ISLAMABAD: Pakistan’s central bank is considering scrapping its lowest-denomination banknote, the Rs10 note, as officials weigh the rising cost of printing currency that’s becoming increasingly expensive to produce.
Pakistan targets up to $2 billion more in Eurobonds this fiscal year
KARACHI: Pakistan plans to raise as much as $2 billion through Eurobonds this fiscal year, extending a return to international capital markets that began with a $750 million issuance in April, while pursuing a $10 billion currency swap facility with the US to bolster investor confidence in the South Asian economy.
Pakistan launches feasibility study for strategic petroleum reserves with Wood Mackenzie
ISLAMABAD: Pakistan began a feasibility study on Tuesday to determine whether the South Asian nation should build strategic petroleum reserves, turning to global energy consultancy Wood Mackenzie as it seeks to shore up defences against the kind of supply shocks that have rattled global oil markets this year.
Pakistan opens bonded fuel storage to foreign suppliers after Hormuz shock
ISLAMABAD: The government approved a plan allowing international fuel suppliers to build and operate their own bonded storage facilities in the country, a move aimed at insulating the South Asian nation from the kind of supply shocks triggered by the recent closure of the Strait of Hormuz.
Moody’s upgrades Pakistan to B3, citing reserve buildup and fiscal gains
KARACHI: Moody’s Ratings raised Pakistan’s sovereign credit rating one notch to B3 from Caa1 on Monday, pointing to a steady rebuild in foreign-currency reserves and a lighter debt-servicing burden that has given the government more room to maneuver after years of fiscal strain.