Pakistan mediation in US-Iran crisis teeters as Tehran demands permanent peace and Trump sets 8 pm deadline for ‘hell’

ISLAMABAD: Pakistan’s behind-the-scenes diplomacy to avert full-scale war between the United States and Iran reached a “critical, sensitive stage” on Tuesday even as Tehran rejected a proposed ceasefire, Iranian missiles struck Saudi industrial targets and President Donald Trump warned that a “whole civilization will die” if Iran failed to reopen the Strait of Hormuz by his 8 pm Eastern time deadline.

Read more

PIA suspends flights to Beijing, Kuala Lumpur and most Gulf routes as jet-fuel costs surge

ISLAMABAD: Pakistan International Airlines Ltd. is suspending flights to Beijing, Kuala Lumpur and most destinations in the Gulf, while sharply restricting service to the United Arab Emirates, as the carrier grapples with the fourth consecutive surge in jet-fuel prices triggered by the US-Israeli war on Iran.

Read more

Pakistan mobilises law enforcement to tackle suspected fuel hoarding as regulators draw fire for delayed data integration

ISLAMABAD: Pakistan’s Oil and Gas Regulatory Authority and state-owned Pakistan State Oil came under heavy criticism on Monday for their sluggish progress in automating and integrating real-time data on petroleum stocks and supplies, prompting the government to activate law-enforcement and investigative agencies to monitor retail outlets and stamp out hoarding.

Read more

Pakistan’s fuel subsidies win IMF nod, but distortions must go – report

ISLAMABAD: The International Monetary Fund has told Pakistan to eliminate distortions in petroleum pricing at the earliest opportunity, even though it has accepted the federal government’s decision to cap subsidies at 152 billion rupees amid a global price surge triggered by U.S.-Israeli strikes on Iran and the subsequent closure of the Strait of Hormuz.

Read more

Pakistan brokers framework for immediate Iran-US ceasefire and reopening of Strait of Hormuz – reports

ISLAMABAD: A framework for ending hostilities between Iran and the United States, including an immediate ceasefire and the reopening of the Strait of Hormuz, was conveyed overnight to both sides by Pakistani intermediaries, according to a source familiar with the discussions told Reuters.

Read more