ISLAMABAD: The petroleum minister pledged on Tuesday to anchor fuel prices to actual import costs after oil company executives warned that seven formula overhauls in three months had erased a full year’s industry profits in a single pricing cycle and were pushing foreign investors toward the exit.
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Six TTP militants killed in Lower Dir as security forces step up counterterror push
PESHAWAR: Security forces killed six suspected militants in a hillside firefight in the northwestern Khyber Pakhtunkhwa province on Wednesday, officials said, after intelligence tracked the same group believed responsible for a recent attack on a police checkpost that left a constable dead.
Pakistan passes budget as opposition walks out, censorship row erupts in parliament
ISLAMABAD: The National Assembly passed the federal budget for the next fiscal year on Tuesday after the opposition walked out of the chamber following an acrimonious debate in which the opposition leader accused the government of trampling the constitution and his speech was blacked out on state television and social media.
Abu Dhabi-backed port group bets $100 mln on Pakistan as Iran war reshapes regional shipping
KARACHI: The operator of Karachi’s main container and bulk terminal plans to invest up to $100 million over the next five years, betting that a cargo surge triggered by the disruption of maritime traffic during the U.S.-Israel war on Iran can be converted into durable regional shipping gains for Pakistan.
Iran’s Pezeshkian calls for Muslim ‘united front,’ new regional security structure in Islamabad
ISLAMABAD: Iranian President Masoud Pezeshkian called on Tuesday for Muslim nations to forge a “united front” against common enemies and offered Iran’s “hand of friendship” to build a new regional security architecture, using a high-profile state visit to Islamabad to signal a diplomatic pivot following last month’s devastating US-Iran conflict.
Islamabad’s fuel price cuts leave Pakistan oil sector nursing $367 mln inventory blow
KARACHI: Pakistan’s oil industry has absorbed losses of roughly 104 billion rupees ($367 million) after the government slashed domestic fuel prices in the wake of a US-Iran ceasefire that reopened the Strait of Hormuz and sent international crude markets sharply lower, according to an industry letter.
Pakistan’s mango exporters face 30 percent revenue collapse as climate damage and Middle East turmoil upend the season
KARACHI: Pakistan’s mango industry is heading for one of its worst export seasons in recent memory, with revenue expected to fall by nearly 30 percent as a punishing combination of extreme weather, regional conflict and soaring freight costs squeezes producers from every direction.
Pakistan winds up fuel subsidy scheme after US-Iran ceasefire eases oil shock
ISLAMABAD: Pakistan has wound up an emergency fuel subsidy programme for motorcyclists, farmers and transport operators, the government said on Monday, as a sharp retreat in global oil prices following a U.S.-Iran ceasefire rendered the relief scheme redundant.
PPP’s Amjad Hussain elected Gilgit-Baltistan chief minister as coalition allies fall in line
GILGIT: Â Pakistan Peoples Party leader Advocate Amjad Hussain was elected unopposed as chief minister of Gilgit-Baltistan on Monday, capping a day in which the sixth assembly of the mountainous territory was sworn in, its speaker and deputy speaker elected, and a three-party governing coalition locked into place.
Pakistani among 13 killed in blast at Qatar’s Ras Laffan LNG hub
ISLAMABAD: An explosion at Qatar’s Ras Laffan Industrial City, the world’s largest liquefied natural gas hub, killed 13 workers, including a Pakistani, and wounded 66 others on Sunday evening, the country’s energy minister said on Monday, as the Gulf state works to restore output halted by the US-Iran war.