Day: June 11, 2025

Govt rolls out plan for affordable electricity

Admin
affordable electricity

Pakistan, June 11 — Federal Minister for Finance Senator Muhammad Aurangzeb on Tuesday said the government has developed a comprehensive plan to obtain affordable electricity, making cheaper power accessible in the coming days. During budget speech 2025-2026, he said, under this plan, savings of more than PKR 4,000 billion have been achieved, and 9,000 MW of expensive power plants, which were to be added to the national grid, have been abandoned. He informed that for 18 million deserving and protected consumers, electricity prices have been reduced by over 50%..He added…

Read More

Oil up on hopes of positive US-China trade talks

Admin
Oil prices

NEW YORK: Oil prices edged up 1% to a seven-week high on Tuesday on hopes trade talks between the US and China – the world’s two biggest economies – will result in a deal that could support global economic growth and boost oil demand. Brent crude futures rose 81 cents, or 1.2%, to $67.85 a barrel by 11:22 a.m. EDT (1522 GMT), while US West Texas Intermediate crude rose 83 cents, or 1.3%, to $66.12. Those gains pushed both crude benchmarks into technically overbought territory for the first time since…

Read More

Oil rises to 7-week high on US-China trade deal

Admin
Oil price

LONDON: Oil prices rose to their highest in seven weeks on Wednesday as U.S. President Donald Trump said a deal had been done with China, heightening expectations of a de-escalation in trade tensions between the world’s two largest economies. Brent crude futures were up $1.15, or 1.7%, to $68.02 a barrel at 1249 GMT, while U.S. West Texas Intermediate crude was up $1.31, or 2%, to $66.29. At that level, WTI reached its highest in more than two months. Trump said Beijing would supply magnets and rare earth minerals and…

Read More

Oil & Gas Sector Achieves Key Milestones Amid Renewed Investment: Aurangzeb

Admin
oil and gas

ISLAMABAD: Federal Finance Minister Senator Muhammad Aurangzeb announced on Tuesday that Pakistan’s oil and gas sector has witnessed substantial progress in recent years, marked by diversification, regulatory reforms, and growing foreign investment. Delivering the Budget 2025–26 speech, the minister highlighted renewed interest from international firms, particularly Turkish Petroleum, in exploration and production (E\&P) through competitive bidding — a major step forward for the onshore segment after years of stagnation. He also noted the launch of the Pakistan Offshore Exploration Bid Round 2024 — the first in over a decade —…

Read More

Govt Proposes 10% Power Bill Surcharge to Tackle Mounting Circular Debt

Admin
Your-Bill

ISLAMABAD: In a bid to arrest the spiraling circular debt in the power sector, the federal government has proposed a 10% surcharge on electricity bills, a move tied to its ongoing reform commitments under the IMF programme. Announced by Finance Minister Muhammad Aurangzeb during the budget speech, the surcharge—termed the Debt Servicing Surcharge (DSS)—will be used solely for the repayment of principal debt, not interest or mark-up. The measure is part of a broader strategy to refinance and manage the existing liabilities in the energy sector without further worsening fiscal…

Read More