Day: March 16, 2026

Oil Price Shock Could Cut Pakistan GDP by Up to 1.5%, Experts Warn

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Oil prices

KARACHI: Prolonged high global oil prices triggered by the ongoing Middle East conflict could reduce the GDP of Pakistan by 1 to 1.5 percent if crude prices remain around $100 per barrel or higher, according to former finance minister Hafiz Pasha. Pasha warned that the most severe impact would be felt in Pakistan’s external sector, where the country could face a negative shock of $12–14 billion over the next year. The surge would be driven largely by petroleum imports, which may rise by 25–30 percent as global oil prices climb.…

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Iran Holds Key to Reopening Global Energy Markets Amid Gulf Conflict

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New-Project105

DUBAI/BAGHDAD: The ongoing Gulf conflict has shifted the balance of influence in global energy markets, with Iran emerging as a central player in determining when normal oil and gas flows may resume. The shift became evident after Saudi Aramco informed its global oil buyers in a letter this week that it was uncertain which port would be used for April crude exports. According to the communication, shipments could be routed through the Red Sea or still originate from Gulf terminals, reflecting growing uncertainty caused by the shutdown of the Strait…

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Govt to Absorb Rs23bn to Keep Fuel Prices Unchanged

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petrol-price

ISLAMABAD: The Government of Pakistan has decided to absorb a financial impact of Rs23 billion to keep petrol and high-speed diesel (HSD) prices unchanged for the week starting March 14, 2026, amid rising global oil prices and regional supply disruptions. According to official documents, the subsidy will be provided as a price differential to Oil Marketing Companies (OMCs) and financed through the newly created Prime Minister’s Austerity Fund. The payment will compensate OMCs at a rate of Rs75.05 per litre for HSD and Rs49.63 per litre for petrol. The estimated…

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Islamabad High Court Suspends Federal Board of Revenue Super Tax Recovery Notices to Three IPPs

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FBR-Tex

ISLAMABAD: The Islamabad High Court (IHC) has suspended recovery notices issued by the Federal Board of Revenue (FBR) against three Independent Power Producers (IPPs) for the collection of Super Tax, citing failure to follow the procedure prescribed under the Income Tax Ordinance 2001. The IPPs challenged the notices after recovery proceedings were initiated without providing the mandatory time period required under Section 137 of the ordinance. The companies informed the court that although the judgment of the Federal Constitutional Court regarding Super Tax is binding on the tax authorities, the…

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Oil Prices Extend Rally as Middle East Conflict Threatens Export Facilities

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Oil prices

SINGAPORE: Oil prices continued to climb on Monday as the ongoing conflict between the United States, Israel, and Iran entered its third week, raising serious concerns over potential damage to key oil infrastructure and keeping the strategic Strait of Hormuz closed—marking one of the largest disruptions to global oil supplies in recent history. Brent crude futures surged by $2.01, or 1.95%, reaching $105.15 per barrel by 2338 GMT after settling $2.68 higher in the previous session. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose $1.61, or 1.63%, to $100.32 per…

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