Day: July 3, 2026

KARACHI: The Federal Board of Revenue (FBR) has introduced stricter oversight of public bonded warehouses handling petroleum, oil and lubricants (POL) products by enforcing tighter customs controls and enhanced monitoring measures to prevent the unauthorized movement of bonded fuel and safeguard government revenue. In a standing order issued by the Office of the Chief Collector of Customs (Appraisement), Punjab, all public bonded warehouse operators have been directed to strictly comply with customs laws by ensuring that no bonded POL products are removed or delivered without verification of Ex-Bond Goods Declarations…

Read More

KARACHI: Pakistan’s petroleum sales remained under pressure in June 2026, with total sales by oil marketing companies (OMCs) falling 20% year-on-year (YoY) to 1.26 million tonnes, reflecting subdued demand amid elevated domestic fuel prices and increased cross-border fuel smuggling. According to industry data, petroleum sales, however, showed signs of recovery on a month-on-month (MoM) basis, rising 7% as lower domestic fuel prices—following a decline in international crude oil prices and easing geopolitical tensions—supported consumption. Excluding furnace oil (FO), total OMC sales declined 15% YoY but increased 6% MoM. The annual…

Read More

ISLAMABAD: The Economic Coordination Committee (ECC) has directed the Ministries of Petroleum and Power to urgently resolve a dispute over gas supply guarantees after K-Electric (KE) was served with notices warning of a possible gas supply disconnection due to an alleged breach of guarantees. According to official sources, the issue was discussed during a recent ECC meeting, where Federal Minister for Petroleum Ali Pervaiz Malik informed the committee that KE had received gas disconnection notices because of guarantee-related issues. He urged the Power Division to take immediate action, prompting the…

Read More

ISLAMABAD: The Private Power and Infrastructure Board (PPIB) is likely to put three hydropower projects with a combined capacity of 1,832MW on hold after they failed to qualify under the Indicative Generation Capacity Expansion Plan (IGCEP) 2025-2035, largely due to declining electricity demand driven by the rapid expansion of rooftop solar installations. According to audit observations for the PPIB’s financial year 2024-25, the 700.7MW Azad Pattan Hydropower Project, 1,124MW Kohala Hydropower Project, and 8MW Kathai-II Hydropower Project remained unimplemented because of prolonged delays in achieving financial close. The Letter of…

Read More

ISLAMABAD: The Senate Standing Committee on Economic Affairs has decided to seek investigations by the Federal Investigation Agency (FIA) and the National Accountability Bureau (NAB) into alleged irregularities and corruption in foreign-funded power sector projects, while also forwarding its findings to Prime Minister Shehbaz Sharif for appropriate action. The unanimous decision was taken during a meeting of the committee chaired by Saifullah Abro after the Economic Affairs Division (EAD) stated that it could not order an inquiry into projects executed by another ministry. Committee members criticized a letter issued by…

Read More