Day: September 3, 2026

ISLAMABAD: The government has launched work on an ambitious plan to establish an integrated oil city at Hub, Balochistan, featuring an offshore Single Point Mooring (SPM) facility, dedicated crude oil and petroleum product pipelines, and large-scale bonded storage infrastructure. The proposed project is aimed at transforming Hub into a major petroleum logistics and trading hub while providing Pakistan with additional capacity to handle large crude oil and petroleum product vessels and reducing pressure on existing port infrastructure at Karachi and Port Qasim. According to official sources, consultancy firm Technique has…

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LONDON: Global oil and gas prices have surged as renewed fighting between the United States and Iran threatens energy supplies through the Persian Gulf, raising concerns over inflation, economic growth and household costs ahead of winter. European natural gas futures climbed to a three-year high, while crude oil prices moved closer to $100 a barrel as tensions around the Strait of Hormuz intensified. The escalation has also pushed European diesel and gasoline prices sharply higher, adding to inflationary pressures across the region. Brent crude futures rose to around $95 a…

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KARACHI: Pakistan’s petroleum product sales declined 3% year-on-year (YoY) to 1.26 million tonnes in August 2026, mainly due to a sharp increase in motor gasoline (MS) and high-speed diesel (HSD) prices, according to industry data. On a month-on-month (MoM) basis, overall sales by oil marketing companies (OMCs) fell 16% during the month. Excluding furnace oil (FO), OMC sales declined 9.3% YoY and 19% MoM. The decline came amid a significant rise in fuel prices. MS prices increased by Rs70.06 per litre YoY and Rs10.01 MoM, while HSD prices rose Rs99.73…

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ISLAMABAD: Pakistan has reaffirmed that it retains all diplomatic and non-diplomatic options to ensure implementation of the Indus Waters Treaty (IWT), warning that India’s rejection of a Permanent Court of Arbitration (PCA) ruling cannot absolve it of its treaty obligations. Foreign Office spokesperson Tahir Andrabi said on Wednesday that India could not selectively invoke international law while rejecting decisions that did not suit its position. He called on New Delhi to return to full compliance with the 1960 water-sharing agreement. “India’s rejection of the award cannot extinguish or otherwise alter…

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ISLAMABAD: Pakistan LNG Limited (PLL) has rejected an emergency spot LNG cargo bid for September after the sole offer was deemed too expensive, prompting the state-owned company to seek fresh bids to meet supply requirements. According to PLL’s evaluation report, BP Singapore was the only bidder for a 140,000-cubic-metre LNG cargo scheduled for delivery at Port Qasim between September 4 and 8. The company technically qualified but quoted $26.969 per million British thermal units (MMBtu), a price that PLL did not accept. PLL has subsequently re-tendered for another spot LNG…

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