Day: October 9, 2026

ISLAMABAD: Rising global oil prices amid the Middle East conflict are accelerating Pakistan’s transition towards electric vehicles (EVs), with the government expecting to achieve its adoption target ahead of schedule as consumers increasingly seek alternatives to petrol-powered vehicles. According to Bloomberg, Haroon Akhtar, adviser to the prime minister on industries and production, said higher fuel costs had significantly shortened the payback period for electric vehicles, making them a more attractive option for consumers. Pakistan’s EV policy, announced last year, aims to increase electric vehicles’ share of new vehicle sales to…

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ISLAMABAD: The National Assembly’s Standing Committee on Petroleum Division has called for greater transparency in fuel pricing and the petroleum levy, while reviewing government measures to mitigate the impact of rising international oil prices on domestic consumers. The committee, chaired by Syed Mustafa Mehmood, was informed that surging shipping and insurance costs, longer transportation routes and exceptionally high refining margins had significantly increased the international cost of crude oil and petroleum products. The petroleum minister told lawmakers that the government was taking steps to ensure uninterrupted fuel supplies while limiting…

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ISLAMABAD: Pakistan and the International Monetary Fund (IMF) have reached a staff-level agreement that could unlock approximately $1.2 billion in fresh financing, while the Fund has urged the government to phase out its fuel subsidy scheme, increase health and education spending and ensure timely energy tariff adjustments. The agreement covers the fourth review of Pakistan’s 37-month Extended Fund Facility (EFF) and the third review of its 28-month Resilience and Sustainability Facility (RSF), alongside discussions under the 2026 Article IV consultation. An IMF mission led by Iva Petrova held discussions with…

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ISLAMABAD: Pakistan and Bahrain have agreed to strengthen bilateral cooperation in trade, investment, energy and human resource development, with Prime Minister Shehbaz Sharif expressing confidence that the third session of the Pakistan-Bahrain Joint Ministerial Commission (JMC) would provide fresh momentum to bilateral relations. The prime minister made these remarks during a meeting with Bahrain’s Foreign Minister Abdullatif bin Rashid Al Zayani, who is visiting Islamabad to co-chair the JMC’s third session with Pakistan’s Deputy Prime Minister and Foreign Minister Ishaq Dar. According to a statement issued by the Prime Minister’s…

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KARACHI: Chinese electric vehicle manufacturer BYD is in discussions with its local partner, Mega Motor Company (MMC), to introduce its next-generation ultra-fast charging technology in Pakistan, aiming to make electric vehicles more practical and accelerate the adoption of new energy vehicles. Liu Xueliang, Vice President of BYD Co. Ltd. and General Manager of its Asia Pacific Auto Sales Division, told Business Recorder that the company was exploring how the technology could be introduced to Pakistani customers in collaboration with MMC. According to Liu, BYD’s Mega Flash Charging technology is powered…

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