Day: October 30, 2026

LONDON: Global oil prices rose on Friday, putting crude benchmarks on track for a fourth consecutive monthly gain, as an attack on a tanker in the Strait of Hormuz heightened concerns over potential supply disruptions amid the ongoing US-Israeli war on Iran. Brent crude futures for December delivery, which expire on Friday, increased by $1.20, or 1.04 per cent, to $116.08 per barrel as of 0323 GMT. The more actively traded January contract climbed $1.39 to $112.19 per barrel. US West Texas Intermediate (WTI) crude futures also advanced by $1.37,…

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ISLAMABAD: Planning Minister Ahsan Iqbal has ruled out an immediate reduction in petroleum levy rates despite pressure from Jamaat-e-Islami (JI), saying the government may consider a gradual reduction in the next federal budget, subject to available fiscal space and economic conditions. Speaking to the media on Thursday, Iqbal said a committee had been formed to examine feasible proposals for a phased reduction in the petroleum levy. The committee will include Deputy Prime Minister Ishaq Dar, Planning Minister Ahsan Iqbal and Rana Sanaullah from the government, while Jamaat-e-Islami will nominate three…

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PESHAWAR: Khyber-Pakhtunkhwa Governor Faisal Karim Kundi has called for urgent action to recover the province’s outstanding net hydel power profit (NHP) dues from the federal government, directing officials to formally take up the matter with the Centre. The directive came during a meeting of the K-P Energy and Power Department chaired by Governor Kundi. Energy Advisor Usman Saifullah Khan, Secretary Energy Muhammad Zubair Khan and other senior officials attended the meeting. During the session, the Energy Secretary briefed the Governor on the department’s overall performance, ongoing development projects, outstanding financial…

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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has reserved its decision on a proposed Rs2.56 per unit increase in electricity prices under the monthly Fuel Charges Adjustment (FCA) for September, a move that would also affect K-Electric consumers under government policy guidelines. NEPRA completed a public hearing on a petition filed by the Central Power Purchasing Agency-Guarantee (CPPA-G), with officials attributing the proposed increase primarily to higher international fuel prices and expensive imported energy supplies. During the hearing, officials said spot liquefied natural gas (LNG) cargoes were available at…

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ISLAMABAD: Industrial representatives and the Power Division have called for the removal or reduction of petroleum levies on furnace oil and high-speed diesel (HSD) used in electricity generation, arguing that the charges are adding approximately Rs10 per unit to power costs and increasing the financial burden on consumers. The demand was raised during a public hearing conducted by the National Electric Power Regulatory Authority (NEPRA) on the proposed Rs2.56 per unit monthly Fuel Cost Adjustment (FCA) for electricity consumed in September. The Central Power Purchasing Agency (CPPA) has requested permission…

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