Year: 2026

Pakistan Has Adequate Fuel Stocks Despite Global Crisis: Monitoring Committee

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New-Oil5

ISLAMABAD: Pakistan has sufficient petroleum product stocks to meet domestic demand for April and the coming months, the Committee to Monitor Petrol Prices was informed on Thursday, offering reassurance amid fears of global supply disruptions. The update comes after the government raised petrol and diesel prices by Rs55 per litre earlier this month—an increase of around 20%—due to supply chain disruptions triggered by the ongoing Middle East conflict involving the US, Israel, and Iran. The crisis has pushed global crude oil prices to a two-year high. To address the evolving…

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Barrick Delays Pakistan Copper-Gold Project Amid Security Concerns

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Reko-Barrick

TORONTO: Barrick Mining has decided to delay development of its major copper and gold project in Pakistan, citing escalating security concerns linked to the ongoing Middle East conflict, according to a report by the Financial Times on Thursday. In correspondence with its Pakistani equity partners and the project’s local operator, the company stated that it would reassess the project’s potential impacts and overall delivery strategy. The decision follows a preliminary review and a worsening security environment in both Pakistan and the broader Middle East region. “Following the preliminary findings of…

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Bike, Loader Prices Surge Amid Rising Fuel and Freight Costs

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New-Project124

KARACHI: Escalating freight charges, war risk premiums, and rising diesel prices linked to the ongoing Middle East conflict have compelled local motorcycle and three-wheeler loader assemblers to increase prices by Rs1,500 to Rs10,000, effective April 1. While car manufacturers have yet to announce similar hikes, industry insiders anticipate they may soon follow suit. Pak Star Automobile Ltd has raised prices of its 100cc to 200cc loaders by Rs10,000, citing higher costs of Chinese-origin parts, along with increased freight and transportation expenses. Meanwhile, N.J. Auto Industries has increased prices of all…

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Pakistan begins oil production from first horizontal oil well

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oil price

ISLAMABAD: In a crucial global scenario of energy crisis, Pakistan has marked a significant milestone in its energy sector with the activation of its first horizontal oil well. The Oil and Gas Development Company Limited (OGDCL) of Pakistan has made operational Pakistan’s first ‘Horizontal oil Well’. The well, named ‘PASAKHI 13’, is located in Hyderabad district in Sindh province and has begun producing approximately 460 barrels of oil per day, according to OGDCL. OGDCL said the well was drilled to a total depth of 2,966 metres, including a 546-metre horizontal…

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Pakistan, Oman Reaffirm Commitment to Expand Energy Partnership amid Evolving Regional Situation

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New-Project123

Federal Minister for Petroleum Ali Pervaiz Malik held a meeting with H.E. Fahad Bin Sulaiman Bin Khalaf Alkharusi, Ambassador of the Sultanate of Oman to Pakistan, to discuss the evolving energy situation in the region and avenues for strengthening bilateral cooperation in the energy sector. The Federal Minister highlighted that Pakistan and Oman enjoy long-standing, cordial and brotherly relations, rooted in shared history, mutual respect and strong people-to-people ties. He reaffirmed Pakistan’s commitment to further expand the bilateral energy partnership and explore new areas of collaboration. During the meeting, the…

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