Year: 2026

Oil Prices Surge Nearly 20% Amid Supply Fears as US-Israel Conflict With Iran Escalates

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New-Oil1

TOKYO: Global oil prices surged sharply in early trading on Monday, rising by nearly 20 percent and reaching their highest levels since July 2022, as the expanding conflict between the United States, Israel, and Iran heightened fears of supply disruptions and shipping risks in the Middle East. Benchmark Brent crude futures jumped as much as $18.35, or 19.8 percent, to $111.04 per barrel before easing slightly to $107.07, still up $14.38 or 15.5 percent in early trading. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures climbed $15.27, or 16.8 percent,…

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PM Shehbaz Sharif to Announce Austerity Plan Today Amid Global Fuel Crisis

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Shehbaz-Sharif

ISLAMABAD / LAHORE: Prime Minister Shehbaz Sharif is expected to unveil a national austerity plan today (Monday) to address the economic fallout from the escalating Middle East conflict that has disrupted global energy markets and pushed fuel prices higher. The move comes after the government increased petrol and high-speed diesel prices by Rs55 per litre last week — the largest hike in recent history — as Pakistan felt the first direct economic impact of the ongoing conflict involving the United States, Israel and Iran. According to the Prime Minister’s Office,…

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Three Fuel Shipments Arriving Today as Government Moves to Secure Energy Supplies

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New-Oil2

Pakistan is expecting three petroleum shipments to arrive on Monday as the government steps up efforts to stabilize fuel supplies amid rising global oil prices and escalating tensions in the Middle East. Federal Minister for Petroleum Ali Pervaiz Malik informed a high-level briefing on Sunday that the shipments would help maintain the country’s fuel reserves during the ongoing crisis. The meeting was convened to review the energy situation and assess the impact of the widening conflict in the Middle East on global oil markets and Pakistan’s petroleum supplies. The meeting…

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Motorcycles Remain Pakistan’s Most Affordable Transport Amid Rising Fuel Prices

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fuel-prices

Amid rising fuel prices and ongoing geopolitical tensions in the Middle East and the region, Pakistan’s motorcycle market is expected to remain resilient as consumers increasingly look for affordable transportation options. Industry stakeholders fear that the continuing conflicts in the Middle East and the Pak-Afghan region could disrupt supply chains for imported auto parts. Shipping delays, higher freight charges, war risk premiums, and increased logistics costs are already putting pressure on assemblers. Transportation costs have also surged following the increase in the price of high-speed diesel, now fixed at Rs335.86…

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Sindh CM, federal ministers review energy situation amid rising global oil prices Emergency conservation measures discussed as Middle East tensions threaten fuel supplies

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Sindh CM petrol meeting

KARACHI (March 8): Sindh Chief Minister Syed Murad Ali Shah on Sunday held a meeting with Federal Finance Minister Muhammad Aurangzeb and Federal Petroleum Minister Ali Pervaiz Malik to review the evolving regional situation and its possible impact on Pakistan’s energy supplies and economy.The meeting, held at the CM House in Karachi, was attended by Sindh Home Minister Ziaul Hassan Lanjar, Chief Secretary Asif Hyder Shah, Secretary Energy Shuhab Ansari and other officials. The federal delegation included Additional Secretary Petroleum Division Zafar Abbas, Executive Director Oil and Gas Regulatory Authority…

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