Author: Admin

KARACHI: The Oil Companies Advisory Council (OCAC) has called on the government to introduce comprehensive fiscal and regulatory reforms in the FY2026–27 federal budget, cautioning that escalating taxes and severe liquidity constraints are putting the petroleum sector’s financial sustainability at risk. In a letter addressed to Dr. Najeeb Memon of the Tax Policy Office at the Ministry of Finance, the council highlighted that several longstanding issues remain unresolved and have worsened due to an increasing tax burden, delayed refunds, and the disallowance of input tax adjustments following the sales tax…

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ISLAMABAD: Attock Refinery Limited (ARL) has temporarily shut down its main crude distillation unit (HBU-I) with a capacity of 32,400 barrels per stream day (BPSD), citing severe disruptions in the fuel supply chain due to security-related restrictions in Islamabad. In a notice submitted to the Pakistan Stock Exchange (PSX), the refinery stated that the suspension of oil tank lorry movement—triggered by heightened security measures ahead of the arrival of foreign delegates—had significantly impacted both crude oil receipts and product dispatch operations. The company noted that limitations on product transportation led…

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ISLAMABAD: Pakistan’s power system has received significant relief as electricity generation from hydropower sources surged to 5,000 megawatts during peak hours since April 17, 2026, according to the Power Division. A spokesperson said increased water releases from reservoirs, in line with provincial requirements, enabled hydel generation to reach 5,000MW during peak night hours, easing pressure on the national grid. The situation was further supported by an additional 400MW supply from the southern region, helping stabilize electricity distribution to central areas. As a result, no load management was observed during peak…

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ISLAMABAD: Oil and Gas Development Company Limited (OGDC) has stepped up efforts to unlock value from its stranded and low British thermal unit (BTU) gas reserves, with a renewed focus on accelerating development of the Zin Gas Field. As part of this initiative, OGDC is actively engaging with the Government of Balochistan to explore the utilisation of Zin’s low BTU gas for industrial clusters and fertiliser projects. The move is aimed at promoting regional economic development while bringing underutilised indigenous energy resources into productive use. In a further push to…

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ISLAMABAD/WASHINGTON: Donald Trump has announced an extension of the ceasefire between the United States and Iran, citing a request from Pakistan’s leadership to allow more time for diplomacy. In a statement posted on his Truth Social platform, Trump said the decision followed appeals from Shehbaz Sharif and Asim Munir to delay military action and give negotiations a chance. The ceasefire, initially set to expire this week, will now remain in place until Iran presents a “unified proposal” and talks are concluded. “I have directed our military to continue the blockade…

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