Author: Admin

ISLAMABAD: The government has approved a new mechanism to review petroleum prices on a weekly basis, aiming to shield the oil industry from rising premiums, insurance costs and freight charges amid volatile global markets. The decision was taken after the Petroleum Division warned of a potential fuel supply crisis triggered by escalating tensions in the Gulf region that have disrupted energy shipments. Global oil markets have remained highly unstable following the Middle East conflict that has affected shipping through the strategic Strait of Hormuz — a key maritime route through…

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DUBAI / TEHRAN: Escalating tensions in the Middle East have pushed global energy markets to the brink after multiple commercial vessels were struck near the strategic Strait of Hormuz, raising concerns about disruptions to a vital route that carries nearly 20 percent of the world’s oil supply. According to reports, Iran launched fresh attacks against Israel and other targets across the region on Wednesday, demonstrating its ability to retaliate despite intense military strikes by the United States and Israel. The situation intensified as at least three commercial vessels were hit…

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LAHORE / PESHAWAR / KARACHI: The recent Rs55 per litre increase in fuel prices has triggered widespread economic ripple effects across Pakistan, driving up transportation costs, pushing food prices higher and placing additional strain on households already grappling with traditional inflation during the holy month of Ramadan. Citizens from different walks of life say the sharp hike has further complicated daily survival amid rising living costs. “It was the last thing Pakistanis needed and the government delivered it mercilessly,” said one respondent, adding that managing household expenses has become an…

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