Author: Admin

No Hike in Petroleum Levy, But Consumers Face Oil Price Surge

Admin
petrol-price

ISLAMABAD, June 17, 2025: The federal government has ruled out any increase in the Petroleum Development Levy (PDL), but warned that consumers will have to bear the impact of surging global oil prices triggered by escalating tensions in the Middle East. The announcement was made during a briefing to the National Assembly Standing Committee on Finance and Revenue, chaired by MNA Naveed Qamar, on Monday. Finance Secretary confirmed that while the government aims to collect Rs1.486 trillion in PDL during FY2025-26, no further hike is planned despite global volatility. Finance…

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Pakistan, US Edge Closer to Trade Deal Amid Ongoing Tariff Negotiations

Admin
USA-Pakistan

ISLAMABAD, June 17, 2025: Pakistan and the United States have made significant progress in their bid to resolve longstanding trade issues, particularly the reciprocal tariffs imposed during President Donald Trump’s earlier term, as top officials from both nations held a virtual meeting on Monday. Finance Minister Muhammad Aurangzeb and US Commerce Secretary Howard Lutnick led the talks, which focused on enhancing bilateral trade, investment, and economic cooperation. The Ministry of Finance, in a statement issued Tuesday, said both sides reaffirmed their commitment to a mutually beneficial trade deal and agreed…

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Pakistan Explores Pipeline Oil Imports Amid Strait of Hormuz Tensions

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Oil-Price

ISLAMABAD, June 17, 2025: In light of escalating regional tensions following Israel’s recent airstrikes on Iran, the Government of Pakistan is exploring alternative oil import routes via pipelines from Saudi Arabia and the United Arab Emirates (UAE) to ensure energy security in the event of a possible closure of the Strait of Hormuz. During the inaugural meeting of a newly formed high-level committee chaired by Finance Minister Muhammad Aurangzeb, officials discussed the potential impact of a worst-case scenario where the vital maritime corridor—responsible for nearly 20% of global oil supply—is…

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G7 Calls for De-escalation as Trump Exits Summit Amid Escalating Iran-Israel Conflict

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G7-2025

ISLAMABAD/QUEBEC, June 17, 2025: The G7 summit concluded in turmoil as leaders of the world’s leading industrial democracies issued a joint call for de-escalation in the Middle East, urging an immediate halt to hostilities between Israel and Iran, while US President Donald Trump abruptly exited the summit amid soaring regional tensions. In a joint communiqué released by host country Canada, the G7 — comprising the US, UK, France, Germany, Italy, Japan, and Canada — stressed the need to resolve the Iranian crisis and secure a ceasefire in Gaza. The statement…

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Budget 2025-26: Power and Defence Divisions Lead in Government Overspending

Admin
Budget-2025-26

ISLAMABAD – 17 June 2025: In the outgoing fiscal year, at least 39 government departments overspent their allocated budgets, with the Power and Defence Divisions topping the list, according to the federal government’s budget documents for 2025-26. The Power Division exceeded its allocation by a staggering Rs129.5 billion, mainly due to unbudgeted spending of Rs159 billion on investments. Its operational costs more than doubled, rising from Rs215 million to Rs466 million. The Defence Ministry overspent by over Rs61 billion, including nearly Rs59.5 billion by the Defence Services Division and Rs1.8…

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