Author: Admin

ISLAMABAD: Pakistan’s long-delayed $6 billion refinery upgradation programme has come under fresh pressure after the Oil and Gas Regulatory Authority (OGRA) proposed reducing the deemed duty incentive on High-Speed Diesel (HSD) from 7.5 percent to 5 percent for refineries that failed to sign Implementation Agreements (IAs) by the October 22, 2024 deadline. The refinery sector has strongly opposed the move, warning that it could weaken the financial viability of long-planned modernisation projects and discourage future investment in the downstream petroleum sector. According to officials, the proposal has been included in…

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ISLAMABAD: The Federal Board of Revenue (FBR) has collected around Rs620 billion from electricity consumers through sales tax and withholding tax on power bills, the National Assembly Standing Committee on Finance and Revenue was informed on Wednesday. Officials told the committee that the FBR applies 18 percent General Sales Tax (GST) on electricity consumption, while withholding tax is charged on bills exceeding Rs100,000 per month, contributing to total recoveries of approximately Rs620 billion. The briefing also highlighted growing parliamentary debate over the government’s proposed Retailers Fixed Scheme, with PPP MNA…

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ISTANBUL: A commemorative photo exhibition marking the 150th birth anniversary year of Quaid-e-Azam Muhammad Ali Jinnah, the founder of Pakistan, was inaugurated at the historic Rami Library in Istanbul, showcasing his life, political struggle, and enduring legacy. The event was attended by distinguished dignitaries, including Ambassador of Pakistan to Türkiye Yousaf Junaid, Deputy Governor of Istanbul Mehmet Sülün, Eyüpsultan Kaymakam Dr. Arslan Yurt, Rami Library Director Ali Çelik, along with diplomats, academics, media representatives, and members of the Pakistani diaspora. The exhibition was jointly organized by the Pakistan Embassy in…

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ISLAMABAD: Pakistan’s oil and gas sector fell short of key production targets in fiscal year 2025-26, reflecting ongoing challenges in upstream output, exploration activity, and declining performance of mature hydrocarbon fields, according to the Annual Plan 2026-27. The sector showed a mixed performance, with crude oil and natural gas production remaining below targets. Indigenous crude oil production reached 23.85 million barrels, against the target of 25.18 million barrels, achieving around 95% of the goal. Natural gas output stood at 1.07 trillion cubic feet (tcf) compared to the target of 1.16…

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KARACHI: The Sindh government’s budget for fiscal year 2026-27 continues to prioritize renewable and alternative energy initiatives, even as the province operates within a tightened fiscal space and a reduced development outlay. According to the budget speech delivered by Chief Minister Murad Ali Shah, the Annual Development Programme (ADP) has been scaled down to Rs720.385 billion from Rs1,018 billion in the previous fiscal year. Despite this contraction, the government has maintained a clear focus on sustainability and climate-responsive development. A key highlight of the budget is the expansion of solar…

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