Author: Admin

ISLAMABAD: Pakistan is planning to increase crude oil imports from Russia as it seeks alternative energy sources amid disruptions and volatility in global supply routes, particularly the situation in the Strait of Hormuz, Pakistan’s Ambassador to Moscow Faisal Niaz Tirmizi said. Speaking to Russia’s state-run TASS news agency, the ambassador said that demand for Russian energy has increased as Pakistan reassesses its reliance on Gulf supplies due to recent supply chain uncertainties. “We produce about 10 percent of the energy resources we need ourselves, while the rest is imported mainly…

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KARACHI: The Oil and Gas Regulatory Authority (OGRA) has directed Pakistan’s oil refineries to collectively contribute Rs7.1 billion to compensate the Pakistan State Oil (PSO) under an emergency diesel pricing mechanism introduced amid rising regional tensions linked to the Iran–US conflict. According to an official communication issued by OGRA through the Petroleum Division of the Ministry of Energy, the decision follows a federal cabinet directive aimed at offsetting financial losses arising from increased import premiums and volatility in international fuel prices. The directive has been issued to major refineries, including…

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ISLAMABAD: Pakistani consumers are paying nearly Rs145 per litre in taxes and levies on petrol, according to a detailed price composition based on official data from the Oil and Gas Regulatory Authority and the Ministry of Energy. The analysis, shared by Mountain Ventures — a Dubai-based energy and market advisory firm — shows that the maximum depot price of petrol stood at Rs414.78 per litre (effective May 9, 2026), of which Rs144.26, or 34.8 percent, consists of taxes and government levies. The largest component is the Petroleum Development Levy (PDL),…

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ISLAMABAD: Pakistan has assured the International Monetary Fund that it will abolish the existing Rs140 billion gas cross-subsidy mechanism for protected and certain non-protected consumers by January 2027, replacing it with a targeted subsidy system linked to household income under the Benazir Income Support Programme (BISP). Senior officials from the Petroleum Division said the transition forms part of a structural benchmark agreed under Pakistan’s IMF programme and must be completed within the specified timeline. Under the proposed framework, subsidised gas tariffs based on consumption slabs will be discontinued. Instead, all…

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ISLAMABAD: Pakistan’s once high-profile investment platform, the Special Investment Facilitation Council (SIFC), has reportedly not held a formal Apex Committee meeting since January 2, 2025, sparking concerns over the slowing momentum of the country’s flagship foreign investment initiative. The 11th Apex Committee meeting, chaired by Shehbaz Sharif and attended by senior civilian and military leadership, had reviewed the council’s performance and outlined investment priorities for 2025. Since then, the SIFC’s top decision-making forum — originally promoted as a fast-track “one-window” platform for strategic investments — has remained largely inactive in…

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