Category: Latest News

KARACHI: Pakistan’s oil marketing companies (Oil Marketing Companies) recorded a sharp decline in petroleum product sales during May 2026, as historically high fuel prices continued to weigh on demand, according to a report by Topline Research. Total industry sales fell 23 percent year-on-year and 14 percent month-on-month, reaching 1.17 million tonnes in May 2026 compared to the same period last year. Despite the monthly decline, cumulative sales during the first eleven months of FY2026 showed a marginal increase of 1 percent year-on-year, rising to 14.9 million tonnes from 14.8 million…

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ISLAMABAD: The National Electric Power Regulatory Authority (NEPRA) has taken serious notice of prolonged and unscheduled power outages in Karachi and sought a detailed explanation from K-Electric over alleged violations of agreed load-shedding commitments. The issue surfaced during a public hearing on the Fuel Charges Adjustment (FCA) for April 2026, where the Central Power Purchasing Agency-Guaranteed (CPPA-G) had requested a positive adjustment of Rs1.73 per kWh, amounting to Rs16.03 billion, citing lower hydel generation, reduced RLNG availability due to regional conflict, and constraints in coal and nuclear output. During the…

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ISLAMABAD: Oil & Gas Development Company Limited (OGDCL) has announced a significant oil and gas discovery from its exploratory well, Bobi Deep-1, located in the Sanghar district of Sindh, marking a major milestone in the company’s exploration efforts. In a notification submitted to the Pakistan Stock Exchange (PSX) on Wednesday, OGDCL revealed that the discovery was made within the Bobi and Dhamraki Mining Lease, where the company holds a 100 percent working interest and serves as the sole operator. According to the company, the Bobi Deep-1 well was re-entered on…

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ISLAMABAD: Pakistan’s federal budget for the upcoming fiscal year is unlikely to be presented on June 5 as previously expected, with government sources indicating that key fiscal issues remain unresolved in ongoing discussions with the International Monetary Fund (IMF). According to a government official familiar with the matter, the budget may now be unveiled on June 10, a claim also reported by local media outlets, including Geo News. The official requested anonymity as they were not authorized to speak publicly on the issue. Despite the likely postponement of the budget…

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ISLAMABAD: A devastating wildfire, believed to have been triggered by human activity, has destroyed more than 3,000 hectares of ecologically significant forest in Punjab’s Kotli Sattian region, exposing the growing vulnerability of Pakistan’s forests to climate change and extreme weather conditions. The blaze, which raged for two days across 27 locations, consumed an estimated 3,326 hectares of natural forest cover, severely damaging the area’s Chir pine forests. According to satellite imagery released by SUPARCO through Space4Climate.gov.pk, a comparison of images taken between May 9 and May 29 revealed extensive destruction…

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