Category: Latest News

SINGAPORE: Global oil prices moved higher on Monday after Iran once again restricted shipping through the Strait of Hormuz and tensions resurfaced during the first round of U.S.-Iran talks held under an interim peace agreement. Brent crude futures gained 54 cents, or 0.67 percent, to reach $81.11 per barrel by 0030 GMT, after touching an intraday high of $82.30. Meanwhile, U.S. West Texas Intermediate (WTI) crude rose $2.02, or 2.64 percent, to $78.62 per barrel ahead of the expiry of the July contract. The more actively traded August WTI contract…

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BURGENSTOCK, SWITZERLAND: The United States and Iran have agreed on a roadmap to reach a comprehensive peace agreement within 60 days following marathon negotiations in the Swiss resort of Burgenstock, according to a joint statement issued on Monday by mediators Pakistan and Qatar. The talks, held under the framework of the Islamabad Memorandum of Understanding (MoU) signed last week, marked the first formal negotiating session since the breakthrough interim peace accord brokered with the support of Pakistan and Qatar. Prime Minister Shehbaz Sharif had signed the agreement as a mediator,…

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ISLAMABAD: The National Assembly Standing Committee on Finance and Revenue has raised serious concerns over the government’s proposed Climate Support Levy, questioning its purpose and demanding a clear roadmap for climate-related projects before imposing additional financial burdens on citizens. During a detailed review of the National Tariff Policy 2025-30 and provisions of the Finance Bill 2026-27, committee members directed tax authorities to redraft the proposed levy and clearly define its objectives. Lawmakers also expressed concerns that reduced import duties on scrap materials could pose environmental challenges, while approving an increase…

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ISLAMABAD: Pakistan’s oil industry has strongly criticized the government’s recent decision to slash petroleum prices by 18–20 percent, warning that the move could inflict losses of more than Rs105 billion on oil refineries and oil marketing companies (OMCs) and undermine investor confidence in the country’s downstream petroleum sector. Industry representatives described the price reduction as a unilateral decision that deviated from established pricing mechanisms and was implemented without meaningful consultation with stakeholders. A senior industry executive said the federal cabinet had revised the petroleum pricing methodology four times within less…

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ISLAMABAD: Former Managing Director of PEPCO and energy expert Tahir Basharat Cheema has said that the country’s persistently high electricity costs are the main driver of inflation in Pakistan. Speaking to Geo News, he stated that expensive power tariffs have pushed the economy to a critical point, adding that electricity prices remain the fundamental cause of rising inflation across the country. Cheema said that high electricity costs are largely the result of unfavourable agreements with Independent Power Producers (IPPs), which continue to burden the national power sector. He stressed the…

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