Category: Latest News

OMAP Warns of Fuel Supply Risks, Urges Immediate Policy Reforms

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LAHORE: The Oil Marketing Association of Pakistan (OMAP) has raised serious concerns over fuel supply stability, urging the government to take immediate policy action to address challenges posed by the current Price Differential Claims (PDC) mechanism. In letters addressed to Ali Pervaiz Malik and the chairman of Oil and Gas Regulatory Authority (OGRA), OMAP Chairman Tariq Wazir Ali termed the situation in the downstream petroleum sector as “increasingly unsustainable.” While acknowledging government efforts to maintain fuel price stability amid regional geopolitical tensions, OMAP highlighted that PDC levels have surged to…

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Aurangzeb Orders Vigilant Monitoring of Oil Stocks to Ensure Supply Stability

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ISLAMABAD: Federal Finance Minister Muhammad Aurangzeb has directed authorities to maintain strict and continuous monitoring of global developments, stock levels, and supply chains to ensure uninterrupted availability of petroleum products across Pakistan. The directive was issued during a meeting of the Committee to Monitor Petrol Prices, convened after the Eid holidays to review the country’s energy supply position amid evolving geopolitical conditions. Chairing the session, Aurangzeb emphasised that proactive planning, diversified procurement, and strong coordination among stakeholders have helped maintain stable domestic supplies despite volatility in global oil and gas…

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Nepra Approves Wheeling Auction Framework, Launches Competitive Power Market

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ISLAMABAD: In a significant move towards power sector liberalisation, the National Electric Power Regulatory Authority (Nepra) has approved the Wheeling Auction Process and declared the Competitive Market Operations Date (CMOD) effective from January 22, 2026. Nepra has directed the Independent System and Market Operator (ISMO) to immediately operationalise the auction mechanism and begin preparations for issuing the Request for Proposal (RFP), ensuring transparency, competition, and procedural fairness. The development follows amendments to Strategic Directive 87 of the National Electricity Plan and Rule 5 of the Eligibility Criteria Rules, 2023, aimed…

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Reports of US Envoy Visit to Islamabad Spark Speculation Over Possible Iran Talks

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ISLAMABAD: Reports suggesting that Steve Witkoff, the United States’ Special Envoy to the Middle East, has arrived in Islamabad have fueled speculation that Pakistan could host potential talks between Washington and Tehran. According to US-based outlet Dropsite, diplomatic sources indicate that US and Iranian officials may meet in Islamabad as early as this week to explore a resolution to the conflict that began on February 28. However, no official confirmation has been issued by Pakistan’s Foreign Office or the Iranian Embassy. A senior Iranian diplomat, speaking anonymously, described the possibility…

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Oil Prices Slide Nearly 4% Amid Hopes of Middle East Ceasefire

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Global oil prices dropped sharply on Wednesday, falling around 4% as optimism grew over a potential ceasefire in the Middle East that could ease ongoing supply disruptions. Brent crude declined by $4.89, or 4.7%, to $99.60 per barrel, after touching an intraday low of $97.57. Meanwhile, US West Texas Intermediate (WTI) crude fell $3.54, or 3.8%, to $88.81 per barrel, having earlier dipped to $86.72. The decline follows a nearly 5% surge in both benchmarks a day earlier, highlighting continued market volatility. Market sentiment shifted after reports that the United…

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