Category: Latest News

Cebu — Leaders of the Association of Southeast Asian Nations (ASEAN) concluded their summit on Friday with a renewed call to accelerate ratification of a regional oil-sharing framework, as member states grapple with the growing economic fallout from the Middle East conflict and disruptions in global energy supplies. The summit, hosted in Cebu, focused heavily on the unprecedented energy crisis triggered by the effective closure of the Strait of Hormuz, a vital maritime route that previously handled nearly one-fifth of the world’s oil and gas shipments and around 130 vessels…

Read More

Islamabad — The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has urged the National Electric Power Regulatory Authority (NEPRA) to conduct an independent capacity audit of Pakistan’s existing power generation fleet before approving any new projects proposed under the Indicative Generation Capacity Expansion Plan (IGCEP) 2025–35. In its comments submitted on the Integrated System Plan (ISP) 2025–35 — which includes the IGCEP and Transmission System Expansion Plan (TSEP) — FPCCI argued that Pakistan’s power sector crisis stems not from a shortage of generation capacity, but from poor utilisation,…

Read More

Islamabad — The government is preparing to exempt machinery imports for refinery upgrades from sales tax in a major move aimed at unlocking nearly $6 billion in investment in Pakistan’s oil refining sector. The decision is expected to revive the long-delayed Brownfield Refinery Policy, which has remained stalled for the past two years due to tax and regulatory uncertainties affecting refineries and financing institutions. Sources said the government is also considering the inclusion of a “stability clause” in agreements between the Oil and Gas Regulatory Authority (Ogra) and refineries to…

Read More

Pakistan Air Force fighter jets lit up the skies over Islamabad and Rawalpindi on Friday during a rehearsal for the upcoming ceremony marking the first anniversary of Marka-i-Haq. Residents of the twin cities witnessed a spectacular aerial display as PAF aircraft carried out practice maneuvers ahead of the official commemorative event scheduled for Sunday at the Pakistan Monument located at Zero Point. According to sources, the ceremony will be attended by Pakistan’s top civilian and military leadership to commemorate what officials describe as the country’s victory against India last year.…

Read More

The government on Friday announced a significant increase in petroleum prices, raising petrol by Rs14.92 per litre and high-speed diesel (HSD) by Rs15 per litre. Following the latest revision, the new price of petrol has reached Rs414.78 per litre, while HSD will now be sold at Rs414.58 per litre. According to a notification issued by the Petroleum Division, the revised prices came into effect from May 9. Petrol is primarily consumed by private vehicles, motorcycles, rickshaws, and small transport operators, directly impacting middle- and lower-middle-income households. High-speed diesel, on the…

Read More