Category: Latest News

LONDON: Oil prices edged higher on Friday as uncertainty deepened over the durability of a reported US–Iran truce, following the cancellation of peace talks in Switzerland and renewed geopolitical tensions in the Middle East. By 0645 GMT, Brent crude futures rose 51 cents, or 0.64%, to $80.36 per barrel, while US West Texas Intermediate (WTI) gained $1.28, or 1.7%, to $77.88 per barrel. The front-month July WTI contract is set to expire on Monday. Despite the uptick, both benchmarks were on track for a weekly decline of around 8%. The…

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KARACHI: The Oil and Gas Regulatory Authority (OGRA) has granted permission to Pakistan Refinery Limited (PRL) to export 50,000 metric tonnes of furnace oil during June, according to an official communication issued by the regulator. The approval follows a decision of the National Coordination Committee (NCC) and has been formally conveyed to the refinery through a written directive. OGRA stated that the export will be subject to domestic market demand and compliance with the approved export plan, ensuring that local supply requirements are not affected. The regulator has also directed…

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ISLAMABAD: Pakistan has reduced its climate-related development spending in the FY2026-27 Public Sector Development Programme (PSDP) despite increasing exposure to extreme weather events and growing global investment in climate resilience. The federal government has allocated Rs2.4 billion ($8.6 million) for climate-related PSDP projects in the upcoming fiscal year, marking a decline of more than 60 percent compared to around Rs6.4 billion allocated five years ago. The reduction comes at a time when South Asian countries, including China, India, and Bangladesh, are significantly increasing investments in climate adaptation, mitigation, and green…

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ISLAMABAD: Prime Minister Shehbaz Sharif has approved the immediate withdrawal of all fuel conservation and additional austerity measures that were introduced on March 9, 2026, while keeping the revised market operating hours in place. According to a notification issued by the Cabinet Division, the decision marks the end of temporary fuel-saving and austerity steps implemented in response to regional developments following the escalation of the Middle East conflict. However, the government has confirmed that the updated business hours announced on June 3 and June 10 will remain unchanged until further…

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ISLAMABAD: The International Monetary Fund (IMF) has reportedly rejected Pakistan’s proposal to impose a reduced 1% sales tax on New Energy Vehicles (NEVs), including electric vehicles (EVs), creating fresh uncertainty over the finalisation of the country’s Auto Policy 2026-31. According to sources, the government presented a proposal to the IMF on Thursday seeking a concessional tax regime for environmentally friendly vehicles. The proposal included a sales tax rate equivalent to 50% of the standard 18% sales tax on hybrid vehicles and a nominal 1% sales tax on NEVs. However, the…

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