Category: Latest News

ISLAMABAD: Pakistan’s oil and gas sector fell short of key production targets in fiscal year 2025-26, reflecting ongoing challenges in upstream output, exploration activity, and declining performance of mature hydrocarbon fields, according to the Annual Plan 2026-27. The sector showed a mixed performance, with crude oil and natural gas production remaining below targets. Indigenous crude oil production reached 23.85 million barrels, against the target of 25.18 million barrels, achieving around 95% of the goal. Natural gas output stood at 1.07 trillion cubic feet (tcf) compared to the target of 1.16…

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KARACHI: The Sindh government’s budget for fiscal year 2026-27 continues to prioritize renewable and alternative energy initiatives, even as the province operates within a tightened fiscal space and a reduced development outlay. According to the budget speech delivered by Chief Minister Murad Ali Shah, the Annual Development Programme (ADP) has been scaled down to Rs720.385 billion from Rs1,018 billion in the previous fiscal year. Despite this contraction, the government has maintained a clear focus on sustainability and climate-responsive development. A key highlight of the budget is the expansion of solar…

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KARACHI: The Sindh government on Wednesday presented a tax-free budget of Rs3.562 trillion for fiscal year 2026-27, with a projected deficit of Rs36.9 billion, while focusing on development, social welfare, infrastructure, and public relief measures. Presenting the budget in the Sindh Assembly, Chief Minister Murad Ali Shah, who also holds the finance portfolio, described it as a budget of “hope, development, and public trust,” aimed at balancing fiscal discipline with the welfare needs of citizens amid inflationary pressures, rising fuel costs, global economic uncertainty, and ongoing flood recovery efforts. The…

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Islamabad: Federal Minister for Petroleum Ali Pervaiz Malik has announced that the government will pass on the benefits of declining global oil prices to consumers and has formed a high-level committee to develop a transparent weekly pricing formula for petroleum products. In a statement on X, the minister said that diplomatic efforts led by Prime Minister Shehbaz Sharif and other key officials are contributing to regional stability, with Iran and the United States reportedly moving closer to a ceasefire agreement. Ali Pervaiz Malik said the new pricing mechanism will help…

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KARACHI: Sindh Senior Minister for Information, Transport and Mass Transit Sharjeel Inam Memon on Tuesday announced that a large number of electric and double-decker buses will be introduced in Karachi this year, marking a major expansion of the city’s public transport network. In a statement issued to the media, the senior minister said the provincial government is rapidly working to modernise Karachi’s transport system. He added that following the success of the Peoples Bus Service, the government is now expanding its fleet with environmentally friendly electric buses and modern double-decker…

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