Category: Latest News

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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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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