Category: Latest News

Pakistan, Iran Set \$10 Billion Trade Target Amid Strengthened Bilateral Ties

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Pak-Iran

ISLAMABAD: Pakistan and Iran have set an ambitious target to boost bilateral trade to \$10 billion, marking a significant step forward in their economic relationship. The announcement came during the official visit of Iranian President Dr. Masoud Pezeshkian to Islamabad, where he held high-level talks with Prime Minister Shehbaz Sharif. During the visit, both countries signed 12 agreements and Memoranda of Understanding (MoUs) covering diverse sectors, including trade, energy, connectivity, technology, and cultural cooperation. A joint statement from the Prime Minister’s Office affirmed the intent to transform diplomatic goodwill into…

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Nepra Flags Power Sector Weaknesses, Seeks Urgent Reforms on Tariffs, Net Metering, and Micro Grids

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New-NEPRA

LAHORE: The National Electric Power Regulatory Authority (Nepra) has raised serious concerns over systemic issues impacting the performance of Pakistan’s power distribution companies (Discos), prompting the launch of a comprehensive review backed by structured consultations with all key stakeholders. In a recently issued statement, Nepra identified three critical areas requiring immediate attention: the need for a region-specific Time of Use (ToU) tariff structure, a detailed evaluation of net metering’s financial and operational impact on Discos, and the potential deployment of mini and micro grids for remote or commercially unviable regions.…

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V8 Nations to Raise Oil Output by 547,000 Barrels per Day Amid Stable Market Conditions

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Oil-Price

LONDON: The Voluntary Eight (V8) — comprising Saudi Arabia, the UAE, Oman, Kuwait, Iraq, Kazakhstan, Algeria, and Russia — have announced a collective decision to increase oil production by 547,000 barrels per day starting September 2025. The move, agreed upon during a recent meeting, is part of a broader strategy to regain market share amid steady demand and resilient crude prices. Currently producing around 41–42 million barrels daily, the group’s planned increase represents a 1.5% uptick. However, analysts suggest the modest rise is unlikely to significantly affect global oil prices,…

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Power Division Projects 25% Rise in Electricity Tariff by 2034

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Power-Tariff

ISLAMABAD: Electricity prices in Pakistan are projected to rise by 25% over the next eight years, following a steep 50% increase over the past three years, primarily driven by sharp currency depreciation, according to a forecast by the Power Division. A working paper shared with stakeholders in late July estimates the average power tariff will reach Rs29.70 per unit by 2034, up from the current Rs24. The document highlights that the rupee’s depreciation triggered inflationary pressures and a tight monetary policy, which in turn fueled higher tariffs. Between FY2022 and…

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Pakistan’s Oil and Gas Production Declines for Fifth Consecutive Year

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crude oil

KARACHI: Pakistan’s domestic oil and gas production has continued its downward trajectory for the fifth straight year, driven by a combination of policy uncertainty, security challenges, and natural reserve depletion, further exacerbating the country’s reliance on expensive energy imports. Data reviewed by The News reveals a consistent drop in output since FY20. According to the Pakistan Petroleum Information Services, oil production fell from 76,734 barrels per day (bopd) in FY20 to 62,395 bopd in FY25. The trend includes minor fluctuations, with output slightly recovering to 70,524 bopd in FY24 before…

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