Category: Latest News

Rising Global Energy Prices Threaten Pakistan’s Trade Balance, Inflation Outlook: SBP Minutes

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New-energy

KARACHI: Escalating global energy prices amid ongoing Middle East tensions are likely to pose significant risks to Pakistan’s external sector and inflation trajectory, according to the latest minutes of the Monetary Policy Committee (MPC) released by the State Bank of Pakistan. The central bank noted that since the previous MPC meeting, international oil and LNG prices have surged by approximately 28.1% and 38%, respectively (as of March 6, 2026), driven by supply concerns and disruptions in key shipping routes. This sharp increase has led to a deterioration in Pakistan’s Terms…

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PM Shehbaz Rejects Massive Fuel Price Hike, Govt to Absorb Rs56bn Burden

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OIl Price

ISLAMABAD: Prime Minister Shehbaz Sharif on Friday rejected yet another summary proposing a steep increase in petroleum prices, deciding to keep fuel rates unchanged despite rising global oil costs. The premier revealed that he turned down a proposal to raise petrol prices by Rs95 per litre and high-speed diesel by Rs203 per litre, stating that the government would not pass the burden on to the public. “This week, I was again presented with a proposal to increase petrol by Rs95 per litre and diesel by Rs203 per litre, which I…

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Islamabad Likely to Host Key Talks Among KSA, Egypt and Türkiye on Middle East Conflict

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New-Project129

ISTANBUL: Islamabad is expected to host high-level diplomatic talks involving Saudi Arabia, Egypt, and Türkiye as efforts intensify to address the ongoing Middle East conflict. According to Turkish Foreign Minister Hakan Fidan, the meeting—initially planned to take place in Türkiye—has been shifted to Islamabad due to logistical considerations. “Initially, we had planned to hold this meeting in Turkey… however, since our Pakistani counterparts are required to remain in their country, we moved the meeting to Pakistan,” Fidan said while speaking to a Turkish broadcaster, adding that the talks could take…

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Govt Nears Finalisation of Tech-Driven Targeted Petroleum Subsidy Framework

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New-Project128

ISLAMABAD: The government is moving towards finalising a targeted subsidy framework for petroleum products, backed by technological solutions and strengthened coordination between federal and provincial governments. The development came during a high-level consultative meeting chaired by Federal Minister for Finance and Revenue Muhammad Aurangzeb, held in line with directives from the country’s leadership. A detailed briefing by the Petroleum Division confirmed that fuel supplies across the country remain stable and sufficient. Officials expressed satisfaction over the current availability of petroleum products. The Ministry of Information Technology and Telecommunication presented a…

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OGDC Announces Successful Appraisal of Hydrocarbons Discovery at Bilitang-1 Well in TAL Block, Kohat, KP

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New-OGDCL1

Successful test of Lumshiwal Formation confirms gas flow of 26.5 million cubic feet per dayISLAMABAD, March 27, 2026: Oil and Gas Development Company Limited (OGDC), along with its joint venture partners in the TAL Block, has successfully appraised the existing discovered gas and condensate (in traces) from Lumshiwal Formation in the Bilitang-1- ST-1 Exploratory well, located in Kohat district of Khyber Pakhtunkhwa. The TAL Joint Venture comprises OGDC with a 30% working interest, MOL Pakistan Oil & Gas Co. B.V. as the Operator with 10%, Pakistan Petroleum Limited (PPL) with…

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