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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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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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