Category: Latest News

IEA Signals Readiness for Further Oil Stock Releases Amid Hormuz Disruption

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OIl-Price

PARIS: International Energy Agency chief Fatih Birol on Monday indicated that additional strategic oil reserves could be released if needed to stabilise global markets amid severe supply disruptions caused by the ongoing conflict affecting the Strait of Hormuz. In a video statement, Birol said that combined government and industry-held emergency reserves still exceed 1.4 billion barrels, providing room for further intervention if the situation worsens. However, he cautioned that such releases can only serve as a temporary buffer against the sharp supply shock. “The most critical factor for restoring stability…

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Fuel Supplies Secure for March, Stocks to Last Until Mid-April: Govt Assures Stability

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New-Project106

ISLAMABAD: Pakistan has fully secured its fuel requirements for March, with sufficient stocks and supply arrangements in place to ensure availability until mid-April, a high-level committee reviewing petroleum prices was informed on Monday. The committee, chaired by Finance Minister Muhammad Aurangzeb, was briefed that the country remains “adequately positioned” in terms of fuel availability, with ongoing import planning and logistics supporting continued supply. Efforts are also underway to extend coverage through the end of April amid evolving regional challenges. The meeting, held at the Finance Division, reviewed national inventories of…

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Middle East Oil Benchmarks Surge to Record Highs Amid War-Driven Supply Disruptions

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New-Oil1

Global oil markets have been thrown into turmoil as key Middle Eastern crude benchmarks — Oman and Dubai — surged to record highs following supply disruptions caused by the ongoing US-Israel war with Iran, raising concerns about market distortions and benchmark reliability. Spot premiums for Dubai crude soared to an unprecedented $56 per barrel on Monday, a dramatic jump from an average of just 90 cents in February, according to data from S&P Global Platts and Reuters. The premium now accounts for nearly one-third of Dubai crude’s total value, with…

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Proposed GST Hike Raises Concerns for Hybrid Vehicle Industry

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electric-vehicles

KARACHI: A proposed increase in General Sales Tax (GST) on locally assembled hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs) has sparked concern among automobile manufacturers, who fear it could disrupt market dynamics and slow the shift towards cleaner mobility. The proposal suggests raising GST to 18 per cent from the current 8.5 per cent starting July 1, coinciding with the expiry of the existing auto policy on June 30, 2026. Industry stakeholders say they had expected the current concessional rate to remain in place until the policy’s…

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Govt Plans Subsidised Fuel Scheme for Motorcyclists, Rickshaw Drivers Amid Price Surge

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New-fuel

ISLAMABAD: The federal government is considering a subsidised fuel scheme for motorcyclists and rickshaw drivers to ease the burden of rising oil prices, following a similar initiative by the Khyber Pakhtunkhwa government. Petroleum Secretary Hamed Yaqoob Sheikh informed the Senate Standing Committee on Petroleum that a relief package is being finalised to support low-income commuters who rely heavily on motorcycles and rickshaws. He said the government is taking steps aimed at mitigating the impact of recent fuel price hikes on the public. The development comes in the wake of significant…

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