Category: Latest News

Pakistan’s cost-of-living squeeze deepens as fuel and energy prices climb

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Petrol-oil

KARACHI: Residents of Pakistan‘s major cities, particularly Karachi, are facing a widening cost-of-living squeeze as higher petrol, diesel, LPG, and electricity charges push up the price of food and transportation day by day. Workers, retailers, and lower-income families are struggling to stretch already limited incomes. From Karachi‘s crowded streets to neighborhood grocery stores and bakeries, rising fuel and energy costs are increasingly showing up in household budgets, forcing consumers to cut spending, switch brands, and, in some cases, reduce essential food purchases. The pressure is being felt across all income…

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Federal government debt rises by Rs37.3tr during Shehbaz Sharif’s two tenures

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Shehbaz-Sharif

ISLAMABAD: The federal government’s debt increased by Rs37,307 billion during the combined period of Prime Minister Shehbaz Sharif’s first and current tenures, according to figures attributed to the State Bank of Pakistan (SBP). The reported increase over nearly three years and nine months was substantially higher than the Rs18,323 billion increase recorded during the approximately three-year-and-nine-month tenure of the Pakistan Tehreek-e-Insaf (PTI) government. According to the data, the federal government’s debt increased by Rs18,764 billion during Shehbaz Sharif’s first tenure from April 2022 to July 2023, spanning 16 months. During…

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Govt working to ensure uninterrupted fuel supply amid surge in global oil prices

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Oil-Price1

LAHORE: Federal Minister for Petroleum Ali Pervaiz Malik has said the government is taking all possible measures to ensure uninterrupted availability of petroleum products and provide relief to economically vulnerable segments amid a sharp rise in international oil prices. Speaking to reporters, the minister said the region was passing through a highly sensitive period, with the ongoing conflict and attacks on Saudi Arabia affecting global oil supplies and prices. He said Pakistan had already been facing pressure from high fuel prices for several months, while international diesel prices had reached…

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Govt moves to exit traditional power procurement as competitive electricity market takes shape

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Power-sector

ISLAMABAD: The government has taken a major step towards transforming Pakistan’s power sector from the existing single-buyer model to a competitive electricity market, with industrial and large consumers set to gain the ability to purchase electricity directly from power producers. Federal Minister for Power Sardar Awais Ahmad Khan Leghari, in a video message, said the government was practically moving out of traditional electricity procurement and would no longer have the role of centrally purchasing electricity from producers and selling it to consumers under the existing model. The new mechanism will…

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Junaid Iqbal appointed President & CEO of Engro Corporation, to assume office in April 2027

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New-Project165

KARACHI: Engro Holdings Limited has announced the appointment of Mr. Junaid Iqbal as the successor to Mr. Ahsan Zafar Syed as President and Chief Executive Officer of Engro Corporation Limited. Mr. Junaid Iqbal, who currently serves as Advisor to the CEO of Engro Holdings, has been approved by the Board of Directors of Engro Corporation to become President and CEO upon the completion of Mr. Ahsan Zafar Syed’s current term in April 2027. The leadership transition is part of Engro’s succession planning and reflects the company’s vision for its next…

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