Category: Latest News

ISLAMABAD: The federal government has earmarked Rs91 billion for 49 ongoing and new power sector development projects under the Public Sector Development Programme (PSDP) 2026-27, according to official budget documents. Out of the total allocation, Rs86.823 billion has been reserved for ongoing schemes, including Rs75.431 billion in foreign funding (rupee cover) and Rs11.392 billion in local financing. After the inclusion of three new schemes worth Rs4.177 billion, the overall foreign funding component will rise to Rs79.607 billion, while local financing remains unchanged. The funding will support key transmission, distribution, and…

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ISLAMABAD: The Oil Companies Advisory Council (OCAC) has voiced strong opposition to a proposed government move to recover inventory valuation gains from oil marketing companies (OMCs), warning that such a measure could undermine energy security, market stability, and the sustainability of Pakistan’s petroleum supply chain. In a letter addressed to the Secretary Petroleum Division, the OCAC expressed concern over media reports suggesting that a high-level committee had been formed to review the cross-subsidy mechanism and examine the recovery of inventory gains arising from fluctuations in international oil prices. The council…

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FAISALABAD: Construction work on the Eastern Wastewater Treatment Plant (EWTP), Punjab’s second-largest wastewater treatment facility, has officially resumed after a temporary suspension caused by security concerns raised by the Danish contractor and its international staff. The Water and Sanitation Agency (WASA) Faisalabad has stepped up monitoring of the mega project to ensure its timely completion. A ceremony marking the resumption of construction was held at the project site, where Project Director Hafiz Owais Jamal formally inaugurated the work. The event was attended by representatives of Danish contractor MUNCK Civil Engineering,…

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ISLAMABAD: Industry leaders at the Pakistan Chemical Expo 2026 emphasized the strategic importance of the chemical and petrochemical sector, saying the development of a world-scale petrochemical complex could significantly reduce Pakistan’s import bill and enhance export earnings. Speaking at the opening session, Faheemur Rehman Sehgal, President of the Lahore Chamber of Commerce and Industry (LCCI), highlighted the critical role of the chemical industry in supporting key sectors, including textiles, pharmaceuticals, agriculture, construction, packaging, and automobiles. He noted that the sector possesses strong potential to become globally competitive. Chairman of the…

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ISLAMABAD: The federal government on Friday reduced the price of petrol by Rs4 per litre while keeping the price of high-speed diesel (HSD) unchanged for the week ending June 12, reflecting fluctuations in international oil markets. According to the latest notification, the ex-depot price of petrol has been lowered from Rs381.78 to Rs377.79 per litre. Meanwhile, the price of HSD has been maintained at Rs380.78 per litre after adjustments in taxes and levies to offset the impact of changes in global fuel prices. This marks the fourth consecutive weekly reduction…

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