Category: Latest News

Pakistan Allows Oil Imports on CIF Basis for 60 Days Amid Supply Challenges

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ISLAMABAD: In response to growing difficulties in securing petroleum imports due to ongoing geopolitical tensions, the State Bank of Pakistan (SBP) has permitted the import of crude oil and petroleum products on a CIF (Cost, Insurance and Freight) basis for a period of 60 days to help ensure uninterrupted fuel supplies. According to a circular issued by the central bank on Wednesday night, the temporary measure came into effect from March 11 in view of the prevailing situation and the critical importance of crude oil and petroleum products for the…

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Fuel Price Hike Intensifies Ramazan Inflation Burden Across Pakistan

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LAHORE / PESHAWAR / KARACHI: The recent Rs55 per litre increase in fuel prices has triggered widespread economic ripple effects across Pakistan, driving up transportation costs, pushing food prices higher and placing additional strain on households already grappling with traditional inflation during the holy month of Ramadan. Citizens from different walks of life say the sharp hike has further complicated daily survival amid rising living costs. “It was the last thing Pakistanis needed and the government delivered it mercilessly,” said one respondent, adding that managing household expenses has become an…

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Oil Price Surge Narrows Scope for Interest Rate Cuts in Emerging Markets

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LONDON: A sharp surge in global oil prices triggered by the escalating conflict involving Iran has significantly reduced the room for interest rate cuts among emerging market central banks, as policymakers confront rising inflation risks and growing market uncertainty. After years of economic shocks — including the COVID-19 pandemic and the Russian invasion of Ukraine — many central banks had recently begun signaling optimism about easing inflation and strengthening global economic resilience. However, the latest escalation in the Middle East following military actions by the United States and Israel against…

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Saudi Arabia Activates Desert Oil Pipeline to Bypass Strait of Hormuz Crisis

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RIYADH: Amid severe disruptions to global oil shipments caused by escalating Middle East tensions, Saudi Arabia has activated a long-standing contingency plan to transport crude oil across the desert to the Red Sea, bypassing the strategic Strait of Hormuz. With the critical shipping route effectively blocked due to the ongoing conflict involving Iran, the Gulf’s major petroleum exporters are facing an unprecedented logistical crisis. Attacks on energy infrastructure and growing regional instability have forced producers to look for alternative routes to maintain global supply. To manage the disruption, Saudi state-owned…

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IMF Mission Unable to Reach Staff-Level Agreement with Pakistan; Talks to Continue

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ISLAMABAD: The mission of the International Monetary Fund (IMF) on Thursday confirmed that it could not reach a staff-level agreement (SLA) with Pakistan on the third review of the country’s $7 billion Extended Fund Facility (EFF) and the second review under the Resilience and Sustainability Facility (RSF), although discussions made considerable progress. In its end-of-mission statement, the IMF said the delegation, led by Iva Petrova, held detailed talks with Pakistani authorities in Karachi and Islamabad, as well as virtually, from February 25 to March 11. “While considerable progress was made…

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