Category: Latest News

Petrol Price Unchanged, Diesel Reduced by Rs3 Per Litre

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Oil-Price

The Finance Division announced on Sunday that petrol prices will remain unchanged, while the price of high-speed diesel (HSD) has been reduced by Rs3 per litre for the next fortnight. According to the notification, the new price of HSD stands at Rs269.99 per litre, while petrol remains at Rs264.61, the same as mid-August. Meanwhile, the prices of superior kerosene oil and light diesel oil have been cut by Rs1.46 and Rs2.40 per litre, respectively. Petrol, commonly used in private cars, motorcycles, and rickshaws, directly affects middle- and lower-income households, while…

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Discos Propose Rs23bn Refund for July as Power Costs Decline

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Power-Tariff

ISLAMABAD: Public sector power distribution companies (Discos) have sought approval from the National Electric Power Regulatory Authority (Nepra) to refund Rs1.69 per unit to consumers, amounting to around Rs23 billion, on account of lower fuel costs in July. The adjustment, if approved, will be reflected in electricity bills for August. According to the Central Power Purchasing Agency (CPPA), the decline in fuel costs was largely driven by improved hydrological conditions, with hydropower contributing 40% of generation in July compared to 36% last year. Overall power consumption, however, fell 5% year-on-year…

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ADB Approves $410m Financing Package for Barrick-Operated Reko Diq Project

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Reko-Diq

ISLAMABAD: The Asian Development Bank (ADB) will extend a $410 million financing package to support the development of Pakistan’s Reko Diq copper and gold mine, one of the world’s largest untapped mineral deposits, operated by Barrick Gold. According to sources, the financing package includes $300 million in loans to Barrick and a $110 million guarantee for the Government of Pakistan. The $6.6 billion project, located in Balochistan, is jointly owned — 50 percent by Barrick and the remaining stake by the federal and provincial governments. The Reko Diq mine is…

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Denmark and Pakistan Unite for a Greener Energy Future”

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New-Project30

Islamabad, August 21, 2025 – Denmark’s Chargé d’Affaires ad interim, Mr. Peter Emil Nielsen, hosted a dinner reception in honor of a high-level delegation from the Danish Energy Agency (DEA), led by Mr. Carl-Christian Munk-Nielsen. The event brought together key stakeholders, including Federal Minister for Climate Change, Dr. Musadik Masood Malik, Minister of State at the Ministry of Climate Change, Dr. Shezra Ali Khan, and Special Advisor to the Prime Minister on Power, Mr. Muhammad Ali. During the reception, Mr. Nielsen expressed condolences to the people of Pakistan for the…

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OGDCL, PPL Raise Reko Diq Funding Commitments to $715m Each

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Reko-Diq

Karachi, August 19, 2025: State-owned exploration giants Oil and Gas Development Company Limited (OGDCL) and Pakistan Petroleum Limited (PPL) have revised upward their funding commitments for Phase 1 of the Reko Diq copper-gold project, increasing each company’s pro-rata share to $715 million. The revision reflects updated project estimates, higher financing costs, and inflation adjustments. After accounting for project-level financing, the expected shareholder contributions for both OGDCL and PPL now stand at $391 million each, according to separate notices filed with the Pakistan Stock Exchange (PSX) on Tuesday. OGDCL, PPL, and…

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