Category: Latest News

ANDOYA, NORWAY / MOSCOW: The United States has issued a 30-day waiver allowing countries to purchase sanctioned Russian oil and petroleum products currently stranded at sea, a move aimed at stabilising global energy markets but criticised by several European allies. The decision, announced by Scott Bessent, US Treasury Secretary, allows the delivery and sale of Russian crude oil and petroleum products loaded on vessels on or before March 12, with the waiver remaining valid until April 11. Bessent said the temporary measure was designed to ease volatility in global energy…

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ISLAMABAD: The government of Pakistan has sought approval from the International Monetary Fund (IMF) for a plan to retire Rs1.5 trillion in gas sector circular debt within three years, using dividends from major public sector gas companies, LNG savings and funds collected through petroleum levies. The proposal was discussed during the latest review talks under Pakistan’s $7 billion bailout programme, though negotiations ended without a final decision. Government officials said Islamabad hopes to secure the IMF’s approval before June so that provisions can be included in the upcoming federal budget…

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ISLAMABAD: Prime Minister Shehbaz Sharif has decided not to increase the prices of petroleum products despite a rise in international oil prices, aiming to provide relief to consumers and reduce the financial burden on the public. According to a statement issued by the Prime Minister’s Office, the premier said the decision reflects the government’s commitment to supporting citizens during a period of economic uncertainty. “Prices are not being increased to reduce the burden on the common man,” the prime minister said, adding that he remained committed to providing maximum possible…

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RAWALPINDI: The Lahore High Court (LHC) has granted interim relief to major oil and gas companies by staying the recovery of electricity duty, a move that could significantly affect the provincial government’s tax collection strategy. A division bench comprising Justice Jawad Hassan and Justice Tariq Mahmood Bajwa issued the order while hearing constitutional petitions filed by Pakistan Oilfields Limited (POL) and Attock Refinery Limited (ARL). The petitions challenged the constitutional validity of amendments introduced through the Punjab Finance (Amendment) Act, 2025. Representing the petitioners, Asad Ladha, Advocate, argued that the…

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