Category: Latest News

ISLAMABAD: Federal Minister for Petroleum Ali Pervaiz Malik has defended the government’s petroleum pricing mechanism, reiterating that no sector is being favoured and that any relief from declining international oil prices will be passed on to consumers while adhering to Pakistan’s international commitments. In a statement posted on social media platform X on Saturday, the minister shared the latest international Platts benchmark prices for petrol and high-speed diesel (HSD), highlighting continued fluctuations in global refined fuel markets. According to the data, petrol prices ranged between $90.36 and $98.35 per barrel…

Read More

ISLAMABAD: Chinese investors have expressed strong confidence in Pakistan’s capital markets, commending the Securities and Exchange Commission of Pakistan (SECP) for its investor-friendly reforms and efforts to strengthen the country’s financial market infrastructure. In a letter addressed to SECP Chairman Dr Kabir Ahmed Sidhu, the Executive Vice President of the China Financial Futures Exchange (CFFEX), Yu Hong, praised the commission’s proactive regulatory approach and its role in facilitating greater Chinese investment in Pakistan. The Chinese consortium acknowledged the SECP’s effective handling of key regulatory and strategic issues related to the…

Read More

ISLAMABAD: Pakistan is revising its 2023 bonded oil storage policy after failing to attract foreign oil suppliers to establish strategic petroleum reserves, exposing a critical weakness in the country’s energy security that became evident during the recent Iran-US conflict. According to official sources, flaws in the existing policy discouraged international oil suppliers from investing in bonded storage facilities despite government efforts to encourage participation. The Petroleum Division is now finalising amendments aimed at creating a more investor-friendly framework. The urgency of the reforms was highlighted during the recent disruption in…

Read More

WASHINGTON/TEHRAN: Tensions between the United States and Iran escalated sharply on Friday after US forces launched airstrikes on Iranian military installations in response to a drone attack on a commercial cargo vessel transiting the strategic Strait of Hormuz. According to the US Central Command (CENTCOM), American aircraft targeted Iranian missile and drone storage facilities, along with coastal radar sites, following what it described as an Iranian one-way drone attack on the Singapore-flagged cargo ship M/V Ever Lovely on June 25. The vessel was reportedly sailing out of the Strait of…

Read More