Category: Popular News

ECC Approves Shifting Rs4.12/Litre Relief in Fuel Prices to Oil Sector Stakeholders

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Oil falls

ISLAMABAD: The Economic Coordination Committee (ECC) has approved a plan to redirect the relief of Rs4.12 per litre in petrol and high-speed diesel (HSD) prices to oil refineries, oil marketing companies (OMCs), and fuel dealers, starting from May 16, 2025, for a period of one year. In a meeting held on May 13, 2025, the ECC decided that this adjustment—meant to support stakeholders amid financial challenges—will be implemented through increases in the Internal Freight Equalisation Margin (IFEM), OMCs’ margin, and dealers’ commission. As a result, consumers will bear an additional…

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Government Proposes Dual Pricing Model for Petroleum Products to Encourage Digital Payments

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Petrol-Diesel

Islamabad, May 14, 2025 — In a bid to promote digital transactions and curb fuel smuggling, the government is considering a dual pricing model for petroleum products across the country. Under the proposed scheme, consumers would be offered a PKR 5 per liter discount when purchasing petrol or diesel through digital payment methods. As per initial details, the model would set two price tiers for POL (Petroleum, Oil, and Lubricants) products: The price differential will be achieved by reducing the Petroleum Levy (PL) on digital transactions, allowing the government to…

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Pakistan, Russia Agree to Set Up New Steel Mill in Karachi to Bolster Bilateral Ties

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New-Project20

ISLAMABAD: Pakistan and Russia have agreed to collaborate on establishing a new steel mill in Karachi, marking a significant step forward in strengthening bilateral industrial cooperation. The decision was reached during a follow-up meeting between Special Assistant to the Prime Minister on Industries and Production, Haroon Akhtar Khan, and a Russian delegation led by Denis Nazaroof. The Russian side reaffirmed its commitment to support Pakistan’s steel sector and invited Pakistani representatives to an upcoming industry exhibition in Moscow. This follows earlier discussions in September 2024 between Russia’s Deputy Minister for…

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MariEnergies Secures 10 New Onshore Exploration Blocks in DGPC Bid Round

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New-Mari1

ISLAMABAD: Mari Energies, formerly known as Mari Petroleum Company Limited, has provisionally secured 10 onshore exploration blocks in Pakistan following the recent competitive bidding round conducted by the Directorate General of Petroleum Concessions (DGPC) on April 30, 2025. In a notice to the Pakistan Stock Exchange (PSX), the company confirmed that it will independently operate seven of the awarded blocks, while the remaining three will be developed through joint ventures (JVs). These JV arrangements include partnerships with Oil and Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), and Prime…

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Türkiye Reaffirms Unwavering Support for Pakistan, Says President Erdogan

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Turkiye-pak

ISLAMABAD: Turkish President Recep Tayyip Erdogan has reaffirmed Türkiye’s steadfast support for Pakistan, vowing to stand by the country in both good and challenging times, as it has in the past and will continue to do in the future. In a post on X (formerly Twitter), President Erdogan highlighted the deep-rooted ties between the two nations, calling the Türkiye-Pakistan brotherhood “one of the best examples of true friendship” that is rarely seen globally. He emphasized Ankara’s commitment to Pakistan’s peace, stability, and prosperity. Erdogan also commended Pakistan’s “sensible and patient”…

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