Pakistan on Friday reduced petrol and diesel prices for the second consecutive week as the government attempted to ease pressure on consumers following months of sharp increases linked to tensions in the Middle East and disruptions in global oil supplies. According to a notification issued by the Petroleum Division, petrol prices fell by Rs6 per […]
UAE Rushes New Oil Pipeline as Hormuz Crisis Deepens
Abu Dhabi National Oil Company said its new crude pipeline bypassing the Strait of Hormuz is nearly 50% complete. The United Arab Emirates accelerated construction after disruptions linked to the Iran war hit global oil supplies. ADNOC chief Sultan Al Jaber shared the update during a live streamed Atlantic Council event on Wednesday. “Today, it’s […]
IMF Ends Pakistan Visit With Major Fiscal Demands for FY2027
IMF has concluded its latest mission to Pakistan after securing commitments from Islamabad to maintain strict fiscal discipline and achieve a primary budget surplus target of 2% of gross domestic product in fiscal year 2027-28. The IMF delegation, led by advisor Iva Petrova, visited Islamabad from May 13 to May 20 for talks with officials […]
Pakistan Could Buy Russian Oil Under New US Licence
Pakistan could gain temporary access to Russian crude oil under a new 30-day licence issued by the United States Department of the Treasury, diplomatic sources told Dawn, as Washington attempts to ease mounting pressure on global energy markets. The temporary measure aims to help energy-vulnerable countries secure crude supplies during ongoing disruptions caused by tensions […]
Why Pakistan Could Suffer Most if Middle East War Continues
S&P Global Market Intelligence has identified Pakistan as the Asia-Pacific economy most vulnerable to macro-financial stress if the Middle East conflict continues for a prolonged period. The assessment highlighted Pakistan’s heavy reliance on imported energy, Gulf remittances and external financing as key factors increasing economic exposure to regional instability. According to the latest S&P Global […]
IMF Imposes Rs1.73 Trillion Fuel Levy Target on Pakistan
International Monetary Fund (IMF) has set a petroleum levy target of Rs1.73 trillion for Pakistan in the next fiscal year, tightening revenue conditions and imposing stricter monitoring measures to ensure tax collection targets are met under the country’s bailout programme. According to the IMF staff-level report released on Friday, the levy target for fiscal year […]
India, UAE Deepen Military Ties Amid Iran War Tensions
Narendra Modi and leaders of the United Arab Emirates agreed on a framework for a strategic defence partnership on Friday as both countries moved to deepen security and energy cooperation amid continuing instability in the Gulf region. According to a statement from India’s foreign ministry, the agreement covers defence industrial collaboration, maritime security, cyber defence, […]
Pakistan Sees World’s Second-Highest Fuel Price Surge Since Iran War
Pakistan has recorded the world’s second-highest increase in fuel prices since the start of the Iran war, with petrol and diesel prices surging 56 percent amid global energy market disruption and IMF-linked fiscal measures. Data shared by Pakistan’s energy ministry showed the increase trails only Myanmar, where fuel prices rose by 90 percent during the […]
Pakistan Continues Fuel Cuts and 4 Day Workweek Until June 13
Pakistan on Monday extended its nationwide austerity drive and fuel conservation measures until June 13 as uncertainty surrounding the Middle East conflict continues to pressure global oil markets. The Cabinet Division issued a formal notification after Shehbaz Sharif approved the extension on the recommendations of the implementation committee. According to the notification, the government will […]
US President Donald Trump Says ‘Good News’ on Iran but Keeps Details Under Wraps
U.S. President Donald Trump said there was “some pretty good news” regarding Iran, but stopped short of providing details on whether a broader peace agreement to end the ongoing conflict was close, underscoring continued uncertainty in high-stakes negotiations. Speaking on Air Force One late on Friday, Trump struck an optimistic tone about developments in the […]