Author: Admin

Pakistan Assures IMF on Fuel Subsidy, Signals Price Hikes if Fiscal Space Shrinks

Admin
New-IMF

ISLAMABAD: Pakistan has assured the International Monetary Fund that it will raise fuel prices if additional fiscal space cannot be created, as inflation climbed to 7.3% in March, driven by rising energy costs. Sources said the commitment was made ahead of a staff-level agreement for the release of a $1.2 billion loan tranche. The government conveyed that the current subsidy on petrol and diesel is temporary and will only continue if sufficient budgetary savings are identified. Prime Minister Shehbaz Sharif had earlier maintained fuel prices after an initial 20% hike…

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Pakistan, Norway Sign Landmark Carbon Trading Deal Under Paris Agreement

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New-Project1

ISLAMABAD: Pakistan and Norway have signed their first bilateral carbon trading agreement under Paris Agreement Article 6.2, marking a major step toward accessing international carbon markets and climate finance. The memorandum of understanding, signed under the Ministry of Climate Change and Environmental Coordination, signals Pakistan’s transition from policy planning to implementation in carbon trading. Federal Minister Musadik Malik termed the agreement a milestone, stating it would move the country from “readiness to execution” in climate cooperation. Under the deal, Pakistan will develop projects generating carbon credits across key sectors including…

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PM Shehbaz Rejects New Oil Pricing Formula Amid Industry Fears of Fuel Crisis

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Shahbaz-sharif2

ISLAMABAD: Prime Minister Shehbaz Sharif has rejected a proposed new oil pricing formula, siding with industry concerns that warned of a potential fuel crisis if the revised framework were implemented. The proposal, put forward by former petroleum minister Musadik Malik—now serving as Minister for Climate Change—was based on an oil inventory cost mechanism. However, it faced strong resistance from the oil industry, which flagged serious risks to supply stability and financial viability. According to sources, the prime minister, during a high-level meeting, directed Musadik Malik not to interfere in petroleum…

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Karachi Receives Rain as Emergency Declared Amid Forecast of Heavy Showers

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Karachi-rain

KARACHI: Rainfall began across Karachi and surrounding areas on Thursday as a strong westerly weather system moved into the region, prompting authorities to declare a rain emergency across the city. According to the Pakistan Meteorological Department, showers were recorded in multiple areas including Quaidabad, Malir, PAF Faisal Base, and Jinnah Terminal early in the day. Light rain was also observed in Gulshan-i-Maymar, while heavier spells hit Gulistan-i-Jauhar, Saddar, Clifton, Garden, and Keamari. Weather radar indicated intense rainfall over northern parts of the city, with isolated hailstorms reported. The Met Office…

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Energy Price Surge Drives March Inflation to 7.3%

Admin
New-Project

ISLAMABAD: Consumer inflation in Pakistan rose to 7.3% in March, up from 7% in February, continuing an upward trajectory largely fueled by rising energy costs linked to the ongoing Middle East conflict. According to the Consumer Price Index (CPI) data released by the Pakistan Bureau of Statistics (PBS), higher domestic energy tariffs played a key role in pushing inflation beyond earlier expectations. The Finance Ministry had already projected inflation to fall within the 7.5% to 8.5% range, citing escalating energy prices due to geopolitical tensions. The impact is expected to…

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