Category: bussines

The federal government has ordered the import of 200,000 metric tonnes of sugar to stabilise domestic prices and ease consumer burden, the Ministry of National Food Security confirmed on Saturday. According to the ministry’s spokesperson, this step was taken to ensure the availability of sugar in the market and prevent artificial price hikes. The spokesperson added that the sugar is being imported by the government, and the procurement process has entered its final phase following the opening of tenders. The first shipment of imported sugar is expected to arrive in…

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KARACHI/SINGAPORE: Pakistan’s largest refiner, Cnergyico, will import one million barrels of oil from Vitol in October, its vice chairman Usama Qureshi told Reuters on Friday, marking the country’s first-ever purchase of US crude following a landmark trade deal. The West Texas Intermediate (WTI) light crude cargo will be loaded from Houston this month and is expected to arrive in Karachi in the second half of October, Qureshi said. “This is a test spot cargo under our umbrella term agreement with Vitol. If it is commercially viable and available, we could…

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ISLAMABAD: The federal government on Thursday notified a reduction in petrol price by Rs7.54 per litre for the next fortnight. In a notification, the Finance Division said that after the decrease, the petrol price has been lowered to Rs264.61 per litre. Meanwhile, the rate of diesel was increased by Rs1.48 per litre, pushing the price of the petroleum product to Rs285.83 per litre, the notification added. The decision was taken following a review of prevailing international market trends and upon the recommendations of Oil and Gas Regulatory Authority and relevant…

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Indian state refiners have stopped buying Russian oil in the past week as discounts narrowed this month and US President Donald Trump warned countries not to purchase oil from Moscow, industry sources said. India, the world’s third-largest oil importer, is the biggest buyer of seaborne Russian crude, a vital revenue earner for Russia as it wages war in Ukraine for a fourth year. The country’s state refiners — Indian Oil Corp, Hindustan Petroleum Corp, Bharat Petroleum Corp and Mangalore Refinery Petrochemical Ltd — have not sought Russian crude in the…

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ISLAMABAD: Federal Minister for National Food Security Rana Tanveer Hussain on Thursday denied any sugar crisis in Pakistan, asserting that the country holds sufficient stock and faces no issue with supply or prices. His remarks, made at a press conference in Islamabad, come amid widespread reports of worsening shortages and escalating costs across major cities. Markets in Lahore and Islamabad are facing severe shortages, while prices in Karachi, Peshawar, and Quetta surge to Rs190 per kilogramme, defying official caps. “There is no sugar crisis. The country has enough stock, and…

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Following the Monetary Policy Committee (MPC) meeting, the State Bank of Pakistan (SBP) has kept the key interest rate unchanged at 11%. The decision was announced by SBP Governor Jameel Ahmed following the MPC meeting on Wednesday. Addressing a press conference in Karachi, the SBP chief said that while inflation remained at its lowest in April, it rose slightly during May and June, driven largely by energy costs and the base effect. The governor noted that inflation may rise moderately in the coming months due to continued pressures on energy…

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A bid by two Chinese firms to obtain licences to export donkey meat from Pakistan has come to light, a day after authorities raided an illegal slaughterhouse in the capital, seizing around 1,000kg of meat and rescuing 50 live animals. Two companies have submitted applications for both slaughterhouse operations and export clearance, marking the first formal attempt to develop a legal supply chain for donkey meat and bones from Pakistan to China, according to sources. Officials at the Ministry of National Food Security & Research say the applications are currently…

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ISLAMABAD: The federal government plans to offer over 100,000 electric bikes and more than 300,000 electric loaders to the public through subsidised financing and easy loan schemes, it was revealed on Friday. Presiding over a high-level meeting today, Prime Minister Shehbaz Sharif said that promoting the use of electric vehicles (EVs) would reduce Pakistan’s dependency on imported fuel, conserve billions in foreign exchange, help protect the environment, and support local industry. He directed the preparation of a comprehensive action plan to make electric vehicles affordable and accessible to ordinary citizens…

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Pakistan recorded a full-year current account surplus of $2.1 billion in fiscal year 2024–25, reversing a $2.07 billion deficit from FY24, marking its first annual surplus in 14 years, the State Bank of Pakistan confirmed on Friday In a statement on X, the central bank said: “Current account balance recorded a surplus of $2.1 billion during FY25 compared to a deficit of $2.1 billion during FY24.” Meanwhile, the country’s current account registered a surplus of $328 million in June 2025, against a deficit of $84 million last month and a deficit…

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ISLAMABAD: Finance Minister Muhammad Aurangzeb is making proactive efforts to secure a trade agreement with the United States ahead of the August deadline, Bloomberg reported on Saturday. Aurangzeb is engaged in negotiations in Washington, seeking discussions on several American demands laid out in a detailed list previously provided to a Pakistani delegation, according to the report. These demands include fulfilling preconditions for a trade deal, and reducing both tariff and non-tariff trade barriers. The Ministry of Finance had last week said that the trade negotiations have made encouraging progress. Pakistan…

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