The Petroleum Division has opposed increasing the petroleum levy tax target and suggested cutting it to Rs1 trillion while reducing the rate to Rs50 per litre until global prices remain high, warning that higher levies were creating affordability issues and threatening social stability. The division has submitted its budget 2026-27 recommendations to the finance ministry. Discussions have also
Amid the US-Iran war, smuggled petroleum products from Iran have started flooding Pakistan's markets, stoking fears among local oil refineries. For the past more than two months, Iran has closed the Strait of Hormuz, a key shipping channel from where most of the global oil supplies pass. Owing to this situation, oil prices have jumped significantly across the world and even Pakistan is not insu
Gold prices in Pakistan decreased on Wednesday in line with their loss in the international market. In the local market, gold price per tola reached Rs470,362 after a decline of Rs6,800 during the day. Similarly, 10-gram gold was sold at Rs403,259 after it fell by Rs5,830, according to rates shared by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA). On Tuesday, gold price per
Pakistan’s offshore frontier was formally reopened after nearly two decades on Wednesday as the government inked Production Sharing Agreements (PSAs) and Exploration Licences (ELs) for offshore blocks. Federal Minister for Petroleum Ali Pervaiz Malik witnessed the signing ceremony of PSAs and ELs for offshore exploration blocks awarded under the Offshore Bid Round 2025, read an official stateme
The Global System for Mobile Communications Association (GSMA) has urged the government to rationalise telecom sector taxes, enhance affordability of mobile services and devices, and simplify the fiscal regime in its budget proposals for 2026-27 to spur digital investment and accelerate connectivity growth in Pakistan. In a letter addressed to Finance Minister Muhammad Aurangzeb, the global tel