Pakistan formally reopened its offshore exploration frontier after nearly two decades on Wednesday as the government signed Production Sharing Agreements (PSAs) and Exploration Licences (ELs) for offshore blocks awarded under the Offshore Bid Round 2025. Minister for Petroleum Ali Pervaiz Malik witnessed the signing ceremony for the offshore exploration blocks, which are located in the Indus an
Asian Infrastructure Investment Bank (AIIB) Vice President Konstantin Limitovskiy met Federal Minister for Communications Abdul Aleem Khan and Power Minister Sardar Awais Ahmed Khan Leghari to discuss infrastructure and energy projects, according to an official statement on Wednesday. Abdul Aleem Khan said the government aims to complete vital transportation projects within two years, with the
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