In the absence of quality mass transportation services, Pakistan has come out on top as the biggest user of ride hailing service Careem, as the company announced its landmark one billion rides breakdown. The one billion ride record is stretched across the Middle East, North Africa and Pakistan, based on trips, driven over nine billion kilometres across more than 80 cities over ten years. The
The government on Monday entered into petroleum concession agreements and awarded exploration licences to energy firms that would make a minimum investment of $65 million in the first three years of exploration activities to tap new oil and gas reserves. The move comes at a time when the country is facing oil and gas scarcity due to the Russia-Ukraine war. Pakistan is encountering a crisis-l
Consumers of diesel are not likely to see any relief from the government as it may decide to increase the rate of the petroleum levy (PL) from December 1, 2022. Finance Minister Ishaq Dar is also expected to maintain the existing oil prices for the first two weeks of December 2022. With the recent increase in PL on petrol and HighOctane Blending Component (HOBC), to the budgeted level of Rs50 per
The government on Tuesday approved a subsidy of Rs3.6 per unit for agriculture tube wells but increased tariff rate by Rs3.21 per unit for K-Electric’s (KE) residential consumers, in a move that shows hard choices between populist measures and meeting International Monetary Fund’s (IMF) requirements. The Economic Coordination Committee (ECC) of the cabinet that took these decisions also allowed
The receipt of a fresh loan worth $500 million to Pakistan from the Asian Infrastructure Investment Bank (AIIB) helped the rupee close unchanged at Rs223.95 against the US dollar in the interbank market on Tuesday. The rupee stayed stable on the second consecutive working day, as it inched up by one paisa on Monday. Experts, however, warned that the rupee may lose its value against the greenbac