The recent cut in the prices of petroleum may have earned the government some political mileage but has left the oil industry howling in grief for causing over Rs11 billion inventory losses in a fortnight due to “manipulation of (diesel) pricing”. The government had announced on July 15 a Rs9 and Rs7 per litre cut in the prices of petrol and high-speed diesel (HSD), respectively, for the curren
Despite rising inflows of dollars, the rupee continued its downward slide for the second consecutive session losing Rs1.67 against the greenback to close at Rs279.26 in the interbank market on Monday. The rupee declined by Rs1.67 against the dollar on Friday closing the week at Rs277.60, according to the State Bank of Pakistan. In the last two sessions, the dollar appreciated by Rs2.81, show
Pakistan Refinery Ltd (PRL) and Air Link Communication Ltd said on Monday they want to buy majority shareholding and control of Shell Pakistan Ltd, which is the third-largest oil marketing company (OMC) with a share of roughly eight per cent in volumetric sales. The two acquirers are initially eyeing the 77.42pc stake that the foreign sponsor of Shell Pakistan put on sale in June as part of “si
Mounting evidence of irreversible environmental problems and increasing inequality has established the precedent to compel the private sector to show corporate responsibility and think beyond profits. As time progressed, stakeholders voiced the need for corporate responsibility and accountability. Globally, on the one hand, this led to many UN-backed conventions — more recently, the UN’s Sustai
Prime Minister Shehbaz Sharif on Saturday said that default has been averted primarily with the financial help of China. Speaking to a delegation of members from the Lahore Chamber of Commerce and Industry and renowned businessmen at the Governor House, the premier discussed the financial assistance provided by friendly countries, especially China, to help save Pakistan from default. “I have