Saudi Aramco, the world’s most integrated oil company, has made its first foray into Pakistan’s retail fuel market by acquiring a 40 per cent stake in Gas & Oil Pakistan (GO). The acquired company, GO, is a diversified downstream fuels, lubricants, and convenience store operator with a network of more than 1,100 retail outlets in Pakistan. It provides petrol, diesel, and lubricants through stor
Oil prices slid on Monday as the Opec+ group of major crude producers signalled they would start to unwind output cuts later this year, with softer than expected US manufacturing compounding fears of weakening global oil demand. The concerns pulled stock indices back from earlier highs, seen on the back of hopes that easing inflation could allow the Federal Reserve to cut interest rates later t
The ministry of commerce has asked all transport operators to obtain a “temporary admission document” (TAD) by June 15 in order to carry out operations under the bilateral trade arrangement between Pakistan and Afghanistan. “No vehicle will be allowed to carry on bilateral trade between Pakistan and Afghanistan after June 15 without obtaining a TAD,” a commerce ministry notification said on Mon
Business confidence in Pakistan has improved by four percentage points, though it remains negative, as reflected in the 25th Wave of the Business Confidence Index (BCI) survey conducted by the Overseas Investors Chamber of Commerce and Industry (OICCI). The survey was conducted across Pakistan during March-April 2024. “The OICCI Business Confidence Index has shown some positive signs of econ
The real interest rate is now above 1,000 basis points in the wake of an unexpected fall in inflation to 11.76 per cent in May. The real interest rate is the difference between the nominal interest rate and the rate of inflation. Higher real interest rates can raise borrowing costs and force people to curb spending and borrowing. It can slow economic activity. On the other hand, higher ra