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Pakistan raises petroleum prices citing ‘increasing trend’ in international market

An employee fills petrol in a motorcycle at a fuel station in Lahore on August 1, 2023. (AFP/File)
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Updated 16 April 2024
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Pakistan raises petroleum prices citing ‘increasing trend’ in international market

  • Pakistan has increased the prices of petrol by 4.53 rupees ($0.016) to 293.94 rupees
  • Government also increases price of high speed diesel by 8.14 rupees to 290.38 rupees
Updated 16 April 2024
KHURSHID AHMED   

KARACHI: Pakistan has increased the price of petrol by 4.53 rupees ($0.016) to 293.94 rupees with effect from today, Tuesday, the finance ministry said in a statement, citing rising petroleum prices internationally. 

The government also increased the price of high speed diesel by 8.14 rupees to 290.38 rupees, the post said.

The price hikes come as Pakistan has initiated discussions with the IMF over a new multi-billion-dollar loan agreement as its current nine-month, $3 billion loan program expires with the disbursement of a final $1.1 billion tranche likely to be approved later this month.

Reforms linked to that bailout, including an easing of import restrictions and a demand that subsidies be removed, fueled record inflation, with the rupee hitting all-time lows. Authorities also raised petrol and diesel prices to record highs to meet conditionalities. 

“The prices of Petroleum products have seen an increasing trend in the international market during the last fortnight,” the finance ministry said as it announced the new prices. 

“The Oil & Gas Regulatory Authority (OGRA) has worked out the consumer prices, based on the price variations in the international market.”

Under the last IMF bailout, Pakistan was told to prevent further accumulation of circular debt in its power sector, arising from subsidies and unpaid bills. For a new program, the South Asian nation will need to implement reforms to reduce costs by improving electricity transmission and distribution, moving captive power into the grid, improving governance, and combating theft. 

It will also have to maintain power and gas tariffs at levels that ensure cost recovery, with adjustments made to safeguard the financially vulnerable, through existing progressive tariff structures.

In a report released in January, the IMF noted Pakistan missed its target for power sector arrears, largely due to lower-than-expected recoveries and tariffs.

Topics: petrol prices in Pakistan Pakistan brent oil Arab News Pakistan

Pakistan calls China’s development model ‘source of inspiration’ amid talks on next CPEC phase

Updated 02 August 2025
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Pakistan calls China’s development model ‘source of inspiration’ amid talks on next CPEC phase

  • CPEC’s next phase to focus on industrialization, business cooperation and technology transfer
  • Ahsan Iqbal thanks Chinese officials in Beijing for backing Pakistan during the standoff with India
Updated 02 August 2025
Arab News Pakistan

ISLAMABAD: Pakistan’s Planning Minister Ahsan Iqbal on Saturday described Beijing’s development model as a “source of inspiration” for his country while discussing the next phase of the multibillion-dollar China-Pakistan Economic Corridor (CPEC) during a meeting with Chinese Vice Foreign Minister Sun Weidong.

CPEC is a flagship initiative of China’s Belt and Road Initiative (BRI), launched in 2013 to develop infrastructure and connectivity between Gwadar Port in Pakistan and China’s Xinjiang region.

The first phase focused on power generation and road networks, while the upcoming second phase aims to center on industrialization, business-to-business cooperation and technological development.

Iqbal is currently in Beijing to push for deeper economic integration and bilateral collaboration between the two countries.

“China’s development model remains a source of inspiration for Pakistan,” he said during the meeting, according to the Associated Press of Pakistan.

“Learning from China’s experience, Pakistan is moving toward building an export-oriented and technology-driven economy.”

Iqbal recalled how CPEC was transformed from “a paper plan into a multibillion-dollar reality.”

He also lauded China’s support for Pakistan during the recent military standoff with India, saying the Pakistani people “take pride in the everlasting friendship” with Beijing.

“Pakistan-China friendship continues to grow stronger with every passing day and changing circumstances,” he added.

The minister emphasized that the next phase of CPEC would prioritize industrial and technological collaboration between the two countries.

He pointed to Pakistan’s URAAN initiative, a government program aimed at advancing economic, social, and institutional stability through people-centered reforms.

He noted that under the initiative, the government plans to develop a skilled and capable workforce aligned with the needs of CPEC Phase II.

Iqbal said enhanced business-to-business cooperation between the two countries would help further expand the scope of the corridor and stimulate industrial growth in Pakistan.

Vice Foreign Minister Sun reaffirmed China’s commitment to strengthening cooperation with Pakistan in various sectors and expressed support for Islamabad’s development goals.

He described Pakistan’s economic reform efforts as a promising path toward stability and self-reliance.

Topics: Pakistan China Ties Ahsan Iqbal planning ministry

Pakistan to probe train derailment that injured 27 near Lahore this week

Updated 02 August 2025
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Pakistan to probe train derailment that injured 27 near Lahore this week

  • Three-day inquiry begins next week, with officials promising transparency
  • Pakistan aims to modernize aging railway network through track overhaul
Updated 02 August 2025
Arab News Pakistan

ISLAMABAD: Pakistan will conduct an inquiry into the derailment of the Islamabad Express in the coming week, an official statement said on Saturday, after three cars of the passenger train went off the tracks a day earlier near the eastern city of Lahore, injuring at least 27 people.

The derailment took place in the town of Kala Shah Kaku as the train was en route to Lahore. While no fatalities were reported, women and children were among the injured, all of whom were later listed in stable condition, according to railways officials.

“Federal Government Inspector of Railways, Mr. Aamir Nisar Chaudhry, will conduct an inquiry into the derailment of the ... Islamabad Express that occurred on the evening of August 1, 2025,” said a statement issued by the Railways Headquarters in Lahore. “The inquiry will take place from August 4 to August 6, 2025.”

It said the inspector will be available to meet anyone with relevant information during the inquiry period.

The statement also invited individuals to submit written reports by post to the official conducting the inquiry, assuring the identity of informants would be kept confidential.

It said all possible factors contributing to the incident will be examined, and the investigation will be conducted transparently and without external influence.

The final report is expected to be submitted to the Ministry of Railways within seven days.

Pakistan Railways has been attempting to modernize its aging network with new trains and an overhaul of the 1,687-kilometer Karachi-Peshawar Main Line (ML-1), aimed at doubling tracks, upgrading signals and raising train speeds to 140 km/h.

Train accidents are relatively common in Pakistan, where the railway system has suffered from decades of underinvestment, outdated tracks, and aging signal infrastructure.

In 2023, at least 30 people were killed when a passenger train derailed in the southern city of Nawabshah in Sindh province.

With input from AP

Topics: Pakistan Railway Islamabad Express Pakistan Train Accident

Pakistan places sugar import order to ease prices, first shipment due next month

Updated 02 August 2025
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Pakistan places sugar import order to ease prices, first shipment due next month

  • Sugar crises recur frequently in Pakistan amid accusations of hoarding and cartelization
  • Economists urge long-term reforms to fix systemic issues in the country’s sugar sector
Updated 02 August 2025
Arab News Pakistan

ISLAMABAD: Pakistan has placed the procurement order for 200,000 metric tons of sugar from the international market, an official statement said on Saturday, adding the first shipment was expected to arrive in the beginning of next month.

The announcement came amid growing concerns over a sugar crisis that has gripped parts of the country, with prices surging to Rs200 ($0.71) per kilogram in many areas, which is well above the government’s official cap of Rs173 ($0.61). The situation occurs frequently in Pakistan amid accusations of hoarding and cartelization. It also leads to public outrage and criticism from opposition parties.

Last month, leading Pakistani economists told Arab News the crisis owed to weak regulatory enforcement and a lack of industrial transparency, both of which hamper effective market oversight.

“The final order for sugar imports has been placed,” the Ministry of National Food Security and Research said in a statement. “The first shipment of imported sugar will arrive in Pakistan in early September 2025.”

The ministry said the procurement process entered its final phase after the government floated a tender, and successfully secured a discount through international negotiations.

“The purpose of the import is to ensure the availability of sugar in the market and maintain price stability,” the statement said. “The arrival of imported sugar will help keep prices balanced in the local market and directly benefit consumers.”

However, experts warned last month such measures only offered temporary relief.

Dr. Khaqan Najeeb, Pakistan’s former finance adviser, told Arab News in a recent conversation the sugar sector’s persistent crises underscore the urgent need to move beyond “reactive firefighting” and adopt structured, technology-enabled and market-aligned regulatory frameworks.

“Addressing this challenge requires deep policy expertise and a commitment to serious, evidence-based reform,” he continued

Najeeb outlined several critical reforms for the sugar sector, including improving per-acre crop yields, deregulating the market, enforcing anti-cartel legislation, using digital tools to monitor the supply chain, and setting transparent, formula-based pricing mechanisms that ensure timely payments to farmers.

“These are not quick fixes — they demand consistent, hard work,” he added. “But after years of misaligned interventions through poorly timed exports and imports, one thing is clear: there is no easy solution, only the hard path of structural reform.”

Topics: Pakistan Sugar import sugar import

Pakistan gifts Fasting Buddha replica to Thailand to boost cultural ties, religious tourism

Updated 02 August 2025
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Pakistan gifts Fasting Buddha replica to Thailand to boost cultural ties, religious tourism

  • Replica presented at Bangkok museum was hailed as a symbol of enduring friendship and shared heritage
  • Pakistan has hosted Buddhist monks and pilgrims from Thailand and other Asian countries in recent years
Updated 02 August 2025
Usama Iqbal Khawaja

ISLAMABAD: Pakistan has gifted a replica of the Fasting Buddha sculpture to Thailand, according to a foreign office statement circulated on Saturday, calling it a symbol of enduring diplomatic and cultural ties between the two nations.

Pakistan is home to the Gandhara Civilization, which flourished as a major center of Buddhist learning and artistic expression from the 1st century BCE to the 7th century CE. The region’s ancient city of Taxila, located on the peripheries of the country’s present-day capital, Islamabad, remains a UNESCO World Heritage Site.

In recent years, Pakistan has sought to boost religious tourism by hosting Buddhist monks and pilgrims from Thailand and other Asian countries.

The replica was handed over by Pakistan’s Ambassador to Thailand, Rukhsana Afzaal, to Phanomboot Chantrachoti, Director General of Thailand’s Fine Arts Department, during a ceremony held at the National Museum in Bangkok.

“Ambassador Afzaal highlighted the replica, crafted by Pakistani artist Jamil Kakar, as a testament to Pakistan’s Gandhara legacy, centered in ancient Taxila, and its role in Buddhist civilization,” the foreign office said. “She underscored its significance in strengthening Pakistan-Thailand friendship and promoting cultural exchanges under Pakistan’s long-standing ASEAN partnership.”

Titled “A Spiritual Journey from Gandhara to ASEAN: Celebrating Shared Heritage and Religious Tourism,” the ceremony drew Thai officials, diplomats, UN representatives, academics, civil society members and media personnel.

Director General Chantrachoti welcomed the gift as a reflection of shared Gandharan and Buddhist heritage and emphasized its potential to promote cultural collaboration through exhibitions and exchanges.

The event also featured remarks by Buddhist monk, Anil Sakya, who described the Fasting Buddha as a spiritual symbol of wisdom and balance.

Dr. Nadeem Omar Tarrar, Executive Director of Pakistan’s Center for Cultural Development, spoke of the sculpture’s artistic and spiritual significance, highlighting its blend of Greco-Roman and Gandharan aesthetics.

A photographic exhibition of Gandhara artifacts and Buddhist sites in Pakistan by a leading photographer, David Chi Lau, accompanied the event.

Topics: Pakistan Thailand ties gandhara Buddha

Iranian president arrives in Pakistan on two-day state visit to push $10 billion trade target

Updated 02 August 2025
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Iranian president arrives in Pakistan on two-day state visit to push $10 billion trade target

  • Dr. Masoud Pezeshkian is scheduled to hold detailed meetings with President Zardari and other senior officials
  • He told Iranian state media Tehran was interested in joining China’s Belt and Road Initiative through Pakistan
Updated 02 August 2025
Hasaan Ali Khan

ISLAMABAD: Iranian President Dr. Masoud Pezeshkian arrived on a two-day state visit to Pakistan on Saturday, hoping to increase bilateral trade to $10 billion and strengthen relations between the two countries.

Pakistan and Iran enjoy close ties and have signed several pacts in multiple fields including energy and trade. However, they have also remained at odds over instability along their shared frontier which led to a missile exchange between them last year, though they were quick to move to ease tensions.

“Prime Minister Muhammad Shehbaz Sharif received the President of Iran H.E. Dr. Masoud Pezeshkian and his delegation upon their arrival to Islamabad on their two-day official visit to Pakistan,” the PM Office confirmed while sharing photos of the two leaders at the Nur Khan Airbase.

This is Pezeshkian’s first official visit to Pakistan as the Iranian president, according to the Pakistani foreign office. He is also accompanied by a high-level delegation, including Foreign Minister Seyyed Abbas Araghchi, senior ministers and other high-ranking officials.

Before his departure earlier today, Pezeshkian said Tehran enjoyed strong relations with Pakistan, according to the Iranian news agency IRNA, adding the plan was to elevate their trade exchanges to $10 billion.

He said his country was also interested in joining China’s Belt and Road Initiative through Pakistan, adding the route could then extend through Iran to Europe.

Prior to arriving in Islamabad, the Iranian president made a brief stay in Lahore, Pakistan’s cultural capital, where he also visited the mausoleum of Dr. Muhammad Iqbal, Pakistan’s national poet, who wrote in both Urdu and Persian and is widely revered in Iran and Persian-speaking communities across the world.

“During his stay, President Pezeshkian will meet with the President of Pakistan, H.E. Asif Ali Zardari, and hold delegation-level talks with Prime Minister of Pakistan, H.E. Shehbaz Sharif,” the foreign office said on Friday.

Last year, Iran’s late president, Ebrahim Raisi, traveled to Pakistan on a three-day visit during which both sides signed memorandums of understanding in the fields of trade, technology, agriculture, health, culture and judicial matters.

This year the ties between the two countries warmed up after Islamabad voiced its support for Tehran during the 12-day Israel-Iran war in June, which began after Israeli strikes on Iranian nuclear sites.

Pakistan remained engaged in talks with regional partners like Saudi Arabia, Iran, China and Qatar to de-escalate tensions in the Middle East after Iran conducted retaliatory strikes on Israel and a US base in Qatar, raising fears the conflict could draw in other regional states.

IRNA quoted the Iranian president as praising Pakistan for being among the countries that “strongly condemned” Israel’s attack and “declared its readiness to provide any necessary support for Iran’s territorial integrity, as well as for the government and people of Iran.”

The foreign office said the Iranian foreign minister, Araghchi, met his Pakistani counterpart, Ishaq Dar, after arriving in the capital.

“The two leaders reaffirmed their commitment to strengthening Pakistan-Iran ties, with a focus on expanding cooperation in regional stability, trade and economic collaboration,” it added. “They also discussed enhancing bilateral engagement across key areas of mutual interest.”

Topics: Pakistan Iran Ties Iranian President Masoud Pezeshkian Chief Ministers Maryam Nawaz

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