Business

Goods transporters and oil tanker operators have started suspending services across Pakistan after negotiations with the government failed to resolve their demands, with a nationwide wheel-jam strike beginning on Saturday, August 8. All Pakistan Goods Transport Itehad spokesman and All Pakistan Goods Transport Owners Association President Mohammad Owais Chaudhry Advocate said talks with Federal Minister for Communications Abdul Aleem Khan and other government officials ended without a breakthrough. The strike involves a wide range of commercial transport operators, including edible oil tankers, petroleum tankers, trucks, trailers and other intercity goods carriers. Chaudhry said transporters had conveyed their concerns to the government and would continue the strike until their de...

Pakistan has announced another reduction in petroleum prices, offering consumers further relief following recent volatility in fuel rates. According to the latest notification issued by the Oil and Gas Regulatory Authority (OGRA), the price of petrol has been reduced by Rs2.20 per litre, bringing the new price to Rs327.62 per litre. The price of high-speed diesel has been cut by Rs1.50 per litre to Rs380.86, while kerosene oil has also become cheaper by Rs1.50 per litre, with its new price set at Rs289.95. The latest cuts come shortly after the government announced another reduction in petrol and diesel prices, making the successive adjustments particularly significant for consumers and the transport sector. Petroleum prices in Pakistan are influenced by international oil price...

Gold prices in Pakistan continued their sharp upward trend, with the price of one tola rising by Rs5,100 on Friday. According to the All Pakistan Gems and Jewellers Association, the price of one tola of gold increased to Rs454,336. The surge was also reflected in international markets, where gold gained $51 per ounce to reach $4,319. Gold prices have now recorded a significant increase for three consecutive days. During this period, the price of one tola of gold in Pakistan has jumped by Rs26,400. The latest rally comes amid continued strength in global gold prices. Recent international market data also shows gold trading at elevated levels, with investors closely monitoring interest-rate expectations, the US dollar and broader global economic and geopolitical developments. ...

Wall Street delivered a mixed performance on Wednesday, with the Dow Jones Industrial Average and S&P 500 climbing to fresh intraday record highs as investors cheered signs of progress toward a potential peace agreement involving Iran, easing concerns over inflation and interest rates. The Dow rose 448 points (0.83%) to 54,533.87, while the S&P 500 edged up 0.07% to 7,742.05. In contrast, the Nasdaq Composite fell 0.49% to 26,455.43, ending its four-session winning streak as heavyweight technology stocks came under pressure. Investor sentiment improved after reports suggested a proposed agreement involving Iran and Oman could reduce tensions in the Middle East, raising hopes for lower oil prices and easing inflationary pressures. The optimism also reduced expectations of an a...

The federal government has announced a fresh revision in petroleum prices, increasing the price of petrol by Rs4.45 per litre while reducing the price of high-speed diesel (HSD) by Rs2 per litre. According to a notification issued by the Petroleum Division, the revised prices came into effect on Thursday, August 6. Under the latest revision, petrol will now be sold at Rs333.01 per litre, up from Rs328.56 per litre. Meanwhile, the price of high-speed diesel has been reduced to Rs383.86 per litre from Rs385.86 per litre. Despite the adjustment in fuel prices, the government continues to collect Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The latest revision comes as Pakistan gradually shifts to a daily fuel pricing mechanism in response to increase...

The State Bank of Pakistan (SBP) has made it mandatory for all petrol pumps across the country to offer Raast QR code-based digital payments by January 31, 2027, in a major push towards a cashless economy and wider adoption of digital financial services. The directive applies to all fuel stations, regardless of size or location, requiring them to enable Raast QR payments within the specified deadline. The move is aimed at reducing cash transactions in Pakistan's petroleum retail sector while improving the accessibility of secure digital payments. To encourage card-based transactions, the central bank has also introduced a concessional fee structure for petroleum sales. Under the revised framework, the Merchant Discount Rate (MDR) has been capped at Rs. 1 per litre, while the intercha...

Counterfeit Rs. 5,000 currency notes are reportedly circulating in Karachi markets, prompting traders and business associations to urge the public to remain vigilant while accepting cash payments. According to reports, fraudsters are using fake Rs. 5,000 notes to deceive shopkeepers and customers during routine transactions, raising concerns across the city's commercial hubs. The issue has been highlighted by the Karachi Electronics Dealers Association (KEDA), whose President, Rizwan Irfan, said multiple incidents involving counterfeit Rs. 5,000 notes have recently been reported in Karachi's electronics market. He warned that several businessmen had unknowingly accepted fake currency, resulting in financial losses and increasing anxiety among traders. Rizwan Irfan advised shopk...

Pakistan has formally requested China to refinance a $1.3 billion commercial loan after repaying the same amount last month, in a move aimed at strengthening the country's foreign exchange reserves and easing external financing pressures. According to sources in the Ministry of Finance, discussions with Chinese authorities are underway to finalize the terms and conditions of the refinancing agreement. Officials expect the funds to be received later this month once the deal is completed. The refinancing request comes after Pakistan made $2.2 billion in external debt repayments during July, including the repayment of the $1.3 billion Chinese commercial loan. The fresh inflow is expected to replenish reserves and support the country's external account. The move is part of the governm...

The federal government has announced another reduction in petroleum product prices, bringing relief to consumers for the second consecutive day. According to a notification issued by the Petroleum Division, the price of petrol has been reduced by Rs. 3.39 per litre, bringing the new price down to Rs. 328.56 per litre. The price of high-speed diesel (HSD) has also been cut by Rs. 4.07 per litre, with the new rate fixed at Rs. 385.86 per litre. The latest notification states that the revised prices will be applicable on August 5. The government has also reduced the price of kerosene oil by Rs. 4.34 per litre, setting its new price at Rs. 297.30 per litre. The announcement comes just a day after another reduction in fuel prices. On Tuesday, the government lowered the price of p...

Pakistan's Federal Board of Revenue (FBR) has started the fiscal year 2026-27 on a positive note by collecting Rs. 810 billion in taxes during July, exceeding its monthly revenue target by Rs. 30 billion. According to provisional figures, the tax authority recorded a 7 percent increase in revenue compared to July last year, when it collected Rs. 757 billion. While the performance surpassed the monthly target, experts believe stronger measures will be needed in the coming months to achieve the government's ambitious annual revenue goals. The data shows that income tax collections exceeded Rs. 300 billion during July. However, the figure remained Rs. 23 billion below the target set for the month, highlighting continued challenges in direct tax collection. Tax experts attributed the ...