Business

The Petroleum Division issued a notification confirming that the price of high-speed diesel has been increased by Rs. 31.05 per liter, taking the new retail price to Rs. 354.35 per liter. Petrol prices have also been raised by Rs. 5.44 per liter, bringing the new rate to Rs. 316.15 per liter. The latest revision marks the beginning of Pakistan's new daily fuel pricing system, replacing the previous periodic adjustment mechanism. Speaking at a press conference alongside Information Minister Atta Tarar, Federal Minister for Petroleum Ali Pervaiz Malik said the increase was necessitated by rising international crude oil prices, which have climbed again due to escalating tensions in the region. He noted that the surge in global oil prices has triggered higher energy costs worldwide...

Global oil prices remained above $85 per barrel on Wednesday as escalating tensions in the Middle East continued to fuel concerns over potential disruptions to crude supplies passing through the strategic Strait of Hormuz, one of the world's busiest energy shipping routes. Brent crude climbed above the $85 mark after renewed military tensions between the United States and Iran increased the geopolitical risk premium in energy markets. Traders are closely monitoring developments around the Strait of Hormuz, through which roughly 20% of the world's seaborne crude oil and a significant share of global LNG exports pass every day. Any disruption to traffic through the waterway could have a major impact on global energy supplies and fuel prices. Analysts say fears of prolonged supply disru...

Pakistan's information technology (IT) sector has achieved its highest-ever annual export earnings, with exports reaching $4.5 billion during fiscal year 2025-26, reflecting the country's growing strength in the global digital economy. According to official statistics, IT exports increased by 29% year-on-year, rising from $3.475 billion in FY2024-25 to $4.5 billion in the latest fiscal year. The strong performance also contributed to higher foreign exchange inflows, providing a boost to Pakistan's external account. Officials attributed the record growth to expanding exports across software development, business process outsourcing (BPO), software-as-a-service (SaaS), cloud solutions, and the gaming industry. Pakistan's growing pool of skilled software engineers and competitive servic...

China’s automotive industry has reached another major milestone, exporting a record 1.06 million vehicles in June, the first time monthly shipments have crossed the one-million mark. The figure represents a 71.2% year-on-year increase, highlighting the country's growing dominance in the global automobile market, particularly in electric vehicles (EVs). The surge was driven primarily by strong international demand for Chinese-made electric and hybrid vehicles, with manufacturers such as BYD, Chery, and Geely posting record overseas sales. China is now on track to export more than 10 million vehicles in 2026, a significant jump from 7.1 million last year. Official industry data also shows that exports of new energy vehicles (NEVs), including battery electric and plug-in hybrid models, ...

The United Arab Emirates is accelerating efforts to reduce its dependence on the strategically vital Strait of Hormuz by expanding port infrastructure in Fujairah, located on the country's east coast along the Gulf of Oman. State-owned logistics giant DP World is investing in the expansion to transform Fujairah into a major alternative trade and shipping hub outside the Strait of Hormuz. The move is aimed at ensuring uninterrupted cargo flows if geopolitical tensions disrupt one of the world's busiest maritime chokepoints. The Strait of Hormuz handles roughly one-fifth of global oil shipments and a significant share of liquefied natural gas (LNG) exports. In recent months, renewed instability in the Middle East has raised concerns over the vulnerability of commercial shipping routes,...

Oil prices jumped sharply on Tuesday as escalating tensions in the Middle East reignited fears of disruptions to global energy supplies, with Brent crude climbing above $87 per barrel and natural gas prices also moving higher. The rally came as investors reacted to renewed military and political tensions in the Gulf region, particularly around the Strait of Hormuz, a narrow waterway through which roughly 20% of the world’s oil consumption and a significant share of global liquefied natural gas (LNG) trade pass. Any disruption to shipping in the strait is closely watched by energy markets because it could quickly tighten global supply. U.S. Energy Information Administration. Analysts said the latest price surge reflects concerns that tanker traffic could face delays, higher insurance ...

Bitcoin and the broader cryptocurrency market came under renewed selling pressure on Monday as escalating geopolitical tensions between the United States and Iran prompted investors to move away from riskier assets and seek safer investments. The world's largest cryptocurrency briefly climbed above $64,250 during intraday trading but failed to hold its gains as risk sentiment deteriorated. Bitcoin was trading around 0.65% lower over the past 24 hours, extending its weekly decline to nearly 2%, while most major altcoins also slipped. The latest market volatility follows renewed military tensions in the Middle East, raising fears of prolonged instability around the Strait of Hormuz—a critical global oil shipping route that handles roughly one-fifth of the world's seaborne crude exports...

Volkswagen is considering cutting an additional 50,000 jobs worldwide as part of a sweeping restructuring plan aimed at improving competitiveness, according to an internal memo from CEO Oliver Blume seen by Reuters. If implemented, the latest reductions would bring the German automaker's total planned workforce cuts to around 100,000 positions, including the 50,000 job reductions already agreed across the Volkswagen Group and its luxury brands, Porsche and Audi. Blume told employees that Volkswagen faces a 20% cost disadvantage compared with rival automakers, making further efficiency measures necessary as the company grapples with slowing profits, rising production costs, billions of euros in tariff-related expenses, and intense competition from Chinese electric vehicle manufacturer...

Pakistan has achieved a major milestone in its maritime sector after the successful launch of ship bunkering operations at Gwadar Port, marking the first time an international vessel has been refueled at the strategically important deep-sea port. The breakthrough was made possible through a collaboration between the National Logistics Corporation (NLC) and global energy trader Vitol, positioning Gwadar as a new regional hub for marine fuel services. As part of the inaugural operation, the UAE-flagged LNG carrier ENUGU received 2,500 metric tonnes of marine fuel at Gwadar Port. The fuel supplied was Very Low Sulphur Fuel Oil (VLSFO), fully compliant with the International Maritime Organization's (IMO) stringent environmental standards for international shipping. In another signific...

The World Bank has approved $376 million in financing to help modernize Pakistan’s power transmission network, aiming to improve grid reliability, strengthen climate resilience, and support the integration of renewable energy into the national electricity system. According to official details, the funding will be used to upgrade Pakistan’s power grid and transmission infrastructure, enabling the system to efficiently absorb 640 megawatts of wind-generated electricity that would otherwise face transmission constraints. The project will also reinforce critical electricity infrastructure against extreme weather events, including severe floods and heatwaves, helping improve the resilience of Pakistan’s energy network amid growing climate challenges. Officials said the upgrades are exp...