akademisyen, Mozambik
Govt hikes petrol price by Rs3.34, high-speed diesel by Rs5.27
The government on Tuesday raised the price of petrol by Rs3.34 per litre and that of high-speed diesel (HSD) by Rs5.27. Following the revision, petrol will retail at Rs334.54 per litre while HSD will cost Rs395.69 per litre. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel. According to the Petroleum Division’s notification, the new prices will be applicable for August 19 (Wednesday). The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
The Guardian view on global inequality: extreme wealth threatens democracy | Editorial
New York mayor Zohran Mamdani shows Britain’s Andy Burnham that confronting billionaires need not mean the end of cooperation with Donald Trump In November, Californians will vote on a one-off 5% levy on residents worth more than $1bn. The union-backed plan could raise $100bn, more than enough to replace federal healthcare funding stripped away by Donald Trump’s One Big Beautiful Bill Act. About 200 very rich people would pay. But the referendum is becoming a test of whether extreme wealth can buy the political power to defeat a popular redistributive policy. Google co-founder Sergey Brin has already spent $100m backing opposition to the tax – a fraction of the $13bn bill he could face. Other billionaires are joining him. Whether voters can impose costs on the super-rich once their fortunes are big enough to shape the political process is now an open question. That alone should trouble any democracy. It’s a long way from Mr Brin’s west coast lair of Mountain View to Andy Burnham’s Makerfield constituency. But the prime minister should heed the call from prominent progressive academics – led by the Nobel prize winner Joseph Stiglitz – urging Britain to join a new global push to tackle inequality. Prof Stiglitz wants help creating a new UN International Panel on Inequality (IPI). This stems from the G20’s first-ever inequality report, which warned that the yawning gap between rich and poor was a human-made crisis corroding democracy and social cohesion while blocking efforts to tackle the climate emergency. Continue reading...
JI warns of countrywide strike if recent petrol price hike not withdrawn
LAHORE: Jamaat-i-Islami Pakistan (JI) Emir Hafiz Naeemur Rehman on Tuesday warned the government that the party could announce a countrywide strike if the recent increase in petrol and diesel prices was not withdrawn immediately. Addressing a press conference on the third day of the JI sit-in outside the Punjab chief minister’s House, Rehman said the public was already paying heavy taxes on every litre of fuel and could no longer bear the rising cost of living. He demanded that the government reduce fuel prices, abolish the petroleum levy and bring the price of petrol down to Rs225 per litre. He also announced that women and lawyers would join the ongoing protests. “JI is not fighting for itself. It is fighting for the rights of the people,” Rehman said, adding that the protesters remained determined to continue their movement. He said the latest increase in petrol and diesel prices had further angered the public. The government, he added, was collecting money from consumers through fuel levies as well as heavy taxes on electricity and gas bills. Rehman also criticised widespread corruption in the Federal Board of Revenue (FBR), saying the institution’s failure was contributing to the country’s economic problems. Turning to independent power producers (IPPs), he said successive governments had signed costly agreements in the name of ending load-shedding. He said the JI’s earlier protests had forced the government to review some of these arrangements. The JI chief said the government had shut down five of the 27 IPPs and had itself claimed that the move would save the national exchequer Rs3.36 trillion. He demanded similar action on agreements with the remaining IPPs. He criticised the governments in Punjab and Sindh over education, health and agriculture, saying thousands of schools in Punjab had been outsourced and that the education system in Sindh was also deteriorating. The JI chief also criticised the country’s political system, saying the PML-N, PPP and MQM-P were benefiting from the existing political setup. He called for empowered local governments and said constitutional provisions must be respected. Rehman said Punjab had not held local government elections since 2015, while Balochistan had yet to conduct local elections. Meanwhile, JI sit-ins continued in Lahore, Karachi and Peshawar. The Lahore Bar Association announced its support for the Lahore protest. Lahore Bar President Irfan Hayat Bajwa joined the sit-in and praised Hafiz Naeem for raising public awareness. He said lawyers would participate in the protest movement. JI Vice Emir Liaqat Baloch, Acting Secretary General Nazir Ahmed Janjua, deputy secretaries Azhar Iqbal Hassan, Russal Khan Babar and Sheikh Usman Farooq, Lahore Emir Ziauddin Ansari and Information Secretary Shakil Ahmed Tarabi were also present at the press conference.
Cemaat-i İslami: Petrol vergisi kalkana kadar oturma eylemi sürecekTuesday briefing: What the Simon Levy case tells us about the women the justice system keeps failing
In today’s newsletter: The women most at risk of violence are often the least likely to be heard – the murder of two sex workers shows why that must change Good morning. Last week, Simon Levy, a registered sex offender, was sentenced to a rare whole life tariff for the murders of Carmenza Valencia-Trujillo and Sheryl Wilkins. Both women, as well as others targeted by Levy, were vulnerable and involved in sex work. This was no coincidence: in the sentencing remarks, it was noted that Levy – who had a history of sexual offending dating back to 2018 – selected women who sold sex as his victims because he believed he could get away with it. UK politics | Reform UK’s deputy leader Richard Tice dismissed efforts to tackle climate breakdown, urging British people to “enjoy” the summer heatwaves. US news | Donald Trump issued a threat to bomb Oman if the country ‘gets in the way’ of ending the US-Israel war on Iran. World news | The Ebola outbreak in DR Congo is now the deadliest in the country’s history, with at least 2,325 dead from the virus, according to official data. Jason Arday | Tens of thousands of people gathered in Trafalgar Square in London to remember and pay tribute to Jason Arday, the former Cambridge professor who died on Friday. Housing | Half of homes in Great Britain are taking longer to sell than last year as volatile conditions in the mortgage market amid the Iran war prompt buyers to “wait and see” if they can get a better deal, according to a report. Continue reading...
Simon Levy davası: Adalet sisteminin yüzüstü bıraktığı kadınlarJI threatens countrywide shutdown, march on Islamabad
LAHORE: Jamaat-e-Islami Pakistan Emir Hafiz Naeemur Rehman on Monday announced plans to turn the ongoing sit-ins against the petroleum levy into a broader nationwide public movement, warning the government that failure to meet JI’s demands could lead to a countrywide shutdown and a march on Islamabad. “This is not a protest for a few days. We have not come here to leave,” Rehman said while addressing a sit-in outside the Punjab Chief Minister’s House in Lahore. He warned that if the government refused to abolish the petroleum levy and provide relief on fuel and electricity prices, JI could mobilise people across the country and march towards the capital. He also announced that women would join the Lahore sit-in from Tuesday (today). The protests against the petroleum levy, expensive electricity, independent power producer (IPP) agreements and privileges enjoyed by the ruling elite entered their second day in Lahore, Karachi and Peshawar. He said thousands of people participated despite the intense heat, with protesters raising slogans demanding an end to the levy and relief from inflation. Addressing the Lahore gathering, Rehman said voices for truth and justice were now being heard across all four provinces. Rehman told a news conference earlier on Monday and warned the government that the party would not leave streets until its demands, including the abolition of the petroleum levy, were met. He said the protests in Lahore, Karachi and Peshawar represented the grievances of Pakistan’s 250 million people. Responding to the government’s offer of negotiations, Rehman said the JI would not travel to Islamabad to meet a government committee. “Those who want to talk should come here,” he said, promising that the party would receive them with respect. He said the government was passing the burden of its economic failures on to ordinary citizens. He also criticised the bureaucracy, saying officials must stop treating themselves as rulers. The JI leader also criticised the Federal Board of Revenue (FBR), saying annual corruption in the FBR was exceeding around Rs1.3 trillion. A JI press release said sit-in against the petroleum levy, high electricity tariffs and costly agreements with the independent power producers (IPPs) entered its second day on Monday. Despite the humidity and heat, a large number of party activists gathered at the Charing Cross after spending the previous night on The Mall. They continued chanting slogans against the government, with national and party flags flying over the protest site. Similar sit-ins continued outside the Governor Houses in Karachi and Peshawar. The protesters are demanding a reduction in petrol prices to Rs225 per litre, withdrawal of the petroleum levy and cheaper electricity. Published in Dawn, August 18th, 2026
Cemaat-i İslami: Petrol vergisi kalkana kadar oturma eylemi sürecekJI inconveniencing the very citizens it claims to be protesting for, says PPP's Saeed Ghani
PPP leader and Sindh Labour Minister Saeed Ghani on Monday questioned the Jamaat-i-Islami’s (JI) rationale for staging sit-ins against the petroleum levy, saying that the party was inadvertently inconveniencing the citizens it claimed to be protesting for. The JI has been staging sit-ins across the country since Sunday against the levy imposed on petroleum products and other taxes. Speaking to the media in Karachi, Ghani said the JI’s intentions to protest over public concerns and to ease their issues was a “good thing” to which he had no objection. “But, they choose those 18 points in Karachi where Karachi will get fully blocked, and then demonstrate there. What difference does it make to Shehbaz Sharif, to whom you are making demands?” Ghani said that by closing down roads, demonstrating and inconveniencing the people, the JI was forcing the same people suffering due to high petrol prices to use “four more litres of petrol a day”. He questioned their rationale, saying, “The people you are talking about making petrol cheaper for — if you ask them, they are cussing you out.” The minister criticised that the party justified their methods by saying that it would make no difference to the government until the people faced difficulty. “Meaning, if you want to scold Shehbaz Sharif, then make the lives of Karachi’s citizens … only then will he listen. What rationale is this?” he said. Ghani added that he would request JI emir Hafiz Naeemur Rehman — whom he called an “educated man” — to lead demonstrations in places that would give the people they were demonstrating for “sympathy” for the party and its mission.
Punjab Sit-ins to continue until demands are met: JI emir
LAHORE: Jamaat-i-Islami Pakistan (JI) Emir Hafiz Naeemur Rehman on Sunday said the JI’s sit-in against the petroleum levy and rising fuel prices will continue until the government accept their demands, warning that any attempt to block the protest will turn it into a movement to bring down the government. Addressing participants of the sit-in outside the Punjab Chief Minister’s House on The Mall, Mr Rehman described the petroleum levy as an “extortionist” and “jagga tax”, saying the government was increasing both the price of petrol and the taxes imposed on it. He said the rulers should cut their own expenditures and privileges instead of extracting more money from ordinary citizens. The JI on Sunday launched a fresh wave of nationwide protests and sit-ins across Lahore, Karachi, Peshawar, and Quetta, escalating its ongoing campaign against inflation, skyrocketing fuel prices, and the federal petroleum levy. In Lahore, party workers marched down The Mall before establishing a sit-in camp at Charing Cross near the Chief Minister’s House. Addressing the crowd alongside Punjab JI Chief Javed Qasuri, the JI emir slammed the government’s tax policies and pointed out the contrast between heavy taxation on the salaried class – who paid nearly Rs700 billion – and tax exemptions enjoyed by wealthy landlords. Demanding an immediate reduction in petrol prices to Rs225 per liter, Mr Naeem asserted that the party would no longer tolerate a system that exploits ordinary citizens to maintain ruling-class privileges. Major sit-ins simultaneously paralysed key provincial hubs across the country. In Karachi, protesters led by JI Karachi Chief Munim Zafar marched to the Governor House to stage a massive demonstration. Addressing the crowd, Mr Zafar warned authorities against using force and criticised the petroleum levy for heavily burdening students and youth, while taking aim at Prime Minister Shehbaz Sharif over unresolved civic issues like the city’s severe water crisis. In Peshawar, demonstrators staged blockades outside the Khyber Pakhtunkhwa Governor House, closing the main artery between Saddar and the KP Assembly Chowk ahead of an address by JI Deputy Emir Liaquat Baloch. At the same time, a parallel sit-in unfolded outside the Governor House in Quetta. These coordinated provincial sit-ins mark the latest escalation in JI’s broader anti-inflation movement, aimed at forcing the federal government to roll back energy taxes, reduce fuel prices, and curb excessive state expenditures. Published in Dawn, August 17th, 2026
Cemaat-i İslami: Petrol vergisi kalkana kadar oturma eylemi sürecekPolice block JI rally from staging sit-in outside Governor House in Karachi
KARACHI: A large number of Jamaat-i-Islami (JI) workers and supporters staged a sit-in near the Karachi Press Club (KPC) on Sunday after police and the administration sealed off the “Red Zone” with containers to prevent them from reaching the Governor House, where they planned to protest against the “excessive petroleum levy” and demand an immediate reduction in petrol prices. The protesters, who had earlier gathered near Masjid Khizra close to the Sindh High Court from different parts of the city, marched towards the Governor House despite the roadblocks. As they reached the areas where containers/barricades had been placed, several altercations took place between JI workers and police personnel, with the protesters repeatedly demanding passage to the Governor House, while the police insisted that they could not proceed further. Despite the impediments, the JI workers made repeated attempts to move forward, but their effort to reach the area outside the Governor House was foiled by the police. Eventually, JI leaders and workers staged their sit-in on the edge of Aiwan-i-Saddar Road near the KPC roundabout, previously known as Fawara Chowk. The blockade also caused disruption to traffic and commuters in the “Red Zone”. Despite it being Sunday and a weekly holiday, motorists and other commuters faced difficulties as several roads were blocked with containers and traffic movement was restricted. Jamaat activists hold demonstration near KPC roundabout to demand cut in petroleum prices Carrying placards and chanting slogans, the protesters demanded the withdrawal of the petroleum levy and a reduction in petrol prices. Addressing the protesters at the sit-in, JI Karachi chief Monem Zafar warned the Sindh government and police against using force to disperse the demonstration. “If the government chooses the path of violence and force, it will be responsible for the consequences,” he said, insisting that the sit-in would continue. The protest was held on the appeal of JI Pakistan chief Hafiz Naeem ur Rehman as part of the party’s second phase of demonstrations against the petroleum levy and high petrol prices. The JI had staged countrywide protests on Aug 7 and subsequently announced sit-ins at the provincial capitals on Sunday. Mr Zafar said similar protests had begun outside governors’ houses in Balochistan and Khyber Pakhtunkhwa (KP), while a sit-in was being held outside the Punjab Chief Minister’s House. “The heavy levy imposed in the name of petroleum levy must be withdrawn at all costs,” he said, adding that the “business” being carried out in the name of independent power producers (IPPs) must also end. He said the high price of petrol was affecting every citizen and every sector of the economy, claiming that young people and students were effectively paying around Rs130 per litre in petroleum levy. “The JI’s sit-in is the voice of every young person, student and citizen,” he said. The JI leader criticised the government for imposing additional taxes on the public while maintaining the privileges and expenditures of rulers. He also accused the “Form 47 government” of protecting vested interests instead of addressing public problems. He said the JI would continue its campaign for the rights of Karachi’s residents and against what he termed an “unjust system”. JI Karachi secretary-general Taufiquddin Siddiqui and district chiefs, including Mohammad Ashraf, Mirza Farhan Baig, Kamran Siraj and Mudassar Ansari, also addressed the gathering. Published in Dawn, August 17th, 2026
- Diplomatik17 Ağu
Emergency waste funding grants for five councils
Emergency waste funding of $250,000 for five councils affected by severe weather events in January and February, has been announced by Minister for the Environment Nicola Grigg today. “The Government remains committed to supporting councils and communities dealing with the aftermath of severe weather events. “Councils applied for funding for a range of response activities, including helping flood-affected communities remove damaged household goods and flood waste, fallen trees in public spaces, to allow temporary waste management operations and collections, or to repair local waste infrastructure." The funding is in addition to $130,000 already allocated to local authorities impacted by severe weather events in October 2025, Minister Grigg says. “In 2024, the Government changed the Waste Minimisation Act so that the Waste Disposal Levy could be used to support councils with the costs of managing waste arising from emergency events. “Councils need to act quickly to respond to severe weather events and deal with waste-related risks to people’s health and the environment. This practical change recognised the financial strain these events place on councils and ratepayers.” The councils awarded emergency waste funding following severe weather events in January and February 2026 were: Gisborne District Council ($115,590.00), Manawatū District Council ($9,376), Ōtorohanga District Council ($4,944), Thames-Coromandel District Council ($7,979), and Whangarei District Council ($113,499). The councils funded after severe weather events in October 2025 were: Ruapehu District Council ($30,000), Clutha District Council ($56,300), and Gore District Council ($44,300).
JI vows to continue sit-in until petroleum levy abolished
Jamaat-i-Islami (JI) Emir Hafiz Naeemur Rehman said on Sunday that the party’s sit-in against the petroleum levy and rising fuel prices would continue until the government accepted its demands, warning that any attempt to obstruct the protest would turn it into a movement to oust the government. Addressing participants at the sit-in outside the Punjab Chief Minister’s House, Rehman described the petroleum levy as “extortionist”, accusing the government of raising both petrol prices and taxes on the fuel He said the rulers should cut their own expenditures and privileges instead of extracting more money from ordinary citizens. “Until the petroleum levy is abolished and our other demands are accepted, the sit-in will continue,” he said. “If the government tries to obstruct it, this sit-in will turn into a movement to bring down the government.” Rehman also rejected the government’s proposed committee of ministers for negotiations, saying the party did not need a briefing from a government committee. “Whoever wants to talk should come to the sit-in and talk to us,” he said, addressing Prime Minister Shehbaz Sharif directly. “We will not go to Islamabad to receive a briefing.” The JI chief claimed that the governments of Prime Minister Shehbaz Sharif and Punjab Chief Minister Maryam Nawaz had failed, accusing the ruling leadership of “destroying” the entire system. He added that the JI had entered the second phase of its mass campaign for public rights after holding protests at 510 locations across the country on Aug 7. The JI chief added that major sit-ins had begun outside the Governor Houses in Karachi and Peshawar, while a large number of people had gathered at the historic protest site on The Mall in Lahore. “This is an organised struggle by a genuine public party. Our fight is not against any political party; it is against injustice, inflation and anti-people policies,” Rehman said. He said the government had made life increasingly difficult for ordinary families, with parents struggling to pay their children’s school fees and poor people being deprived of adequate healthcare. He also criticised what he described as a class-based education system. The JI chief said the government was increasing petrol prices and taxes separately, forcing people to pay thousands of rupees in fuel-related taxes every month, including those who were otherwise outside the tax net. Rehman rejected the government’s justification that the petroleum levy was being imposed under conditions attached to an IMF programme. He said the government should instead cut its own expenditures and recover taxes from privileged sections of society. He reiterated the JI’s demand for a reduction in petrol prices to Rs225 per litre and the abolition of the petroleum levy. Rehman also criticised the Punjab government’s publicity spending. Rehman said the existing “Form 47” representatives lacked public acceptance, vowing that the JI would continue its struggle to bring about fundamental changes to the system. “We are fighting for the people and against oppression,” he said, adding that the JI was not making demands that could not be implemented and had capable people who could run the country more effectively. He said the protests outside the Governor Houses in Karachi and Peshawar, along with demonstrations elsewhere in the country, showed that people had taken to the streets to demand their rights. “We have come here to get our demands accepted and will not retreat,” he said. “The sit-in will continue until the rulers back down, and our struggle will continue.” The JI’s campaign is also continuing with sit-ins outside the Governor’s House in Karachi and Peshawar. The party also held countrywide protest demonstrations on August 7.
Cemaat-i İslami: Petrol vergisi kalkana kadar oturma eylemi sürecekJI announces countrywide protest against petroleum levy on Sunday
LAHORE: Jamaat-i-Islami (JI) Pakistan Emir Hafiz Naeemur Rehman on Saturday announced that the party would stage sit-ins outside the Governor Houses in Karachi, Quetta and Peshawar and the Chief Minister House in Lahore on Sunday against the levy imposed on petroleum products and other taxes. The sit-ins would begin at 4pm, he said, adding that participants would march from different cities to reach the designated sites. Addressing a packed press conference at Mansoora alongside the party’s central and provincial office-bearers, Rehman said, “We want to convey the voice of suppressed labourers, students and other sections of society to the government peacefully.” He warned that if the government tried to create trouble or interfere with the protest, the campaign for lower petrol prices could turn into a movement to topple the government. The JI emir said the party had organised sit-ins at 510 locations the previous week and that “not a single flowerpot was broken” during the protests. “We will come peacefully and return after securing our right,” he said. The JI chief said that “we are giving the time for the start of the sit-ins but not for their ending”, adding that the party was demanding that the petrol price be fixed at Rs225 after abolishing the levy, while the price of roti be fixed at Rs10 and those of flour, electricity and gas be reduced. He also called for cuts in flour, electricity and gas prices and demanded that vehicles used by federal and provincial bureaucrats, judges, ministers, advisers and others should not have engine capacities exceeding 1,300cc. The JI leader further demanded an end to free electricity, gas, fuel and other “extravagant privileges”, saying the taxes collected from the public should be spent on the people. He alleged that the government was meeting its expenses at the expense of citizens’ hard-earned money, while the rulers were unwilling to give up their privileges. “Rs130 is being collected per litre of petrol as extortion in the name of the levy,” he alleged. Rehman also claimed that federal government expenditure had been estimated at Rs800 billion but had reached Rs1 trillion. He questioned the government’s priorities, alleging that public transport remained unavailable while the Punjab chief minister was travelling in an aircraft worth Rs11bn. “If the masses will not come out now, then at what point will they leave their homes?” he asked. The JI emir said his party had no personal agenda and always raised issues concerning the public. He warned that the party had a “second plan” if the government attempted to stop the protests, saying the sit-ins would then be expanded across the country. JI Deputy Chiefs Liaqat Baloch, Mian Muhammad Aslam and Dr Attaur Rehman, Acting Secretary General Nazeer Ahmed Janjua, Deputy Secretary Azhar Iqbal Hassan, Lahore Emir Ziauddin Ansari, Central Punjab Secretary Babar Rashid, social media head Salman Sheikh, and JI Youth representatives Ahmad Salman Baloch and Jibran Butt were also present at the press conference.
Who ultimately bears the cost of higher petroleum dealer margins?
The federal government has increased the commission paid to petroleum dealers by Rs1.34 per litre after accepting one of their longstanding demands. At first glance, the increase in dealers’ margin appears modest. However, when applied to the billions of litres of petrol and diesel consumed every year, its effect extends well beyond petrol pumps. For consumers already grappling with the highest fuel prices since March 2026 due to the war in the Middle East, the decision raises an important question: who ultimately bears the cost of higher dealer margins? The increase was announced on the public holiday of August 14, soon after petroleum dealers threatened a countrywide strike. The timing has drawn attention because the government had already addressed one of the dealers’ major concerns by reducing the dealers’ discount rate on debit card transactions by about 70 per cent, lowering their operating costs. The latest decision reflects not only a response to industry demands but also a policy choice with lasting implications for fuel pricing and household budgets. The government, however, did not accept the dealers’ principal demand for shifting from daily to monthly or quarterly fuel price adjustments. Instead, it agreed to increase the dealers’ margin, a cost that will be passed directly on to consumers through the retail prices of petrol and diesel. The decision helped avert a nationwide strike but shifted the financial burden to motorists and households already facing rising living costs. The government’s approach has also drawn comparisons with its handling of other transport-related disputes. Goods transporters have remained on strike for the past eight days, yet their demands have not been accepted. In contrast, the government moved quickly to address one of the petroleum dealers’ longstanding demands to avert a nationwide shutdown of fuel stations. The two strikes involve different issues. The increase in dealers’ margin has a direct financial impact on consumers because it is built into the retail price of fuel. At the same time, it is believed that influential business and political figures are among the owners of petrol pumps, meaning an increase in dealers’ margins could benefit a broad group of investors as well as ordinary pump owners. To understand why the increase matters, consumers need to know how the retail price of petrol and diesel is determined. Every litre sold includes several fixed charges and levies, including the oil marketing companies’ margin, dealers’ margin, inland freight equalisation margin (IFEM), climate support levy, petroleum levy and customs duty. The Aug 14 pricing structure showed that, excluding customs duty, the retail price of petrol already includes Rs108.99 per litre in fixed charges, including the petroleum levy, climate support levy, oil marketing companies’ (OMCs) margin and dealers’ margin. For high-speed diesel, these charges amount to Rs104.42 per litre. Consumers pay these charges regardless of fluctuations in international oil prices. With the latest increase, the dealers’ margin has become one of the largest fixed components of the retail price. Unlike taxes and levies, which may change with government policy or international oil prices, the dealers’ margin remains a fixed payment on every litre sold. As a result, consumers continue to pay it regardless of whether fuel prices rise or fall. Based on Pakistan’s average monthly petrol consumption of about 660,000 tonnes, or 926.64 million litres, the Rs1.34-per-litre increase will cost consumers an additional Rs1.24 billion every month, or nearly Rs15 billion a year, assuming consumption remains unchanged. Similarly, Pakistan’s average monthly diesel consumption of around 600,000 tonnes, or 714 million litres, means consumers will pay an additional Rs957 million every month, or nearly Rs11.5 billion annually. Combined, consumers will bear an additional burden of about Rs2.2 billion every month, or more than Rs26 billion a year, assuming fuel consumption remains at current levels. The additional cost will be embedded in fuel prices and ultimately borne by motorists, businesses and households. Dealers’ margin A dealer’s margin is the commission paid to petrol pump owners for selling fuel. It is built into the retail price of petrol and diesel, meaning consumers pay it with every litre purchased. The latest increase of Rs1.34 per litre, taking the margin to Rs9.98 from Rs8.64, was one of the key demands of the Pakistan Petroleum Dealers Association (PPDA), which had been pursuing the issue for the past three years. Newly elected PPDA Chairman Malik Khuda Buksh said resolving the pending increase in the dealer margin was his top priority after assuming office 14 days ago. “This Rs1.34-per-litre increase in our margin is a three-year-old demand,” Buksh told Dawn, adding that his association had succeeded in securing most of its immediate demands. Besides the increase in the margin, the association sought changes to charges on digital transactions. Buksh said the government had agreed to replace the dealers’ discount rate of 0.8pc of the transaction value on debit card payments with a fixed charge of Re1 per litre, a move he described as providing dealers with nearly 70pc relief. He said the association would now press the government to eliminate the charge altogether. The government did not, however, accept the dealers’ demand to replace the daily fuel price adjustment mechanism with monthly or quarterly revisions. Even so, the strike threat strengthened the association’s position in discussions on petroleum pricing. “One of our demands is to be recognised as a stakeholder in any future policy change,” Buksh said. The PPDA chairman also said the association had persuaded the government to abandon its earlier plan of linking higher dealer margins with mandatory digitisation of petrol pumps. “We have successfully de-linked this demand of the government,” he claimed. Despite securing the increase, Buksh said the PPDA would continue to pursue its principal demand of linking the dealers’ margin to the retail price of fuel by fixing it at 8pc of the selling price instead of the current fixed amount per litre. If accepted, dealer earnings would automatically increase whenever petrol and diesel prices rise. Higher transport costs Higher fuel prices inevitably increase transport costs. Freight operators, public transport providers and businesses generally pass the additional expense on to consumers. As a result, prices of vegetables, milk, groceries, medicines and manufactured goods are likely to rise, while public transport fares may also increase. Although the increase in dealers’ margin appears small on a per litre basis, its effect spreads across the economy because fuel is an essential input for the movement of goods and people.
Anket sonuçları şaşırttı. Emeklilik birikimlerini kumara yatırıyorlar
ABD'de kumar bağımlılığı gittikçe artıyor. Genç girişimcilerin yarısı, emeklilik birikimlerini spor bahislerine yatırıyor. ABD merkezli finansal teknoloji şirketi Betterment, dördüncü yıllık Perakende Yatırımcı Anketi'nde spor bahislerinin Z kuşağı yatırımcılarının emeklilik birikimlerinin hatrı sayılır bir kısmını spor bahislerine yatırdığı tespitinde bulundu. Toplam bin ABD'linin katıldığı anketin sonuç raporuna göre Z kuşağı yatırımcılarının yarısından fazlası, - yüzde 52'si -, geçen yıl yatırım için ayırdıkları parayı spor bahislerine yönlendirdi ve yüzde 26'sı bunu uzun vadeli finansal stratejilerinin bilinçli bir parçası olarak gördüğünü belirtti. Yatırımcıların üçte birine yakın bir kısmı ise spor bahislerinin hiçbir zaman faaliyetlerinin bir parçası olmadığını söylerken, bu oran tüm örneklemde aynı şeyi söyleyen yüzde 63'ün oldukça altında kaldı. Bu oranlar yaşla birlikte istikrarlı bir şekilde düşüyor, yaş arttıkça kumara eğilimin azaldığı gözleniyor. Betterment CEO'su Sarah Levy yaptığı bir açıklamada, tahmin piyasasının veya spor bahislerinin “emeklilik stratejisi olmaması gerektiğini" vurguladı. ABD'de bahis sektörünün işlem hacmi yedi yılda 17 milyar dolara yükseldi ve şu anda ülkenin 50 eyaletinin 39'unda yasal durumda. Ocak ayında yapılan ayrı bir Northwestern Mutual anketi de, iki kategoriyi birlikte gruplandıran farklı bir metodoloji kullanarak, Z kuşağının yüzde 32'sinin tahmin piyasalarına veya spor bahislerine yatırım yaptığını veya yapmayı düşündüğünü ortaya koymuştu.
Petroleum levy collection hits record Rs1.57tr
• Cost of running civil govt rises 16pc, crosses Rs1tr for first time • Fiscal deficit shrinks to 2.6pc on the back of provincial surpluses, lower interest bill • Defence spending up 18pc; primary surplus reaches record 2.9pc of GDP ISLAMABAD: With a record Rs1.567 trillion petroleum levy collection amid record consumer-end oil prices following US-Israel attacks on Iran, the cost of running the civil government rose 16 per cent in the fiscal year 2025-26 to cross Rs1tr for the first time despite restructuring and austerity measures, official data showed on Thursday. At the same time, record cash surpluses from the provinces and a sharp fall in interest payments helped contain the fiscal deficit at 2.6pc of GDP — the lowest since FY03 for which comparable data is available on the Ministry of Finance website — while the primary surplus reached a historic 2.9pc of GDP. In its annual report on fiscal operations for FY26, the Ministry of Finance reported that petroleum levy collection surged 29pc to Rs1.567tr from Rs1.22tr a year earlier. It also surpassed the original budget target of Rs1.468tr, which had subsequently been revised upward to Rs1.498tr as part of the FY27 budget exercise. The Rs1.567tr petroleum levy did not include an undisclosed amount of customs duty and Rs26bn collected through the carbon levy. For the current fiscal year, the government is targeting an even higher Rs1.676tr in petroleum levy, besides Rs50bn through the climate levy on petroleum products. Despite restructuring and austerity policies, expenditure on running the civil government increased by 16pc to Rs1.033tr from Rs892bn in FY25, breaching the Rs1tr mark for the first time and exceeding the Rs971bn budget estimate. Defence expenditure also increased by 18pc to Rs2.588tr from Rs2.194tr a year earlier. However, it was only Rs38bn higher than the Rs2.55tr budget allocation despite additional requirements following Indian attacks. Total revenue collection declined marginally to 15.6pc of GDP in FY26 from 15.7pc a year earlier. Federal Board of Revenue collection stood at Rs13.01tr, around 10pc short of target but almost 11pc higher than Rs11.74tr collected in FY25. Despite the revenue shortfall, historically high provincial cash surpluses and a steep decline in interest payments enabled the government to sharply reduce the overall fiscal deficit. The primary surplus — the difference between total revenues and expenditure excluding debt servicing — reached 2.9pc of GDP, the highest since the government began reporting the indicator in FY20. The fiscal deficit had peaked at 8.9pc of GDP in FY19 before falling to 8.1pc and 7.1pc in the following two years. It rose again to 7.9pc in FY22 but has since declined amid successive IMF-backed fiscal tightening. Meanwhile, the primary account remained in deficit until turning into a surplus of 0.9pc of GDP in FY24. It improved to 2.4pc the following year and further to 2.9pc in FY26. Three major contributors to the fiscal improvement were record provincial cash surpluses of Rs1.45tr, petroleum levy collection of Rs1.567tr and a Rs1.939tr decline in interest payments. The finance ministry reported that interest payments fell to Rs6.947tr, or 5.5pc of GDP, from Rs8.887tr, or 7.7pc of GDP, in FY2024-25 — a decline equivalent to 2.2pc of GDP in a single year. Subsidies were also contained at Rs1.01tr, almost 22pc below Rs1.3tr in FY25, while development expenditure fell to Rs727bn from Rs786bn. Mainly because of savings on interest payments following the easing of the policy rate from 22pc to 10pc, total expenditure declined to Rs23.09tr from Rs24.16tr in FY25. As a result, total expenditure fell to 18.2pc of GDP from 21.1pc a year earlier. Current expenditure also declined to 16.3pc of GDP (Rs20.69tr) from 18.8pc (Rs21.5tr) in FY25. Defence expenditure, however, edged up to 2pc of GDP from 1.9pc. The four provinces posted a 57pc increase in their combined cash surplus to the Centre, taking it to a record Rs1.45tr from Rs921bn in FY25 — an increase of Rs529bn in a single year. They had committed a surplus of Rs1.38tr under the national fiscal pact. Punjab alone provided Rs915bn — almost equivalent to the combined Rs921bn surplus of all four provinces a year earlier and 163pc higher than its Rs348bn contribution in FY25. Sindh followed with a 24pc increase in its surplus to Rs350bn from Rs283bn. PTI-led Khyber Pakhtunkhwa provided Rs165bn, around 6pc lower than Rs176bn in FY25, while Balochistan posted a surplus of just Rs20.74bn. On the accounting side, the government reported a record statistical discrepancy of Rs853bn. The discrepancy stood at Rs329bn in FY25 and had drawn concern from the IMF, which had suggested a technical mission that the government declined. The finance ministry attributed Rs448bn of the discrepancy to under-reporting at the federal level and Rs405bn to provinces. It said the federal discrepancy stemmed from “variations on account of time lag in reporting and book adjustments amongst SBP, FBR and EAD data”. At the provincial level, Rs266bn of the discrepancy was attributed to increases in commercial bank deposits, while KP and Balochistan accounted for Rs95bn and Rs72bn, respectively, also largely due to movements in bank deposits. Published in Dawn, August 14th, 2026
Govt raises petrol price by Rs0.45, high-speed diesel by Rs1.16
The government on Thursday raised the price of petrol by Rs0.45 per litre and that of high-speed diesel (HSD) by Rs1.16. Following the revision, petrol will retail at Rs325.43 per litre while HSD will cost Rs383.95 per litre. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on diesel. According to the Petroleum Division’s notification, the new prices will be applicable for August 14 (Friday). The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
UK universities face ‘financial crisis’ amid collapse in international students
Higher education figures call on Labour to reverse tax on fees and warn institutions at risk of ‘going under’ University leaders are warning of financial turmoil in British higher education, after new figures suggest a collapse in international student numbers will deprive the sector of vital income and undermine its future. The sector’s leaders called on the government to rethink the levy on international student fees imposed under Keir Starmer, as a former universities minister warned that there was a risk of a university “going under” because of the financial crisis. Continue reading...
Met police incapable of change, says mother of murdered sisters after Simon Levy case
Mina Smallman, whose daughters were killed in north London park in 2020, says force ‘decides who matters’ The Metropolitan police does not take all cases of violence against women seriously and “decides who matters”, the mother of two murdered women has said. Mina Smallman, whose daughters Bibaa Henry and Nicole Smallman were killed in a north London park in 2020, also said Britain’s biggest police force is incapable of change. Two police officers were jailed in 2021 after taking photographs of the dead bodies of her daughters and sharing the images in WhatsApp groups, referring to them as “dead birds”. Continue reading...
- Güvenlik12 Ağu
Simon Levy handed whole-life tariff for double murder and rape
Serial sex offender sentenced for murdering Carmenza Valencia-Trujillo and Sheryl Wilkins, and raping another woman in 2025 Simon Levy, the sexual predator left free by police errors to murder two women, will never leave prison after being sentenced to a whole-life tariff. Levy was convicted on Friday of murdering Carmenza Valencia-Trujillo in March 2025 and Sheryl Wilkins five months later. He was also convicted of attacking and raping another woman, 35, in January 2025, who survived and gave damning testimony against him. Continue reading...
Govt cuts petrol price by Rs1.70, raises high-speed diesel by Rs1.39
The government on Tuesday reduced the prices of petrol by Rs1.70 and increased the price of high-speed diesel (HSD) by Rs1.39 per litre. Petrol will continue to be sold at Rs325.92 per litre, while HSD will cost Rs382.25 per litre. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on HSD. According to the Petroleum Division’s notification, the new prices will be applicable on August 12. The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
- Ekonomik11 Ağu
Funding the plug: EV levy idea has merit, but money isn't the only problem
WHEN Investment, Trade and Industry Minister Datuk Seri Johari Abdul Ghani floated the idea of a new levy on electric vehicle (EV) sales, Putrajaya framed it as a pragmatic policy mechanism for plugging the fund needed for a nationwide charging network.
Protecting New Zealand’s tourism appeal
The Government is investing $500,000 to expand the tourism industry’s Tiaki – Care for New Zealand programme, educating more visitors on how to travel responsibly. Tourism and Hospitality Minister Louise Upston says the investment will grow the reach of the well-established industry initiative which supports people to care for our country while travelling. “New Zealand has an incredible natural environment and unique culture that attracts visitors from around the world. As we grow tourism, we also need to encourage visitors to care for the special places and communities they enjoy,” Louise Upston says. “Tiaki already has strong support across the tourism sector. This investment is about taking the programme further so more visitors receive the message about caring for people, place and culture while travelling.” The funding will support a range of activities including behaviour signage, website improvements, training, and working with councils, regional tourism organisations and industry to promote responsible visitor behaviour. The funding comes from the International Conservation and Tourism Visitor Levy (IVL). Tourism Industry Aotearoa and Tourism New Zealand will lead the work alongside Regional Tourism New Zealand, New Zealand Māori Tourism and industry partners. “As our second largest export, tourism plays a vital role in growing our economy, supporting jobs and creating opportunities right across New Zealand,” Louise Upston says. “This investment supports the growth of tourism while helping protect what makes New Zealand so special.”
Govt leaves petrol, diesel prices unchanged for Aug 11
The government on Monday kept the prices of petrol and high-speed diesel unchanged as Platts prices were not published on August 10. Petrol will continue to be sold at Rs327.62 per litre, while HSD will cost Rs380.86 per litre. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on HSD. According to the Petroleum Division’s notification, the new prices will be applicable on August 11. The price of HSD has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
JI chief announces fresh wave of protests against petroleum levy, IPPs on 16th
Hafiz Naeemur Rehman addresses a news conference in Peshawar on Sunday. — White Star PESHAWAR: Jamaat-i-Islami Pakistan emir Hafiz Naeemur Rehman on Sunday announced holding sit-ins outside the Chief Minister’s House in Punjab and the governor houses in Khyber Pakhtunkhwa, Sindh and Balochistan on August 16 against petroleum levy, independent power producers (IPPs), and privileges of the ruling elite. He claimed that the IPPs had been paid amounts for electricity not even generated over the past four years. He said this while addressing a news conference at the JI’s Markaz-i-Islami, according to a statement issued here. Mr Rehman stated that the government collected Rs8 trillion from the public through the petroleum levy and criticised it for turning the levy into a source of revenue during the US-Iran war. Hafiz Naeem says sit-ins to be organised outside Punjab CM house, governor houses in KP Sindh and Balochistan Referring to recent protests, he said the large public participation demonstrated that people were fed up with the “Form-47 government” and the prevailing system of governance. “JI is protecting people’s rights rather than personal or political interests, and this injustice against the people must end,” he said and reiterated his party’s call for an end to excessive privileges for the ruling elite and various vested interests. He urged people, particularly the youth of KP, to participate in protests in large numbers and thanked Pakistan Tehreek-i-Insaf, Awami National Party, and other parties for expressing support for JI’s planned sit-ins. Talking about the prevailing law and order situation in the province, the JI emir stated that it was the responsibility of the government to maintain law and order. The JI chief said the people of KP deserved peace as well as their due share in the province’s resources and minerals, adding that providing employment opportunities would enable youngsters to contribute significantly to resolving the province’s problems. Talking about the Makkah defence agreement, the JI emir welcomed the move, describing it as an important step towards Muslim unity; however, at the same time, he called for including Iran, Malaysia, Indonesia and other Islamic countries which, he said, would be more effective in confronting external threats and challenges. Regarding suspension of trade with Afghanistan, the JI emir expressed concern about the situation, saying that traders on both sides of the border had been facing issues. He called for the restoration of border trade and proposed the establishment of dedicated Pakistan-Afghanistan border trade zones in consultation with all stakeholders. Mr Rehman urged Islamabad and Kabul to resolve their differences through dialogue, stressing that Afghan territory must not be allowed to be used for terrorism against Pakistan, adding that Saudi Arabia and Türkiye could also be approached to help improve relations between Pakistan and Afghanistan. He called for easier travel facilities for students of both countries, saying deterioration in relations between the two governments was adversely affecting ordinary citizens, traders and students. The JI emir criticised the Pakistan Medical and Dental Council for not recognising medical degrees obtained by Pakistani students from Afghanistan and demanded that their degrees be recognised. He also raised the issue of displaced persons from Tirah Valley, saying that people had initially been told that they would return after a month once the military operation was completed, but even after several months, they were still not able to return to their homes. Published in Dawn, August 10th, 2026
JI announces Aug 16 sit-ins in provincial capitals to protest petroleum levy
LAHORE: Jamaat-i-Islami Pakistan (JI) has decided to intensify its campaign against the petroleum levy and inflation, announcing simultaneous sit-ins in all four provincial capitals on August 16 to press the government to withdraw the levy. The decision was taken after extensive deliberations at a special meeting of JI’s central and provincial office-bearers, chaired by party chief Hafiz Naeemur Rehman at Mansoora on Saturday. Rehman said the sit-ins would be staged outside the Punjab chief minister’s house in Lahore and the governor houses in Khyber Pakhtunkhwa, Sindh and Balochistan. Under the plan, the JI and its youth and women’s wings will participate in Independence Day activities on August 14, using the occasion to mobilise people around the party’s vision of a just system. The JI chief added that the previous day’s nationwide protest had given the party’s campaign against the petroleum levy and inflation a new direction and fresh momentum; and that over 510 organised and peaceful protests were held across the country, with people from across Pakistan participating. He said the protests had demonstrated that the JI was “becoming a symbol of national unity”, as people from Chitral, Malakand, Hazara and central Khyber Pakhtunkhwa, among others, had raised their voices against the petroleum levy. The JI chief added that the public had rejected the levy and wanted petrol prices reduced to Rs225 per litre. Rehman accused the ruling elite of pushing ordinary citizens into an unbearable inflationary crisis while refusing to cut their own privileges and expenditures. The party chief also claimed the rulers were “unwilling to give up official aircraft, reduce government vehicle expenses or end perks such as free fuel and electricity”, while students, motorcyclists, workers and farmers were being burdened with indirect taxes on petroleum products. “Even people whose incomes were below the taxable threshold were effectively being taxed through fuel prices,” he added. Rehman said the JI had previously taken to the streets to force the government to negotiate with independent power producers (IPP), after initially refusing to engage with them. He added that negotiations had been held with 17 to 18 IPPs, resulting in some reduction in electricity prices, but the process was subsequently halted. “The unresolved energy crisis and rising prices have fuelled an inflationary storm that is affecting every segment of society, particularly salaried people, the middle class and poor families,” Rehman said. He warned that the public could no longer be left to suffer the consequences of government policies and said the rulers would have to deliver their rights. Rehman also welcomed the recently signed defence agreement between Pakistan, Saudi Arabia and Turkiye, describing it as “a positive development for the Muslim world”. He said closer cooperation among Islamic countries could lead to a strong bloc and reduce Pakistan’s and the wider Muslim world’s dependence on external powers. Additionally, he proposed expanding the defence cooperation to include Iran, Qatar, Bangladesh, Malaysia and Indonesia, saying efforts should gradually be made to bring all Muslim countries into such a framework. “Muslim countries should overcome their differences, strengthen mutual cooperation and build collective capacity to face regional and global challenges,” Rehman emphasised. A day prior, several major thoroughfares in Karachi were blocked or affected by traffic disruptions as the JI held sit-ins as part of the nationwide demonstration against the petroleum levy. Responding to the protest, Sindh government spokesperson Sadia Javed said the petroleum levy was a federal matter and questioned why Karachi’s citizens were being “punished” through road closures. “Jamaat-i-Islami is using the protest to score political points instead of serving the public,” she alleged, adding that the party should focus on the performance of its local government representatives to improve conditions for Karachi’s residents.
Govt reduces petrol price by Rs2.20, high-speed diesel by Rs1.50
The government on Friday reduced the prices of petrol and high-speed diesel (HSD) by Rs2.20 and Rs1.50 per litre, respectively. Following the revision, petrol will retail at Rs327.62 per litre while HSD will cost Rs380.86 per litre. The government continues to levy Rs114 per litre in taxes and duties on petrol and Rs100 per litre on HSD. According to the Petroleum Division’s notification, the new prices will apply from August 8 to 10. The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
Trump’s summer of tariffs means trade uncertainty is here to stay
Trump’s summer of tariffs means trade uncertainty is here to stay Expert comment thilton.drupal 7 August 2026 The Trump administration has pushed through another round of tariffs. While they are being challenged in the courts, unpredictable and costly US trade policy is here to stay. The Trump administration spent the waning days of July upending – again – the structure of US trade policy. Various issues have been used to justify a new wave of tariffs, investigations and threats – including forced labour, EU digital policy, Canadian commodities and Brazilian politics. But amid these specific dramas, a broader reality has become clear: that rapidly changing, often political tariffs are the new normal for US trade policy. Congress also bestirred itself on trade last month, but in contradictory directions that may ultimately serve instead to further embolden the White House. Indeed, the more aggressive this administration’s use of tariffs becomes, the more difficult subsequent administrations are likely to find it to move away from them. From ‘Liberation Day’ to Section 301 July was a big month for US trade policy as time ran out on the temporary ‘section 122’ tariffs that the Trump administration put in place in February 2026. Section 122 of the Trade Act of 1974 authorizes the president to impose tariffs of up to 15 per cent on all imports for up to 150 days ‘to address fundamental international payments problems.’ This was the administration’s move to keep a form of global tariffs in place after the US Supreme Court had overturned US president Donald Trump’s original approach. The court struck down his use of an emergency powers act to declare wide-ranging tariffs via an executive order on ‘Liberation Day’ in April 2025. Following this setback, in March 2026 the administration initiated a series of investigations under ‘section 301’ of the Trade Act of 1974, which permits it to document and levy tariffs on countries that burden or unfairly restrict US exports. The first section 301 investigation to be completed was also the largest: the claim that US commerce was being harmed by imports of goods produced with forced labour. The investigation did not, crucially, focus on firms using forced labour. Instead, it accused 59 countries and the European Union of permitting the import of goods allegedly produced with forced labour elsewhere. On 24 July, the administration implemented tariffs on the 60 economies. While the new rates are significantly lower than the original ‘Liberation Day’ rates for many countries, they reinstituted a 10-12 per cent minimum tariff on the 60 economies, which together provide the US with 99 per cent of its imports. This applied even to the countries (and the EU) that had moved to enact or beef up enforcement of forced labour bans. Canada, Brazil, EU, China These forced labour tariffs also stack on top of some previous ones. As a result, while estimates put the overall US effective tariff rate at 10.8 per cent, some countries face much higher tariffs. In July, the administration cited a previously unused legal authority (section 338 of the notorious 1930 Smoot-Hawley tariff act) to declare 50 per cent levies on various Canadian goods – some longstanding trade irritants, others related to Canadian public boycotts and retaliation over prior tariffs. The White House also put a 25 per cent tariff on some Brazilian goods, in a move that was viewed by many in Brazil as politically motivated ahead of the country’s upcoming elections. More is on the way. An ‘excess capacity’ section 301 investigation targeting 16 economies including China, India, Japan and the EU is still in process, with potentially high tariff outcomes. The administration has said it would restart its 2019 section 301 investigation against countries that engage in so-called ‘digital protectionism,’ which would chiefly target EU members and Canada. President Trump’s response to EU fines on Google in July was also to suggest additional tariffs. President Trump gets a new version of the across-the-board tariff wall he desires, while importers get chaos. Pharmaceuticals have also been targeted. On 31 July, tariffs on pharmaceuticals from certain companies – justified under a different law focused on national security concerns – began to take effect. Some are as high as 100 per cent. The administration also has an ongoing section 301 investigation targeting German pharmaceuticals, in response to German efforts to lower drug spending. Meanwhile, Washington and Beijing nibbled at the edges of their trade truce; in addition to putting 12.5 per cent forced labour tariffs on Chinese goods, the US banned Chinese-made humanoid robots. For its part, the Chinese government has continued to build out its ability to restrict critical minerals flows, while meetings between senior US and Chinese officials have not marked progress on agricultural trade or Washington’s planned Board of Trade to manage relations with China. It appears, to quote former US negotiator Ambassador Wendy Cutler, that ‘just holding the truce together has become the main objective.’ Exemptions and challenges The new tariffs – like the ones they replaced – cover about half of all goods imported into the US, with significant exemptions. The exemptions process may help manage inflationary pressures at home, but it also makes implementation complex and has prompted questions about which industries are given exemptions and why. An audit of the first Trump administration’s tariff exclusion practices in 2018 and 2019 by the Commerce Department’s Office of Inspector General warned of the ‘appearance of improper influence in decision-making for tariff exclusion requests.’ A recent New York Times report raised questions about the basis of the exemptions from last month’s tariffs over forced labour, including commodities like diamonds. The report quoted White House spokesperson Kush Desai in response: ‘The only special interest guiding the Trump administration’s decision-making is the best interest of the American people.’ Overall, President Trump gets a new version of the across-the-board tariff wall he desires, while importers get chaos. The new tariffs are already being challenged in court, including by 25 US states. Experts disagree on which challenges might succeed, but it appears that the administration aims to maintain elevated tariff levels by imposing new tariffs faster than courts can overturn old ones. Contradictory Congress A majority of the American public, including independents and non-MAGA Republicans, dislike tariffs. Democratic Senator Ron Wyden, a longtime critic of tariff initiatives from both parties, introduced comprehensive legislation that would wrest trade policy power back to Congress. But the bill has no clear path forward. At the same time, a bill giving the president even more tariff authority to target Russia, including to put 100 per cent tariffs on top importers of Russian oil, began to move through the Senate with strong bipartisan support. Wyden was one of only ten Democrats to oppose it. Related work Trump’s tariffs: Are they here to stay? Independent Thinking podcast This reflects the politics of tariffs: the pain they impose is diffuse, while the benefits are highly specific and thus easier to organize around. A majority of US public opinion supports free trade in the abstract but opposes specific trade liberalization deals with their real and imagined costs. As a result, Congress remains unwilling to engage in affirmatively setting trade policy, handing more power to the executive branch. Meanwhile, more corners of US industry are getting used to building in uncertainty and negotiating with the administration for exemptions from tariffs. This means it’s going to get harder, rather than easier, for future leaders of any political stripe to swear off trade policy as a cheap political tool. As with climate change, the risk for US trade policy is that the world is left with heat and unpredictability all year round.
Trump'ın yaz tarifeleri ticaret belirsizliğini kalıcı kılıyorPolice and prosecution errors left proven sex offender free to murder two women in London
Delays to sexual assault charges and failures to report past convictions in court hearings gave Simon Levy chance to attack more women Catastrophic errors left a prolific and proven sex offender free before he murdered two women in London, it can be revealed. On Friday an Old Bailey jury found Simon Levy, 40, guilty of murdering Carmenza Valencia-Trujillo in March 2025 and Sheryl Wilkins five months later. The CPS admitted errors at three court hearings in May, June and August 2025, which ended in Levy remaining free. It would not specify publicly what those were, but a source authorised to speak for the organisation said they included failing to mention he had been arrested for Valencia-Trujillo’s murder, and that it could find no record or mention of Levy’s past sexual assault convictions, nor that he was a suspect in a 2024 rape. The CPS said: “We accept there was relevant information regarding bail that was not provided to the court when bail applications were being considered. Our actions fell short of the standards that victims, families and the public are entitled to expect … We could and should have taken a more robust approach to representations about bail.” By May 2025, police wanted Levy remanded, fearing he posed a “high risk of reoffending” with his crimes “escalating”. Levy failed to attend three crown court hearings for the train attacks, and the CPS accepts there is no evidence of a warrant being sought for his detention. For two he claimed illness, for the other that he was not informed. His final non-appearance in crown court was on 11 August 2025. A fortnight later he murdered Wilkins. A CPS source said individuals involved in the Levy case had been disciplined. The assaults on the London tube network and trains were investigated by BTP. Officers arrested Levy, who was travelling on a stolen Oyster travel card, but handed it back to him, unaware it was stolen. With it he travelled to south London to commit his first murder, and carried out further sexual assaults on trains. BTP admitted the charging of Levy for his sexual assaults on trains in November 2024 was held up because of a delay in holding an identification parade after his arrest. It meant his bail was extended and during this delay he attacked and raped another woman and murdered Valencia-Trujillo, a mother of two. BTP identified him as a suspect and charged him but never searched his home. Peter Fulton, BTP’s head of crime, said: “There’s a fine line between going fishing and breaching someone’s human rights.” He said that every woman who reported Levy for attacking them on a train saw him charged and convicted. When the Met, which investigated the murders, searched Levy’s home, evidence was found about his attack on the prison officer. The police watchdog has placed two Met officers under investigation over whether Levy was supervised correctly as a person on the sex offender register. A constable is under investigation for gross misconduct, meaning he could be dismissed. The other officer, under investigation for misconduct, is a detective sergeant. BTP said it had not referred its errors to the police watchdog. Instead it has moved one officer, who it says delayed the holding of the ID parade, out of investigations, and given a supervisor words of advice. Continue reading...
Londra'da Polis ve Savcılık Hataları Cinsel Suçlunun İki Kadını Öldürmesine İzin VerdiIsrael indicts settler over death of Palestinian activist who worked on No Other Land
Yinon Levi faces manslaughter trial over killing of Awdah Hathaleen, but campaigners say culture of impunity persists despite rare shift Prosecutors in Israel have indicted an extremist settler for shooting a Palestinian activist last July, the first attempt this decade to hold an Israeli responsible for killing a Palestinian in the occupied West Bank. Yinon Levy, who was under western sanctions, is charged with manslaughter over the death of Awdeh Hathaleen, an English teacher and peace activist. In his last moments, Hathaleen filmed the settler drawing his weapon and opening fire towards him. Continue reading...
JI protests cause traffic disruptions across Karachi
Several major thoroughfares in Karachi were blocked or affected by traffic disruptions on Friday as Jamaat-i-Islami held protest sit-ins in the city as part of a nationwide demonstration against the petroleum levy. A day earlier, the party announced that it would stage sit-ins at 510 locations across the country by blocking major roads. In a traffic advisory issued, the Karachi traffic police warned that traffic flow could be affected due to the protests and sit-ins, with slow-moving traffic, temporary diversions and partial road closures expected on several major thoroughfares. The affected areas included Mazar-i-Quaid, Numaish Chowrangi, Saddar, Shahrah-i-Faisal, Shahrah-i-Pakistan, UP Mor, Power House Chowrangi, Defence Housing Authority, Sea View, Shahrah-i-Orangi, Hub River Road, Super Highway and National Highway. The traffic police advised citizens to avoid travelling to the affected areas unless necessary, and urged them to select alternative routes and allow extra travel time before setting out. Meanwhile, according to the latest updates shared on JI Karachi’s official X account, party workers had begun staging sit-ins at the announced locations. According to the updates, workers had blocked the road leading to Natha Khan from Shahrah-i-Faisal. The Super Highway and Hub River Road were also blocked. More to follow
JI to hold nationwide protests today at 4pm against petroleum levy, inflation
Protests are scheduled in Karachi, Lahore, Islamabad, Quetta, Peshawar, Faisalabad, Rawalpindi, several other cities
'Enough is enough': Jamaat-i-Islami announces 510 nationwide sit-ins against the petroleum levy
LAHORE: Jamaat-i-Islami Pakistan (JI) Emir Hafiz Naeemur Rehman on Thursday announced peaceful sit-ins against the petroleum levy at 510 locations across the country on Friday, warning that the protests would transform into a movement to overthrow the government if authorities attempted to stop them. Addressing a protest rally by the JI Women’s Wing on Wahdat Road in Lahore against rising petroleum prices and inflation, Rehman said major roads linking districts across Pakistan would be blocked from 4pm onwards; however, ambulances would be allowed to pass without interruption. “If obstacles are created or our peaceful protest against the petroleum levy is blocked, this campaign will turn into an anti-government movement,” he said, demanding that the price of petrol be reduced to Rs225 per litre. JI Lahore Emir Advocate Ziauddin Ansari, Women’s Wing President Dr Humaira Tariq, Samiha Raheel Qazi, Samina Saeed and Uzma Imran also addressed the gathering. Rehman urged the government to accept the public’s demands, warning that it would bear full responsibility for any consequences if it failed to respond. He described the petroleum levy as “extortion” rather than a tax, claiming that the government was collecting Rs125 in taxes on every litre of petrol from ordinary citizens while continuing lavish spending on luxury aircraft and expensive official vehicles. “Enough is enough,” he said. The JI chief argued that petroleum prices had been increased by citing global market conditions during regional conflicts but were not reduced after international crude oil prices fell to $74 per barrel. “The government had collected Rs8 trillion through the petroleum levy without investing any of it in upgrading oil refineries or petroleum infrastructure,” he alleged. “The economy can recover if the government abolishes the petroleum levy,” Rehman asserted. The JI chief said the ruling coalition was disconnected from the hardships faced by ordinary Pakistanis, adding that women were struggling to manage household kitchens due to soaring inflation and, in many cases, were being forced to sell their jewellery to support their families. He also criticised unequal access to education, an unresponsive bureaucracy and restrictions on public dissent, arguing that the country’s governance system had become dysfunctional. The JI chief said that the government had become subservient to the International Monetary Fund (IMF), adding it was imposing taxes and approving an anti-people budget while ignoring recommendations to reduce state expenditures. Reiterating that Friday’s demonstrations would remain peaceful, he called on people from Punjab, Sindh, Balochistan, Khyber Pakhtunkhwa and Azad Jammu and Kashmir to participate in large numbers. “I urged young people to bring their motorcycles onto the roads and join the sit-ins,” he said, adding major highways would be blocked peacefully to pressure the government into withdrawing the petroleum levy.
Govt reduces petrol price by Rs3.19, high-speed diesel by Rs1.50
The government on Thursday reduced the prices of petrol and high-speed diesel (HSD) by Rs3.19 and Rs1.50 per litre, respectively. Following the revision, petrol will retail at Rs329.82 per litre, while HSD will cost Rs382.36 per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on HSD. The Petroleum Division’s notification said the new prices would be applicable for August 7 (Friday). The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
Govt raises petrol price by Rs4.45, cuts HSD by Rs2
The government on Wednesday announced a reduction of Rs per litre in the price of petrol and Rs per litre in the price of high-speed diesel (HSD). Following the revision, petrol will retail at Rs333.01 per litre, while HSD will cost Rs383.86 per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The Petroleum Division’s notification said the new prices would be applicable for August 6 (Thursday). The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
India Weighs Gas Levy to Bankroll $42 Billion Fuel Reserve Plan
Just a day after details emerged of India’s plans to expand strategic crude oil storage, new reports claim New Delhi is considering a new funding mechanism that would shift part of the cost of a far larger, $42-billion strategic fuel reserve program onto gas consumers. According to Business Standard, the government is considering levies on both liquefied petroleum gas (LPG) and natural gas consumption that would raise about $1.5 billion annually to finance new storage infrastructure. The proposal includes a levy of 1.29 rupees ($0.0136) per…
Malaysia risks hurting EV push with ‘poorly timed’ levy as foreign investment stalls
Malaysia is considering a levy on electric vehicles (EVs) to fund charging infrastructure, even as export and pricing conditions on high-volume foreign assembly projects have left Chinese giant BYD’s planned 1.3 billion ringgit (US$318 million) factory in limbo. Economists and industry experts warn the two policy moves could raise ownership costs while weakening Malaysia’s appeal as a manufacturing base at a time when regional rivals are competing for EV investment. EV sales more than doubled to...
Malezya'nın EV Vergisi Planı Yatırımları ve Elektrikli Dönüşümü Tehdit EdiyorJI claims govt collected Rs1.9 trillion through petroleum levy last year
PESHAWAR: Jamaat-i-Islami has announced a nationwide protest on August 7 (Friday) against the rising oil prices and the fuel levy, with the party’s Khyber Pakhtunkhwa chapter planning to block major highways, including motorway interchanges, the Indus Highway and the Bab-i-Khyber crossing. Addressing a news conference at Peshawar Press Club on Monday, JI Khyber Pakhtunkhwa Central chief Abdul Wasay alleged that the government had collected Rs1.9 trillion through the petroleum levy over the past year, including Rs1.2 trillion from people who were not regular taxpayers. He was accompanied by provincial deputy chief Mian Sohaibuddin Kakakhel, former MNA Maulana Abdul Akbar Chitrali and Noorul Wahid Jadoon. Mr Wasay claimed that oil prices had been increasing continuously since the Iran-Israel conflict, initially every week and now almost daily, and the government had imposed an additional financial burden on the public through the petroleum levy. Plans countrywide protests on 7th He said that according to a conservative estimate, around 30 million motorcycle riders across the country consumed at least a litre of petrol daily and paid Rs124 per litre in petroleum levy. Criticising the government’s fuel pricing mechanism, Mr Wasay said the decision to revise petroleum prices daily had left consumers at the mercy of pump owners and a “petrol mafia”. He alleged that while the government was quick to raise prices when international oil markets recorded slight increases, it did not pass on the benefit to consumers when global prices declined. He also accused the government of obtaining loans from the International Monetary Fund, the World Bank and other international financial institutions under stringent conditions, alleging that the borrowed funds were lost to corruption while the burden of repayment was shifted onto the public through higher fuel prices and petroleum levies. He further claimed that the ruling elite and bureaucracy were unwilling to reduce their own privileges and expenditures. Mr Wasay said JI chief Hafiz Naeemur Rehman had called for nationwide protests on Aug 7 against the increase in petroleum prices and petroleum levy. As part of the protest campaign, the party’s women wing will hold a demonstration on GT Road here on Aug 6. He announced that on Aug 7, JI workers would block all interchanges on the Peshawar-Islamabad Motorway, the Indus Highway in Kohat and the Pak-Afghan Highway at Bab-i-Khyber in Jamrud. He said only ambulances would be allowed to pass during the protests. Mr Wasay warned that if the government failed to reduce petroleum prices and abolish the petroleum levy, the party could launch the next phase of its campaign by announcing a march on Islamabad. Published in Dawn, August 4th, 2026
Govt slashes petrol price by Rs4.08, high-speed diesel by Rs2.45
The government on Monday slashed the prices of petrol and high-speed diesel (HSD) by Rs4.08 and Rs2.45 per litre, respectively, passing on the impact of fluctuating global oil prices after hostilities flared again in the Persian Gulf earlier this month. Following the revision, petrol will retail at Rs331.95 per litre, while HSD will cost Rs389.93 per litre per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The Petroleum Division’s notification said the new prices would be applicable for August 4 (Tuesday). The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and high-speed diesel (HSD) are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
Trump election claims debunked, US critical minerals fears: 7 US-China relations reads
We have selected seven of the most interesting and important news stories covering US-China relations from the past few weeks. If you would like to see more of our reporting, please consider subscribing. 1. Liberation Day 2.0? US slaps fresh wave of tariffs on China, 50-plus economies On June 24, the United States imposed a fresh wave of tariffs against 60 economies, including China, Japan, South Korea, India and European Union member states, hours before a temporary 10 per cent blanket levy...
Farmers to back JI protest call in Punjab
LAHORE: Endorsing Jamaat-i-Islami (JI) emir Hafiz Naeemur Rehman’s call for protests, the Kissan Board Pakistan has announced blocking roads across the country on Aug 7 against the soaring prices of petrol and diesel and the imposition of petroleum levy. Addressing a press conference, Kissan Board President Sardar Zafar Hussain invited all farmers’ bodies to participate in the upcoming agitation. Board Vice President Chaudhry Ijaz Advocate, Central Punjab President Mian Rasheed Minhala, and Chief Organizer Chaudhry Akhtar Farooq Mayo were also present. Hussain expressed deep concern over the mounting unrest among farmers across the country, attributing it to the exorbitant increase in fuel prices which, he said, has multiplied operational costs of agricultural machinery. Holding Prime Minister Shehbaz Sharif and Punjab Chief Minister Maryam Nawaz responsible for the ongoing wheat crisis, the Kissan Board president stated that importing wheat was a matter of shame for an agricultural country like Pakistan, squarely blaming the incumbent rulers for the debacle. Drawing a parallel with neighbouring India, he lamented that while farmers in Indian Punjab were prospering, growers in Pakistani Punjab and other provinces were facing severe financial hardship. “The chief minister of Indian Punjab facilitated growers by purchasing a power plant to provide 600 free electricity units per farmer. Conversely, our Punjab chief minister has rubbed salt into the wounds of the masses by purchasing an Rs11 billion aircraft,” he alleged. He recalled that the board had repeatedly urged the government to announce a support price for wheat. He criticized the government for initially setting the price at Rs3,900 per maund and subsequently withdrawing the decision. This anti-farmer policy, he claimed, caused a damage. Hussain urged the government to fix the support price for every crop prior to the sowing season. He claimed that the “wheat mafia” was purchasing wheat from growers at a meager Rs3,500 per maund and selling it at Rs5,000, while the “flour mafia” was selling flour at Rs6,000 per maund, allegedly with the tacit backing of the government and relevant institutions. Published in Dawn, August 3rd, 2026
Govt cuts petrol price by 12 paisas, high-speed diesel by 66 paisas for the next three days
if (!window._rawHtmlListenerAttached) { window._rawHtmlListenerAttached = true; window.addEventListener('message', function(event) { if (event.data && event.data.type === 'raw-html-resize' && event.data.id) { var iframe = document.getElementById(event.data.id); if (iframe) { var height = Math.min(Math.max(event.data.height, 50), 9200); iframe.style.height = height + 'px'; } } }); } The government on Friday reduced the prices of petrol and high-speed diesel (HSD) by 12 paisas and 66 paisas per litre, respectively. Following the revision, petrol will retail at Rs336.03 per litre, while HSD will cost Rs392.38 per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The Petroleum Division’s notification said that the new prices would be applicable from August 1 to August 3. Meanwhile, in a bigger price shock, the Oil and Gas Regulatory Authority (Ogra) notified a record 32pc increase in the price of regasified liquefied natural gas (RLNG) for August, taking it to $25.83 per mmBtu for SNGPL and $25.09 per mmBtu for SSGCL. This will translate into a retail price of Rs7,204 per mmBtu. The price is based on five imported cargoes from the spot market, as no shipment could be secured from Qatar because of the US-Iran war. This is the single biggest jump in RLNG rates in its decade-long history. This comes on top of an about 15pc increase in the RLNG price fixed last month at $19.52 per mmBtu (Rs5,446 per mmBtu) for SNGPL and $18.63 per mmBtu for SSGCL. Compared with $10.45 (Rs2,916) per mmBtu in February this year, the RLNG price hike works out to around 148pc for August. This mainly results in a substantial increase in fuel costs for power generation. This can be seen from the fact that the fuel cost for RLNG-based power generation in May worked out to Rs31 per unit, compared with Rs13.72 per unit in April. The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan this week. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and HSD are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
Govt cuts petrol price by 12 paisas, diesel by 66 paisas for the next three days
if (!window._rawHtmlListenerAttached) { window._rawHtmlListenerAttached = true; window.addEventListener('message', function(event) { if (event.data && event.data.type === 'raw-html-resize' && event.data.id) { var iframe = document.getElementById(event.data.id); if (iframe) { var height = Math.min(Math.max(event.data.height, 50), 9200); iframe.style.height = height + 'px'; } } }); } The government on Friday reduced the prices of petrol and high-speed diesel (HSD) by 12 paisas and 66 paisas per litre, respectively. Following the revision, petrol will retail at Rs336.03 per litre, while HSD will cost Rs392.38 per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The Petroleum Division’s notification said that the new prices would be applicable from August 1 to August 3. Meanwhile, in a bigger price shock, the Oil and Gas Regulatory Authority (Ogra) notified a record 32pc increase in the price of regasified liquefied natural gas (RLNG) for August, taking it to $25.83 per mmBtu for SNGPL and $25.09 per mmBtu for SSGCL. This will translate into a retail price of Rs7,204 per mmBtu. The price is based on five imported cargoes from the spot market, as no shipment could be secured from Qatar because of the US-Iran war. This is the single biggest jump in RLNG rates in its decade-long history. This comes on top of an about 15pc increase in the RLNG price fixed last month at $19.52 per mmBtu (Rs5,446 per mmBtu) for SNGPL and $18.63 per mmBtu for SSGCL. Compared with $10.45 (Rs2,916) per mmBtu in February this year, the RLNG price hike works out to around 148pc for August. This mainly results in a substantial increase in fuel costs for power generation. This can be seen from the fact that the fuel cost for RLNG-based power generation in May worked out to Rs31 per unit, compared with Rs13.72 per unit in April. The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan this week. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and HSD are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
Govt decreases petrol price by Rs0.12, diesel down by Rs0.66 for next three days
The government on Friday reduced the prices of petrol and high-speed diesel (HSD) by Rs0.12 and Rs0.66 per litre, respectively. Following the revision, petrol will retail at Rs336.03 per litre, while HSD will cost Rs392.38 per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The Petroleum Division’s notification said that the new prices would be applicable from August 1 to August 3. The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan this week. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and HSD are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
Govt decreases petrol price by Rs0.12, diesel down by Rs0.66
The government on Friday reduced the prices of petrol and high-speed diesel (HSD) by Rs0.12 and Rs0.66 per litre, respectively. Following the revision, petrol will retail at Rs336.03 per litre, while HSD will cost Rs392.38 per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The Petroleum Division’s notification said the new prices would be applicable for August 1 (Saturday). The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan this week. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and HSD are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
Govt increases petrol price by Rs1.09, HSD by Rs2.42
if (!window._rawHtmlListenerAttached) { window._rawHtmlListenerAttached = true; window.addEventListener('message', function(event) { if (event.data && event.data.type === 'raw-html-resize' && event.data.id) { var iframe = document.getElementById(event.data.id); if (iframe) { var height = Math.min(Math.max(event.data.height, 50), 9200); iframe.style.height = height + 'px'; } } }); } The government on Thursday increased the prices of petrol and high-speed diesel (HSD) by Rs1.09 and Rs2.42 per litre, respectively. Following the revision, petrol will retail at Rs336.15 per litre, while HSD will cost Rs393.04 per litre. The government continues to levy Rs110 per litre in taxes and duties on petrol and Rs96 per litre on diesel. The Petroleum Division’s notification said the new prices would be applicable for July 31 (Friday). The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March. Earlier, Petroleum Minister Ali Pervaiz Malik announced that fuel prices would now be fixed on a daily basis due to fluctuations in international market prices following renewed hostilities between Iran and the US. The government had been announcing weekly revisions to fuel prices since early March, alongside measures for the conservation of fuel amid possible oil supply disruptions due to the ongoing conflict in the Middle East. The federal government in April also announced targeted relief measures to provide subsidised fuel. The petroleum minister stated that the cabinet and the prime minister had decided to give the Oil and Gas Regulatory Authority (Ogra) the responsibility of deciding fuel prices on a daily basis based on international market trends. The daily pricing decision was rejected by the All Pakistan Dealers Association, which said it would consider a protest plan this week. Petrol is mainly used in private transport, small vehicles, rickshaws and two-wheelers, and changes in its price affect the middle and lower-middle classes. Similarly, changes in diesel prices also impact the public at large, as it is mainly used in the heavy transport sector, power plants and large generators. Petrol and HSD are the major revenue earners, with monthly sales of about 700,000 to 800,000 tonnes, compared to just 10,000 tonnes of monthly demand for kerosene.
AI search harnessed to back tourism growth
The Government is investing in initiatives to help ensure New Zealand tourism experiences are visible and accessible to international visitors through artificial intelligence (AI) tools, Tourism and Hospitality Minister Louise Upston says. “A growing number of people are using AI search to explore destination options and plan their holidays. We want to make sure New Zealand shows up strongly when they do,” Louise Upston says. The Government is investing $800,000 from the International Visitor Conservation and Tourism Levy (IVL) into an upgrade of Tourism New Zealand’s systems so local tourism services and products are easier to find through AI search. It will also help ensure the information provided is correct, improving visitors’ experience of planning, booking and visiting. “This is about making sure people anywhere in the world can use AI to get real options about a New Zealand holiday, tailored to their preferences – including great places to stay, things to do, and experiences across the country, with easy booking links.” Part of the investment will make Tourism New Zealand’s database ‘AI-ready’, improving how information about thousands of tourism and hospitality businesses is structured, so AI tools can more easily access and pull the information. “At the moment, some of New Zealand’s amazing tourism operators are harder to find through AI than they should be. “We are fixing that, so more businesses can connect with the visitors who are already looking for what they offer. This will help build the tourism industry’s future, and in turn the jobs and economic growth tourism drives.” The Government is also investing in an expansion of Tourism New Zealand’s AI travel assistant. The expansion will add more detailed information from regional tourism organisations to boost the accessibility of information on AI search for people actively considering a visit to New Zealand. “This will help visitors discover more of New Zealand, including what’s off the beaten track. It means better trip ideas, more personalised recommendations, and more reasons to stay longer and explore further.” The AI investment supports the Government’s goal of doubling the 2023 value of tourism exports by 2034, as well as growing the number of Kiwis in tourism and hospitality jobs. It also supports the Government’s goal to increase international visitors to at least 2019 (pre-pandemic) levels by the end of 2026 – which is currently at 94 per cent, up 24 per cent more than at the end of 2023.
Govt finally revamps oil refining policy; what does it mean?
ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production. The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, gives tax incentives and foreign exchange accounts for imports of machinery against export of furnace oil, besides enhancing both offshore and onshore storage for greater energy security. The policy, revised by amending the original 2023 legislation, now supersedes all previous refining policies. Under the Brownfield Refining Policy, the five existing refineries will make improvements in product quality, quantity and product mix through upgradation. As such, the total production of motor spirit (petrol) and high-speed diesel (HSD) will significantly improve, and that of furnace oil will reduce. This means the total petrol production would increase by 72pc to 18,400 tonnes per day (TPD) from the current 10,700 TPD. HSD output would rise by 39 per cent to 29,520 TPD from 21,240 TPD, while furnace oil production would drop by 63pc to 5,714 TPD from 15,417 TPD at present. All existing refineries are to upgrade/modernise/expand (Upgrade Project) their refineries to produce environmentally friendly fuels as per Euro-V emission specifications and to maximise production of motor gasoline, diesel or other value-added products, if any, by minimising furnace oil/other fuels. Euro V standards permit only 10 parts per million (ppm) of sulphur in gasoline and diesel. Euro IV allows 50 ppm while Euro III allows 150 ppm in gasoline and 350 ppm in diesel. The refineries that commit to the Upgrade Project shall be entitled to incentives under the newly approved policy. The selection of equipment, technology or process will be on a project-to-project basis by the concerned refineries. Refineries shall be allowed to sell their products to any oil-marketing companies (OMCs) licensed by the Oil and Gas Regulatory Authority (Ogra). Refineries will be allowed to export surplus petroleum products with respect to domestic demand subject to approval of Ogra. There shall be binding agreements between the refineries and OMCs for sale/purchase of major products (motor gasoline and HSD) based on product review meetings to ensure a smooth oil supply chain. The Petroleum Division will notify the Euro-V fuel specifications for compliance after the upgradation of refineries within one month from now. In case the government decides to improve the fuel specification beyond Euro-V, the timelines for applicability of the revised specification shall be devised and notified as required. Fiscal regime Under the Brownfield Refining Policy, there will be a minimum customs duty/regulatory duty of 10pc on motor gasoline and diesel imported in the country, for a period of seven years from the date of notification of the new policy. Any customs duty imposed over 10pc and reflected in the ex-refinery price will be deposited in the Inland Freight Equalisation Margin (IFEM) pool. In case any refinery is not eligible to avail the incentives provided in the policy, it will be bound to deposit the same in IFEM. Customs duty on crude oil will also be reimbursed to refineries through IFEM. The refineries will be allowed 10pc tariff protection/deemed duty applicable on motor gasoline and diesel’s ex-refinery price for seven years from the date of signing of the Upgrade Agreement and opening of a joint escrow account with Ogra within 90 days of notification of the new policy. An escrow account is a temporary account managed by a neutral third party to hold funds, documents, or other assets until specific contractual conditions are met. However, 2.5pc of the deemed duty on diesel and 10pc on motor gasoline (incremental incentive) will be deposited by refineries in the escrow account maintained by Ogra and the respective refinery jointly in National Bank of Pakistan (NBP) for utilisation of Upgrade Projects only. Until the opening of the said account, the incremental incentive should be deposited in the IFEM. The prevailing 7.5pc deemed duty on HSD for sustainability will continue after the 7-year incentive period for 20 years or till deregulation, whichever is earlier. Any disallowed sales tax related to refinery operations, confirmed by the Federal Board of Revenue (FBR), due to exempt status of petroleum products will continue to be reimbursed through IFEM for FY26 till validity of Upgrade Agreements to be executed under the policy. Equipment to be installed or material to be used in the refinery upgradation project will also be exempted from sales tax. After upgradation, crude oil inventory on site is to be maintained for 14 days of name plate capacity of refinery at all times. Refineries relying on import of crude oil will ensure an additional five days cover at sea at all times. Implementation mechanism For an existing refinery to be eligible for the fiscal incentives provided in the policy, it shall execute a legally binding Upgrade Agreement with Ogra within 90 days of the policy’s notification. The said Upgrade Agreement shall include the output and outcome of the committed upgrade, including maximum production of Euro V-compliant petrol and HSD and other value-added products and significant reduction in furnace oil as firmed up in the front-end engineering design (FEED) of the Upgrade Project. Next, the agreement will also include the proposed milestones/deliverables with tentative timelines, including a feasibility study, FEED, financial close, EPC (engineering, procurement and construction), the potential configuration, the tentative product slate after upgradation, and a project management methodology for on-time delivery, as per approved cost and specification. The milestones or deliverables and timelines will be firmed up in the Upgrade Project’s FEED. Refinery defaulting on any government dues (petroleum and climate support levy) on petroleum products would not be eligible to avail benefits under the policy until a legally binding and enforceable settlement is reached with the government. Till such time, the defaulting refinery will deposit the incremental incentives into the IFEM pool. Once a settlement is reached with the government, the refinery will become eligible to sign the Upgrade Agreement and open a joint escrow account with Ogra and start depositing the incremental incentives on a prospective basis. The funds available in the joint escrow account can only be drawn and used by the respective refinery on the Upgrade Project after payment of all outstanding government dues (petroleum and climate support levy) on petroleum products. If a refinery defaults in payment of government dues on petroleum products in a timely manner after the execution of the Upgrade Agreement, Ogra will suspend the refinery’s right to claim expenditure out of the joint escrow account till the time the refinery deposits the outstanding amount along with a late payment surcharge. Eligible refineries importing used plant, machinery and equipment (PME) for the Upgrade Project will be allowed to withdraw a maximum of 24.5pc of the total project cost from the joint escrow account, whereas refineries importing new PME for the upgradation will be allowed to withdraw a maximum of 27.5pc of the project cost from the account. The release from the joint escrow account will be on a pro-rata basis, ie a maximum capped limit of 24.5pc, or 27.5pc as the case may be, from the escrow account, and the remaining from the refineries’ own resources. Ogra will allow withdrawal of a maximum of the respective capped limit of the refinery’s project cost for the upgradation, determined based on the Final Investment Decision (FID). In case the funds deposited in the joint escrow account are less than the respective capped limit of the expenditure made on a milestone/ deliverable and/or on the entire Upgrade Project basis, the government or Ogra will have no obligation to meet the shortfall, the policy says. The funds from the escrow account will be available for withdrawal, post financial close and upon completion of 25pc physical progress of the Upgrade Project or opening of matching letters of credit (LCs), against expenditure made for each milestone of the respective refinery Upgrade Project. The interest accrued in the joint escrow account will also be used for the respective capped limit of the payment of the Upgrade Project from the same account. Ogra will have a unilateral right to withdraw funds from the relevant joint escrow account in case of milestone failures. The deposit in the joint escrow account will only be utilised for capital expenditure and revenue expenditure associated with the capital expenditure only on the Upgrade Project. The account will not be used as any charge/lien/collateral or other instrument of borrowing. Furthermore, under the policy, there will be a comprehensive monitoring mechanism for upgrade commitments through third-party evaluations and independent auditors. If a refinery at any stage decides to quit the Upgrade Project, the funds in the joint escrow account would be withdrawn by Ogra for use in IFEM, and those already spent would be recovered from the defaulting refinery. The dispute would be settled through an Islamabad-based arbitration tribunal, with one member each nominated by the disputing parties and a third to be nominated by those two members. Meanwhile, a difficulties committee comprising secretaries of petroleum, finance and law would address issues and anomalies during the course of implementation. Policy stability On the demand of the oil industry, the Upgrade Project will be entitled to a fixed stabilisation regime. Specific provisions are provided in the new policy to ensure an economic equilibrium for the Upgrade Project and protect and indemnify the refineries against any disruption or adverse changes in laws, regulations (including environmental standards, licensing regime, etc), fiscal regime, foreign exchange regulations, or tax laws (including imposition of new taxes), which could have an adverse economic impact or adverse impact on the timelines of the Upgrade Project. This will include a comprehensive provision covering the refinery’s rights (eg material/reasons attributable to governmental bodies, including without limitation the stability/change in law undertaking, certain political force majeure, prolonged force majeure) and any mutual exit rights. Force majeure is a clause included in contracts that allows a party to be excused from its obligations due to circumstances that are beyond its control. At its option, the refinery will be permitted to open and maintain an onshore foreign currency account or accounts for servicing its foreign currency obligations and maintaining a credit balance equivalent to one year’s debt in relation to the Upgrade Project. The said onshore foreign currency account may be fed with the refinery’s export proceeds, including all the export proceeds from sales of furnace oil.
Pakistan 6 Yıl Sonra Rafineri Modernizasyonu İçin 6 Milyar Dolarlık Yatırımı OnayladıGovt approves new oil refining policy after years; what does it mean?
ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production. The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, gives tax incentives and foreign exchange accounts for imports of machinery against export of furnace oil, besides enhancing both offshore and onshore storage for greater energy security. The policy, revised by amending the original 2023 legislation, now supersedes all previous refining policies. Under the Brownfield Refining Policy, the five existing refineries will make improvements in product quality, quantity and product mix through upgradation. As such, the total production of motor spirit (petrol) and high-speed diesel (HSD) will significantly improve, and that of furnace oil will reduce. This means the total petrol production would increase by 72pc to 18,400 tonnes per day (TPD) from the current 10,700 TPD. HSD output would rise by 39 per cent to 29,520 TPD from 21,240 TPD, while furnace oil production would drop by 63pc to 5,714 TPD from 15,417 TPD at present. All existing refineries are to upgrade/modernise/expand (Upgrade Project) their refineries to produce environmentally friendly fuels as per Euro-V emission specifications and to maximise production of motor gasoline, diesel or other value-added products, if any, by minimising furnace oil/other fuels. Euro V standards permit only 10 parts per million (ppm) of sulphur in gasoline and diesel. Euro IV allows 50 ppm while Euro III allows 150 ppm in gasoline and 350 ppm in diesel. The refineries that commit to the Upgrade Project shall be entitled to incentives under the newly approved policy. The selection of equipment, technology or process will be on a project-to-project basis by the concerned refineries. Refineries shall be allowed to sell their products to any oil-marketing companies (OMCs) licensed by the Oil and Gas Regulatory Authority (Ogra). Refineries will be allowed to export surplus petroleum products with respect to domestic demand subject to approval of Ogra. There shall be binding agreements between the refineries and OMCs for sale/purchase of major products (motor gasoline and HSD) based on product review meetings to ensure a smooth oil supply chain. The Petroleum Division will notify the Euro-V fuel specifications for compliance after the upgradation of refineries within one month from now. In case the government decides to improve the fuel specification beyond Euro-V, the timelines for applicability of the revised specification shall be devised and notified as required. Fiscal regime Under the Brownfield Refining Policy, there will be a minimum customs duty/regulatory duty of 10pc on motor gasoline and diesel imported in the country, for a period of seven years from the date of notification of the new policy. Any customs duty imposed over 10pc and reflected in the ex-refinery price will be deposited in the Inland Freight Equalisation Margin (IFEM) pool. In case any refinery is not eligible to avail the incentives provided in the policy, it will be bound to deposit the same in IFEM. Customs duty on crude oil will also be reimbursed to refineries through IFEM. The refineries will be allowed 10pc tariff protection/deemed duty applicable on motor gasoline and diesel’s ex-refinery price for seven years from the date of signing of the Upgrade Agreement and opening of a joint escrow account with Ogra within 90 days of notification of the new policy. An escrow account is a temporary account managed by a neutral third party to hold funds, documents, or other assets until specific contractual conditions are met. However, 2.5pc of the deemed duty on diesel and 10pc on motor gasoline (incremental incentive) will be deposited by refineries in the escrow account maintained by Ogra and the respective refinery jointly in National Bank of Pakistan (NBP) for utilisation of Upgrade Projects only. Until the opening of the said account, the incremental incentive should be deposited in the IFEM. The prevailing 7.5pc deemed duty on HSD for sustainability will continue after the 7-year incentive period for 20 years or till deregulation, whichever is earlier. Any disallowed sales tax related to refinery operations, confirmed by the Federal Board of Revenue (FBR), due to exempt status of petroleum products will continue to be reimbursed through IFEM for FY26 till validity of Upgrade Agreements to be executed under the policy. Equipment to be installed or material to be used in the refinery upgradation project will also be exempted from sales tax. After upgradation, crude oil inventory on site is to be maintained for 14 days of name plate capacity of refinery at all times. Refineries relying on import of crude oil will ensure an additional five days cover at sea at all times. Implementation mechanism For an existing refinery to be eligible for the fiscal incentives provided in the policy, it shall execute a legally binding Upgrade Agreement with Ogra within 90 days of the policy’s notification. The said Upgrade Agreement shall include the output and outcome of the committed upgrade, including maximum production of Euro V-compliant petrol and HSD and other value-added products and significant reduction in furnace oil as firmed up in the front-end engineering design (FEED) of the Upgrade Project. Next, the agreement will also include the proposed milestones/deliverables with tentative timelines, including a feasibility study, FEED, financial close, EPC (engineering, procurement and construction), the potential configuration, the tentative product slate after upgradation, and a project management methodology for on-time delivery, as per approved cost and specification. The milestones or deliverables and timelines will be firmed up in the Upgrade Project’s FEED. Refinery defaulting on any government dues (petroleum and climate support levy) on petroleum products would not be eligible to avail benefits under the policy until a legally binding and enforceable settlement is reached with the government. Till such time, the defaulting refinery will deposit the incremental incentives into the IFEM pool. Once a settlement is reached with the government, the refinery will become eligible to sign the Upgrade Agreement and open a joint escrow account with Ogra and start depositing the incremental incentives on a prospective basis. The funds available in the joint escrow account can only be drawn and used by the respective refinery on the Upgrade Project after payment of all outstanding government dues (petroleum and climate support levy) on petroleum products. If a refinery defaults in payment of government dues on petroleum products in a timely manner after the execution of the Upgrade Agreement, Ogra will suspend the refinery’s right to claim expenditure out of the joint escrow account till the time the refinery deposits the outstanding amount along with a late payment surcharge. Eligible refineries importing used plant, machinery and equipment (PME) for the Upgrade Project will be allowed to withdraw a maximum of 24.5pc of the total project cost from the joint escrow account, whereas refineries importing new PME for the upgradation will be allowed to withdraw a maximum of 27.5pc of the project cost from the account. The release from the joint escrow account will be on a pro-rata basis, ie a maximum capped limit of 24.5pc, or 27.5pc as the case may be, from the escrow account, and the remaining from the refineries’ own resources. Ogra will allow withdrawal of a maximum of the respective capped limit of the refinery’s project cost for the upgradation, determined based on the Final Investment Decision (FID). In case the funds deposited in the joint escrow account are less than the respective capped limit of the expenditure made on a milestone/ deliverable and/or on the entire Upgrade Project basis, the government or Ogra will have no obligation to meet the shortfall, the policy says. The funds from the escrow account will be available for withdrawal, post financial close and upon completion of 25pc physical progress of the Upgrade Project or opening of matching letters of credit (LCs), against expenditure made for each milestone of the respective refinery Upgrade Project. The interest accrued in the joint escrow account will also be used for the respective capped limit of the payment of the Upgrade Project from the same account. Ogra will have a unilateral right to withdraw funds from the relevant joint escrow account in case of milestone failures. The deposit in the joint escrow account will only be utilised for capital expenditure and revenue expenditure associated with the capital expenditure only on the Upgrade Project. The account will not be used as any charge/lien/collateral or other instrument of borrowing. Furthermore, under the policy, there will be a comprehensive monitoring mechanism for upgrade commitments through third-party evaluations and independent auditors. If a refinery at any stage decides to quit the Upgrade Project, the funds in the joint escrow account would be withdrawn by Ogra for use in IFEM, and those already spent would be recovered from the defaulting refinery. The dispute would be settled through an Islamabad-based arbitration tribunal, with one member each nominated by the disputing parties and a third to be nominated by those two members. Meanwhile, a difficulties committee comprising secretaries of petroleum, finance and law would address issues and anomalies during the course of implementation. Policy stability On the demand of the oil industry, the Upgrade Project will be entitled to a fixed stabilisation regime. Specific provisions are provided in the new policy to ensure an economic equilibrium for the Upgrade Project and protect and indemnify the refineries against any disruption or adverse changes in laws, regulations (including environmental standards, licensing regime, etc), fiscal regime, foreign exchange regulations, or tax laws (including imposition of new taxes), which could have an adverse economic impact or adverse impact on the timelines of the Upgrade Project. This will include a comprehensive provision covering the refinery’s rights (eg material/reasons attributable to governmental bodies, including without limitation the stability/change in law undertaking, certain political force majeure, prolonged force majeure) and any mutual exit rights. Force majeure is a clause included in contracts that allows a party to be excused from its obligations due to circumstances that are beyond its control. At its option, the refinery will be permitted to open and maintain an onshore foreign currency account or accounts for servicing its foreign currency obligations and maintaining a credit balance equivalent to one year’s debt in relation to the Upgrade Project. The said onshore foreign currency account may be fed with the refinery’s export proceeds, including all the export proceeds from sales of furnace oil.
Pakistan 6 Yıl Sonra Rafineri Modernizasyonu İçin 6 Milyar Dolarlık Yatırımı OnayladıGovt approves new oil refining policy after 6 years; what does it mean?
ISLAMABAD: After six years of deadlock, the government on Tuesday approved the Brownfield Refining Policy to modernise the country’s petroleum refineries with an estimated investment of about $6bn to improve product quality and increase production. The policy — approved by the Cabinet Committee on Energy (CCoE) led by Prime Minister Shehbaz Sharif — provides stability clauses to protect investment, gives tax incentives and foreign exchange accounts for imports of machinery against export of furnace oil, besides enhancing both offshore and onshore storage for greater energy security. The policy, revised by amending the original 2023 legislation, now supersedes all previous refining policies. Under the Brownfield Refining Policy, the five existing refineries will make improvements in product quality, quantity and product mix through upgradation. As such, the total production of motor spirit (petrol) and high-speed diesel (HSD) will significantly improve, and that of furnace oil will reduce. This means the total petrol production would increase by 72pc to 18,400 tonnes per day (TPD) from the current 10,700 TPD. HSD output would rise by 39 per cent to 29,520 TPD from 21,240 TPD, while furnace oil production would drop by 63pc to 5,714 TPD from 15,417 TPD at present. All existing refineries are to upgrade/modernise/expand (Upgrade Project) their refineries to produce environmentally friendly fuels as per Euro-V emission specifications and to maximise production of motor gasoline, diesel or other value-added products, if any, by minimising furnace oil/other fuels. Euro V standards permit only 10 parts per million (ppm) of sulphur in gasoline and diesel. Euro IV allows 50 ppm while Euro III allows 150 ppm in gasoline and 350 ppm in diesel. The refineries that commit to the Upgrade Project shall be entitled to incentives under the newly approved policy. The selection of equipment, technology or process will be on a project-to-project basis by the concerned refineries. Refineries shall be allowed to sell their products to any oil-marketing companies (OMCs) licensed by the Oil and Gas Regulatory Authority (Ogra). Refineries will be allowed to export surplus petroleum products with respect to domestic demand subject to approval of Ogra. There shall be binding agreements between the refineries and OMCs for sale/purchase of major products (motor gasoline and HSD) based on product review meetings to ensure a smooth oil supply chain. The Petroleum Division will notify the Euro-V fuel specifications for compliance after the upgradation of refineries within one month from now. In case the government decides to improve the fuel specification beyond Euro-V, the timelines for applicability of the revised specification shall be devised and notified as required. Fiscal regime Under the Brownfield Refining Policy, there will be a minimum customs duty/regulatory duty of 10pc on motor gasoline and diesel imported in the country, for a period of seven years from the date of notification of the new policy. Any customs duty imposed over 10pc and reflected in the ex-refinery price will be deposited in the Inland Freight Equalisation Margin (IFEM) pool. In case any refinery is not eligible to avail the incentives provided in the policy, it will be bound to deposit the same in IFEM. Customs duty on crude oil will also be reimbursed to refineries through IFEM. The refineries will be allowed 10pc tariff protection/deemed duty applicable on motor gasoline and diesel’s ex-refinery price for seven years from the date of signing of the Upgrade Agreement and opening of a joint escrow account with Ogra within 90 days of notification of the new policy. An escrow account is a temporary account managed by a neutral third party to hold funds, documents, or other assets until specific contractual conditions are met. However, 2.5pc of the deemed duty on diesel and 10pc on motor gasoline (incremental incentive) will be deposited by refineries in the escrow account maintained by Ogra and the respective refinery jointly in National Bank of Pakistan (NBP) for utilisation of Upgrade Projects only. Until the opening of the said account, the incremental incentive should be deposited in the IFEM. The prevailing 7.5pc deemed duty on HSD for sustainability will continue after the 7-year incentive period for 20 years or till deregulation, whichever is earlier. Any disallowed sales tax related to refinery operations, confirmed by the Federal Board of Revenue (FBR), due to exempt status of petroleum products will continue to be reimbursed through IFEM for FY26 till validity of Upgrade Agreements to be executed under the policy. Equipment to be installed or material to be used in the refinery upgradation project will also be exempted from sales tax. After upgradation, crude oil inventory on site is to be maintained for 14 days of name plate capacity of refinery at all times. Refineries relying on import of crude oil will ensure an additional five days cover at sea at all times. Implementation mechanism For an existing refinery to be eligible for the fiscal incentives provided in the policy, it shall execute a legally binding Upgrade Agreement with Ogra within 90 days of the policy’s notification. The said Upgrade Agreement shall include the output and outcome of the committed upgrade, including maximum production of Euro V-compliant petrol and HSD and other value-added products and significant reduction in furnace oil as firmed up in the front-end engineering design (FEED) of the Upgrade Project. Next, the agreement will also include the proposed milestones/deliverables with tentative timelines, including a feasibility study, FEED, financial close, EPC (engineering, procurement and construction), the potential configuration, the tentative product slate after upgradation, and a project management methodology for on-time delivery, as per approved cost and specification. The milestones or deliverables and timelines will be firmed up in the Upgrade Project’s FEED. Refinery defaulting on any government dues (petroleum and climate support levy) on petroleum products would not be eligible to avail benefits under the policy until a legally binding and enforceable settlement is reached with the government. Till such time, the defaulting refinery will deposit the incremental incentives into the IFEM pool. Once a settlement is reached with the government, the refinery will become eligible to sign the Upgrade Agreement and open a joint escrow account with Ogra and start depositing the incremental incentives on a prospective basis. The funds available in the joint escrow account can only be drawn and used by the respective refinery on the Upgrade Project after payment of all outstanding government dues (petroleum and climate support levy) on petroleum products. If a refinery defaults in payment of government dues on petroleum products in a timely manner after the execution of the Upgrade Agreement, Ogra will suspend the refinery’s right to claim expenditure out of the joint escrow account till the time the refinery deposits the outstanding amount along with a late payment surcharge. Eligible refineries importing used plant, machinery and equipment (PME) for the Upgrade Project will be allowed to withdraw a maximum of 24.5pc of the total project cost from the joint escrow account, whereas refineries importing new PME for the upgradation will be allowed to withdraw a maximum of 27.5pc of the project cost from the account. The release from the joint escrow account will be on a pro-rata basis, ie a maximum capped limit of 24.5pc, or 27.5pc as the case may be, from the escrow account, and the remaining from the refineries’ own resources. Ogra will allow withdrawal of a maximum of the respective capped limit of the refinery’s project cost for the upgradation, determined based on the Final Investment Decision (FID). In case the funds deposited in the joint escrow account are less than the respective capped limit of the expenditure made on a milestone/ deliverable and/or on the entire Upgrade Project basis, the government or Ogra will have no obligation to meet the shortfall, the policy says. The funds from the escrow account will be available for withdrawal, post financial close and upon completion of 25pc physical progress of the Upgrade Project or opening of matching letters of credit (LCs), against expenditure made for each milestone of the respective refinery Upgrade Project. The interest accrued in the joint escrow account will also be used for the respective capped limit of the payment of the Upgrade Project from the same account. Ogra will have a unilateral right to withdraw funds from the relevant joint escrow account in case of milestone failures. The deposit in the joint escrow account will only be utilised for capital expenditure and revenue expenditure associated with the capital expenditure only on the Upgrade Project. The account will not be used as any charge/lien/collateral or other instrument of borrowing. Furthermore, under the policy, there will be a comprehensive monitoring mechanism for upgrade commitments through third-party evaluations and independent auditors. If a refinery at any stage decides to quit the Upgrade Project, the funds in the joint escrow account would be withdrawn by Ogra for use in IFEM, and those already spent would be recovered from the defaulting refinery. The dispute would be settled through an Islamabad-based arbitration tribunal, with one member each nominated by the disputing parties and a third to be nominated by those two members. Meanwhile, a difficulties committee comprising secretaries of petroleum, finance and law would address issues and anomalies during the course of implementation. Policy stability On the demand of the oil industry, the Upgrade Project will be entitled to a fixed stabilisation regime. Specific provisions are provided in the new policy to ensure an economic equilibrium for the Upgrade Project and protect and indemnify the refineries against any disruption or adverse changes in laws, regulations (including environmental standards, licensing regime, etc), fiscal regime, foreign exchange regulations, or tax laws (including imposition of new taxes), which could have an adverse economic impact or adverse impact on the timelines of the Upgrade Project. This will include a comprehensive provision covering the refinery’s rights (eg material/reasons attributable to governmental bodies, including without limitation the stability/change in law undertaking, certain political force majeure, prolonged force majeure) and any mutual exit rights. Force majeure is a clause included in contracts that allows a party to be excused from its obligations due to circumstances that are beyond its control. At its option, the refinery will be permitted to open and maintain an onshore foreign currency account or accounts for servicing its foreign currency obligations and maintaining a credit balance equivalent to one year’s debt in relation to the Upgrade Project. The said onshore foreign currency account may be fed with the refinery’s export proceeds, including all the export proceeds from sales of furnace oil.
Pakistan 6 Yıl Sonra Rafineri Modernizasyonu İçin 6 Milyar Dolarlık Yatırımı OnayladıBetter tools to fund and finance new infrastructure
The Infrastructure Funding and Financing Amendment Bill passed by Parliament today will give developers and councils more innovative tools to fund and finance the infrastructure New Zealand needs to grow, Housing Minister Chris Bishop and Parliamentary Under-Secretary Simon Court say. “Fixing the basics and building the future for New Zealand requires us to tackle the barriers which have prevented the delivery of the new homes and projects that will grow the economy, improve living standards and create jobs,” Mr Bishop says. “The Government’s Going for Housing Growth programme delivers solutions through three pillars: Pillar One frees up land for development through Resource Management Act reforms and changes to national direction; Pillar Two improves infrastructure funding and financing; and Pillar Three gives councils stronger financial incentives to support housing development. “Pillar Two addresses a key obstacle to housing growth: developers are often ready to build new homes, but councils lack the borrowing capacity to deliver the roads, water and other essential infrastructure needed to support them. “Instead of relying on council borrowing, the Infrastructure Funding and Financing Act allows infrastructure to be financed by private investors and repaid over time through levies on the properties that directly benefit from the infrastructure. “The Act was inspired by the successful Milldale development north of Auckland, where this model unlocked the infrastructure needed to support thousands of new homes for Kiwi families. “However, the Act has fallen short of its potential and proven too difficult to use in practice. Unnecessary complexity, cost and bureaucratic hurdles have limited uptake, with only three levies authorised under the Act to date. “The changes passed today will make the Act faster, simpler and more practical to use by removing unnecessary barriers, streamlining the levy approval process and broadening the range of infrastructure projects that can be funded using this model. “This includes transport projects delivered by the New Zealand Transport Agency (NZTA) and KiwiRail, as well as water services infrastructure delivered through the new water organisations.” Mr Court says the Bill also allows ongoing operational and maintenance costs to be funded through levy revenue. “Allowing ongoing operational and maintenance costs to be recovered through levy revenue incentivises a whole-of-life design focus that will maximise value-for-money and make the model more attractive for future projects,” Mr Court says. "The Bill also means councils and other infrastructure authorities will no longer be able to unnecessarily hold up proposals that meet the requirements of the Act. That will give developers greater certainty, reduce delays and help get more infrastructure projects underway." “With these improvements, the Infrastructure Funding and Financing Act is now a much more practical option for councils, developers and infrastructure providers looking to get infrastructure projects off the ground. We encourage the sector to make full use of it.” Mr Bishop says. “By making it easier to deliver the roads, water infrastructure and transport links our growing communities need, these changes will enable more homes to be built, support the economy and ensure growth pays for growth.” Notes to editors: National Infrastructure Funding and Financing (NIFF) can be contacted by potential proponents to assess whether the Infrastructure Funding and Financing Act may be suitable for their project in the first instance. The Planning Bill and Natural Environment Bill, which deliver Pillar One of the Going for Housing Growth programme, have been reported back to Parliament by the Environment Committee. Further information on Pillar Three of the Going for Housing Growth programme can be found on the Beehive Website.
Rebounding inflation, fiscal pressures threaten recovery
• Think tank says govt’s increasing reliance on borrowing from banking sector crowding out private investment • Seeks policy shift to economic freedom, from reactive ‘stabilisation’ required by International Monetary Fund ISLAMABAD: Pakistan’s nascent macroeconomic recovery, which began in 2025, is stalling due to the geopolitical situation, leading to rising inflation and reducing the monetary freedom of individuals and firms in an economy where around 80pc of the labour force operates in the informal sector. “The macroeconomic recovery that began in 2025 is stalling due to geopolitical obstacles. CPI inflation re-entered double digits at 10.9-11.7pc between April and June, with the SPI climbing to 12.8pc by June, reducing the monetary freedom of individuals and firms,” said the Policy Research Institute of Market Economy (Prime), a private think tank, in its report for July 2026. It stated debt servicing and defence consumed 94pc of net federal revenue, while in recent years defence spending had increased further, leaving just six per cent of revenue for health, education, infrastructure, social protection and all other essential government functions. Prime highlighted that the Labour Force Survey 2025 reported that 80.8pc of the labour force was employed in the informal sector. A salaried individual earning Rs5 million faces an effective tax rate of 33.29pc, with tax deducted at source, leaving little scope for tax evasion. By contrast, a shopkeeper with the same income pays just 0.5pc under presumptive and fixed tax schemes. The Budget 2026-27 offered limited relief to the salaried class and did nothing to bridge this gap. The report suggested that the policy response must shift from the reactive stabilisation required under the IMF programme to a resilience-driven framework that ensures economic freedom, defined as the fundamental ability of every individual to exercise control over their property and labour. In an economically free society, individuals have the right to work, produce, consume and invest as they choose. Using the Heritage Foundation’s Index of Economic Freedom, Prime said Pakistan scored 48.9, placing it in the “Repressed” category. The index evaluates 12 quantitative and qualitative indicators across four pillars: Rule of Law, Government Size, Regulatory Efficiency and Open Markets. While the index assigned Pakistan scores of 25.7 for property rights, 27.6 for judicial effectiveness, 26.3 for government integrity and 10.1 for fiscal health, Prime argued that even seemingly favourable scores concealed the actual situation. “Several scores conceal rather than reveal reality: Government Spending (88.5) and Tax Burden (78.2) suggest a lean, low-tax state; Pakistan is neither,” it observed. The report noted that the National Tariff Policy 2025-30, a positive step for economic freedom, reduces customs duties on 3,125 tariff lines. In FY26, customs revenue increased from Rs1.588 trillion to Rs1.651tr despite the reduction in tariff rates. According to the report, the recent budget provided some meaningful relief for salaried taxpayers, while the super tax was reduced, with its complete withdrawal for firms deriving 80pc or more of their revenue from exports. The income surcharge has also been eliminated. Likewise, the fiscal deficit is projected to narrow to 3.6pc of GDP, with a primary surplus of 2pc, although this is largely attributable to lower interest rates. It highlighted that interest payments and defence account for 94pc of net federal revenue, leaving only 6pc for pensions, the running of the civil government and development spending combined. In addition, Rs2.353tr in tax expenditures demonstrated preferential treatment for selected sectors, funded through higher tax rates imposed on the documented economy. It argued that Pakistan’s financial freedom score of 60.0 most sharply contradicted the ground reality. Credit to the government sector stood at Rs37.2tr in May 2026, compared with Rs13.8tr for the private sector. “A score for a financial system in which the government absorbs nearly three times more credit than the entire private sector does not reflect the reality of financial access in Pakistan,” the report said. The report recommended lowering tax rates by broadening the effective tax base, reducing GST to 15pc, cutting the corporate tax rate to 25pc and abolishing the super tax. It also called for reducing the government’s borrowing footprint through differentiated bank capital adequacy treatment, legislating the National Tariff Policy’s 15pc customs duty ceiling and improving transparency by replacing the Petroleum Development Levy with a uniform GST rate, arguing that frequent changes in the PDL create uncertainty and reduce transparency for consumers. Published in Dawn, July 27th, 2026