कारोबार

  • | | |

    Gold surges past Rs427,000 mark

    ByJustpaste.in

    Gold prices moved higher in Pakistan on Thursday, tracking gains in the international bullion market. According to the latest market rates, the price of 24-karat gold per tola increased by Rs1,000, reaching Rs427,436. Meanwhile, the price of 10 grams of gold rose by Rs857 to Rs366,457. The upward trend followed a rise in global gold prices, where the precious metal gained $10 to trade at $4,050 per ounce, including the prevailing premium. In contrast, silver prices declined in the local market. The price of silver per tola fell by Rs76, settling at Rs6,215. Bullion traders said fluctuations in international prices continue to influence domestic gold rates, with local prices largely reflecting movements in the global market.

  • | | |

    Sindh assigns Rs8.5bn karachi projects to FWO

    ByJustpaste.in

    The Sindh government has handed over four major infrastructure projects worth around Rs8.5 billion in Karachi to the Frontier Works Organisation (FWO), with work on three of the projects scheduled to begin on the ground in August. One of the key projects involves the construction of a flyover or interchange near the Northern Bypass on the M-9 Motorway. The Sindh Local Government Department has started the process of obtaining a no-objection certificate (NOC) from the National Highway Authority (NHA) because the project will be built over the motorway. The new interchange aims to improve traffic flow between Jinnah Avenue and Malir Cantonment Road and the routes connecting Hyderabad and Sohrab Goth Vegetable Market with Jinnah Avenue. Once completed, the facility will allow motorists to cross between both sides of the motorway without taking lengthy U-turns. Authorities have estimated the cost of this project at Rs2.3 billion. The budget also covers the rehabilitation and beautification of Jinnah Avenue, which is expected to improve the overall appearance and connectivity of the area. Another major project will see the construction of a flyover at an intersection on the M-9 near Al-Asif Square, providing a direct link to Abul Hasan Isphahani Road. The project carries an estimated cost of Rs2.1 billion, and construction is expected to formally begin in August. The flyover will facilitate traffic arriving from different directions and is expected to ease congestion at one of the city’s busy intersections. The government has also included the rehabilitation and improvement of roads along the Hawksbay corridor. The project covers an 8.5-kilometre stretch from the Y Junction to Machli Chowk, as well as the road extending from Machli Chowk towards Kaka Pir. Authorities have estimated the combined cost of these works at Rs4.162 billion, with construction also scheduled to begin in August. In addition, the Sindh government plans to launch work on another major project at the Malir Halt Underpass soon. The initiative forms part of the provincial government’s broader efforts to upgrade Karachi’s road infrastructure, improve traffic movement and address congestion at key entry and exit points across the city. The four projects, collectively worth approximately Rs8.5 billion, are expected to enhance connectivity and provide motorists with safer and more efficient routes across several important parts of Karachi.

  • | | |

    PRL and SSGC face Senate anger over missing inform…

    ByJustpaste.in

    Islamabad: State owned petroleum companies Pakistan Refinery Limited (PRL) and Sui Southern Gas Company (SSGC) faced serious criticism in the Senate after lawmakers expressed dissatisfaction over missing information, failure to follow committee directions and concerns about company management. The Senate Standing Committee on Petroleum questioned the performance and accountability of government owned petroleum companies and considered taking strict action against officials who failed to cooperate with parliamentary oversight. During the meeting chaired by Senator Umer Farooq, the committee reviewed the appointment criteria for chairpersons and managing directors of petroleum companies, the structure of their boards and progress on previous committee recommendations. The committee took serious notice of the absence of the Managing Director of Pakistan Refinery Limited during the meeting. Members expressed concern that PRL, despite being a state-owned company, did not provide the required information to the committee. The committee considered initiating a privilege motion against the Managing Director of PRL for failing to appear and provide necessary details. The Petroleum Division was directed to submit complete information about the boards of directors and senior management of all government owned petroleum companies. The committee said transparency in leadership appointments and company management is necessary because these organisations deal with matters directly linked to the national economy and public interest. The committee also expressed dissatisfaction over the performance of Sui Southern Gas Company and its failure to implement previous recommendations. Members said SSGC had not provided details of its board of directors despite earlier instructions. The committee also raised concerns over remarks made by SSGC that were considered discouraging toward the Senate Standing Committee’s role in discussing important matters. The committee considered moving a privilege motion against SSGC over non compliance with its directions. The Petroleum Division was further directed to review the tenure of board members who have remained in positions beyond the approved period and submit a detailed report. The committee also raised concerns over the absence of performance audits of oil rigs. Authorities were directed to provide the required audit report within seven days so that the committee could review the performance and efficiency of petroleum sector operations. Members said proper audits are necessary to identify problems, improve production and ensure better use of national resources. The committee also reviewed issues related to LPG quotas and licensing. The Oil and Gas Regulatory Authority was directed to hold consultations with all relevant stakeholders and submit a detailed report to the committee. Senators stressed that petroleum companies must improve governance, follow parliamentary instructions and ensure public institutions operate with transparency. The committee said accountability in state owned petroleum companies is essential to protect national interests and improve confidence in the energy sector.

  • | | |

    Daily petrol prices trigger Senate debate over tra…

    ByJustpaste.in

    Islamabad: Pakistan’s new daily petroleum pricing system came under serious discussion in the Senate as lawmakers questioned whether the mechanism is providing relief to consumers or creating new challenges for the public and fuel dealers. The Senate Standing Committee on Petroleum reviewed the daily petrol price determination system and demanded clarity over why the government replaced the previous fortnightly price revision system with daily changes. The committee questioned the reasons behind the new policy and asked whether frequent price adjustments were helping ordinary citizens or increasing uncertainty in the fuel market. Federal Minister for Petroleum informed the committee that the government had removed political influence from the petroleum pricing process by giving the responsibility of setting prices to the Oil and Gas Regulatory Authority (OGRA), an independent regulator. He said the new system was introduced to make petroleum price decisions more transparent and based on market conditions. OGRA Chairman informed the committee that petrol prices are calculated through a seven day average of international Platts benchmark prices. He explained that instead of directly passing sudden changes in international oil markets to consumers, the seven day average spreads the impact over time. According to OGRA, the system helps reduce sudden price shocks, especially during international tensions and market uncertainty. Officials said the daily pricing mechanism also aims to discourage people from creating artificial shortages or making unfair profits through speculation. However, senators raised concerns about the effect of frequent price changes on citizens and businesses. The committee expressed concern over the high tax burden on petroleum products and questioned how increasing fuel costs affect the daily lives of ordinary people. Representatives of the Petroleum Dealers Association informed the committee that frequent price revisions were creating operational difficulties for fuel dealers. They said continuous price changes make business planning more difficult and require better coordination between authorities and dealers. The committee directed OGRA to consult all stakeholders, including petroleum dealers, and prepare practical recommendations to address their concerns. Members also stressed the need for greater use of technology in the petroleum supply chain to prevent fuel smuggling, adulteration and illegal storage. The committee said a stronger digital monitoring system could improve transparency and ensure consumers receive better quality fuel. Senator Umer Farooq chaired the meeting of the Senate Standing Committee on Petroleum, where members reviewed the new pricing system and related petroleum sector issues. The committee emphasized that petroleum pricing directly affects every citizen because fuel costs influence transportation, business expenses and prices of daily goods. Members said the government and regulators must ensure that any pricing system protects consumers while maintaining stability in the petroleum market. The committee directed OGRA to continue reviewing the mechanism and ensure that the interests of consumers remain the top priority.

  • | |

    Russia extends fuel export ban until January 2027

    ByJustpaste.in

    Russia has extended its ban on diesel and petrol exports until January 31, 2027, as the government seeks to stabilise domestic fuel supplies and curb rising prices. In a statement, the Russian government said the export restrictions will remain in force until the end of January next year. The move is aimed at ensuring adequate fuel availability in the domestic market amid continued pressure on the country’s energy sector. The latest decision follows an earlier temporary ban on diesel exports that was imposed from July 8 to July 31. Russia has also previously restricted exports of petrol and jet fuel in an effort to address supply shortages at home. According to reports, the export curbs come after repeated Ukrainian drone attacks on Russian oil refineries, which have disrupted refining operations and reduced fuel production in several regions. The attacks have contributed to fuel shortages and rising domestic prices, prompting authorities to prioritise local demand over exports. The government believes extending the restrictions will help ease pressure on consumers and maintain stability in the country’s fuel market. Russia is one of the world’s leading exporters of refined petroleum products, and any changes to its export policy are closely monitored by global energy markets. Analysts say prolonged export restrictions could influence regional fuel supplies and international energy prices if they remain in place for an extended period. The government has not indicated whether the ban will be lifted before the January deadline, saying it will continue to monitor domestic fuel availability and market conditions.

  • |

    DC approves Rs4.14 billion District Health Authority budget for FY2026-27

    ByJustpaste.in

    GUJRAT: Deputy Commissioner and Administrator District Health Authority (DHA) Gujrat Noor-ul-Ain Qureshi has approved a budget of more than Rs4.14 billion for the District Health Authority for the financial year 2026-27, with the largest allocation earmarked for salaries of healthcare workers and a significant share reserved for the uninterrupted supply of medicines in government health facilities. The budget was approved during a meeting chaired by the deputy commissioner at her office on Wednesday. The meeting was attended by Chief Executive Officer Health Dr Syed Atta ul Munim, Deputy Director Budget Health, and other relevant officials, who reviewed the proposed allocations and expenditure plan for the upcoming fiscal year. According to officials, the total approved budget stands at Rs4,141,211,000, covering salaries, medicines, utilities, contractual staff payments, recruitment and repair of health facilities across the district. Officials informed the meeting that Rs3.274 billion has been allocated for salaries and allowances of doctors, nurses, paramedics and other employees serving in the district health system. The allocation constitutes the largest portion of the annual budget and is aimed at ensuring uninterrupted payment of salaries to healthcare staff working in hospitals and primary healthcare facilities. A sum of Rs400 million has been reserved for the procurement and uninterrupted supply of medicines to government healthcare institutions, including the District Headquarters Hospital, Tehsil Headquarters Hospitals, Rural Health Centres (RHCs), Basic Health Units (BHUs) and other public health facilities operating under the District Health Authority. The meeting was further informed that Rs104 million has been allocated for the payment of electricity, gas, water and other utility bills to ensure smooth functioning of health institutions across the district. An additional Rs60 million has been earmarked for payments to doctors serving under the lump-sum pay package, enabling the authority to continue services in facilities where contractual medical professionals are performing duties. Officials also briefed the meeting that the remaining funds would be utilised for Expanded Programme on Immunisation (EPI) recruitments, repair and rehabilitation of healthcare facilities, and other operational requirements aimed at strengthening service delivery throughout the district. Deputy Commissioner Noor-ul-Ain Qureshi directed the health authorities to ensure transparent utilisation of public funds and stressed that every allocation should directly contribute to improving healthcare services for citizens. She emphasised the need for strict financial discipline and instructed officers to closely monitor expenditure throughout the financial year. The meeting also reviewed priority areas requiring financial support and discussed measures to maintain uninterrupted healthcare services in both urban and rural areas of the district. The approval of the annual budget comes as the District Health Authority seeks to improve service delivery, maintain essential medical supplies and address operational needs across Gujrat’s public healthcare network. Officials expressed confidence that timely release and efficient utilisation of funds would help strengthen healthcare services and improve access to treatment for residents across the district during the 2026-27 fiscal year.

  • | |

    Afghanistan exports Black Dimension Stone to US

    ByJustpaste.in

    Afghanistan has exported a shipment of its natural Black Dimension Stone to the United States for the first time, marking a significant step for the country’s mining and export sector. According to Afghan media reports, the shipment is valued at around $100,000. The export is being viewed as an important milestone in Afghanistan’s efforts to expand its presence in international mineral markets. The shipment was arranged by a private Afghan company. However, officials have not disclosed the name of the exporting company or the identity of the American buyer. The exported stone was extracted from a mine located in the Zindajan district of Herat province, an area known for its mineral resources. Zindajan lies approximately 40 kilometres west of Herat city, close to the border with Iran. Natural Black Dimension Stone is widely used in the construction and architectural industries for flooring, wall cladding, monuments and decorative projects because of its durability and polished appearance. The latest export highlights Afghanistan’s growing interest in developing its mining sector, which is considered one of the country’s most valuable economic resources. The country possesses significant deposits of marble, gemstones, precious metals and other industrial minerals that have the potential to boost exports and generate foreign exchange. Officials hope that increased international demand for Afghan minerals will encourage further investment in the mining industry and create new economic opportunities

  • | | | |

    Oil prices fall as Hormuz shipments resume

    ByJustpaste.in

    Global oil prices fell sharply on Friday, extending weekly losses as crude exports through the Strait of Hormuz gradually resumed, easing fears of prolonged supply disruptions despite a fresh maritime security incident near Oman. Brent crude dropped nearly 2% to $73.76 per barrel, while US West Texas Intermediate (WTI) crude also declined around 2% to $70.43 per barrel during trading. The decline reflected growing market confidence that oil supplies from the Gulf were beginning to recover after months of disruption. Saudi Arabia’s state-owned energy company resumed crude loading operations at the Ras Tanura export terminal after a suspension of almost four months. Shipping data indicated that two very large crude carriers were loading oil at the terminal, with another tanker waiting offshore, signalling a gradual restoration of export activity. Market analysts said traders were reacting positively to the increase in tanker movements through the Strait of Hormuz, one of the world’s most important energy corridors. However, they noted that crude demand from China remains weaker than expected, adding downward pressure on prices. The market had briefly rallied a day earlier after a commercial cargo vessel was struck by an unidentified projectile near Oman, prompting the United Nations’ shipping agency to suspend its voluntary evacuation programme in the area. US officials later alleged that Iranian forces had fired on the vessel as it attempted to transit the strait, while Iranian authorities maintained that security could not be guaranteed for ships operating outside designated navigation routes. Although oil shipments through the Strait of Hormuz have reached their highest level since the outbreak of the US-Israel-Iran conflict in February, overall maritime traffic remains well below normal levels recorded before the crisis. Analysts observed that much of the recent increase in tanker traffic reflects vessels that had been stranded during the conflict finally leaving the Persian Gulf. They cautioned that inbound shipping remains limited, suggesting export flows could slow again once the backlog of delayed vessels has cleared. Adding another layer of uncertainty, earthquakes in Venezuela raised fresh concerns about global oil supplies. Initial assessments indicated that the country’s major oilfields, refineries and export facilities escaped significant damage because they were located away from the hardest-hit regions. Nevertheless, widespread power outages have created uncertainty over whether Venezuela can maintain crude production near its recent level of approximately 1.2 million barrels per day. Despite ongoing geopolitical tensions and supply risks, the resumption of Gulf oil exports outweighed immediate concerns, leaving both Brent and WTI crude on course for weekly losses of around eight percent.

  • | | | |

    Oil slips as higher supplies ease market fears

    ByJustpaste.in

    Global oil prices declined on Friday as increased crude shipments through key maritime routes helped calm supply concerns, despite continued geopolitical tensions in the Middle East and limited progress in diplomatic talks between the United States and Iran. Brent crude futures dropped by $1.03, or 1.2%, to trade at $88 per barrel, while US West Texas Intermediate (WTI) crude fell $1.50, or 1.8%, to $82.09 per barrel. Even with the daily decline, both international benchmarks remained on track to post monthly gains of around 20%. Market analysts said the fall in prices was mainly driven by improving oil flows through the Strait of Hormuz, one of the world’s most important energy shipping routes. The increase in exports helped offset fears that the ongoing regional conflict could lead to major supply disruptions. The Strait of Hormuz normally carries nearly one-fifth of the world’s crude oil and liquefied natural gas shipments. The route has remained under close watch since tensions escalated following the conflict involving the United States, Israel and Iran. At the same time, Saudi Arabia is working with regional partners to strengthen maritime security in strategic waterways, including the Bab el-Mandeb Strait, the Red Sea and the Gulf of Aden. These routes play a vital role in global energy transportation. According to Saudi officials, 14 countries have expressed support for the proposed multinational maritime defence initiative, aimed at improving the safety of commercial shipping in the region. Meanwhile, the security situation remains uncertain after Yemen’s Houthi movement announced a naval blockade targeting Saudi Arabia, raising fresh concerns over the safety of Red Sea shipping lanes, which serve as an alternative route for oil exports. Although oil tankers continue to pass through both the Strait of Hormuz and the Red Sea, traders say higher security risks have pushed up shipping costs and insurance premiums. These additional expenses continue to keep a geopolitical risk premium built into global oil prices.

  • |

    Gold prices jump Rs3,000 per tola in Pakistan

    ByJustpaste.in

    Gold prices continued their upward trend in Pakistan on Friday, with the price of the precious metal increasing by Rs3,000 per tola in line with gains in the international market. According to the All Pakistan Gems and Jewellers Association (APGJA), the latest increase pushed the price of one tola of gold to Rs430,436, marking another sharp rise in the local bullion market. The increase comes amid continued strength in global gold prices and growing demand for safe-haven assets. The association also reported an increase in the price of 10 grams of gold. Following a rise of Rs2,572, the price of 10 grams reached Rs369,029. Bullion dealers said local gold prices generally move in line with international market trends and are also influenced by fluctuations in the value of the Pakistani rupee against the US dollar. Any increase in global prices is usually reflected in domestic rates. In the international market, gold prices also recorded a significant gain. The price of the precious metal rose by $30 per ounce, taking it to $4,080 per ounce. The global increase provided further support to rising prices in Pakistan. Gold is widely regarded as a safe investment during periods of economic uncertainty and market volatility. As international prices continue to strengthen, local buyers and jewellers are closely monitoring market movements for further changes in bullion rates. Market analysts believe domestic gold prices will continue to follow international trends, with future movements depending on global economic conditions, investor demand and currency fluctuations. Buyers are expected to remain cautious as higher prices increase the cost of jewellery and investment purchases