Petroleum Minister Ali Pervaiz Malik issued a stark warning on Sunday that petrol prices could reach Rs1,000 per litre if a fuel shortage emerged in the country, as global oil prices continued to surge amid renewed hostilities in the Middle East and Houthi attacks on Saudi Arabia. Speaking to journalists in Lahore, Malik said petroleum…
File photo: A man walks past an Indian Rupee symbol installation at the Reserve Bank of India (RBI) headquarters in Mumbai (Picture credit: Reuters) The Indian rupee fell 0.4% against the US dollar on Tuesday, logging its sharpest single-day decline in two months as rising oil prices and expectations of higher US interest rates weighed…
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The International Monetary Fund (IMF) on Thursday warned that continued disruptions from the Iran war are pushing the global economy closer to an “adverse” scenario marked by slower growth, tighter financial conditions and rising inflation risks, AFP reported.Last month, the IMF’s World Economic Outlook projected global growth at 3.1 per cent for 2026 under its…
Prime Minister Shehbaz Sharif on Friday announced a cut of Rs12 in petrol price and Rs135 in diesel rate, citing reduction in global oil prices. In a televised address, the prime minister said the new price of petrol has been set at Rs366 per litre and diesel at Rs385 per litre, effective April 11. His…
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Oil prices resumed their push higher Tuesday as several countries pushed back against Donald Trump’s demand that they help secure the key Strait of Hormuz, while Iran continued to target crude-producing neighbours. The advances pared some of the previous day’s sharp losses that came after the head of the International Energy Agency (IEA) said more…
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Oil extended gains on Tuesday, supported by the latest oil output hike from OPEC+ being smaller than anticipated, expectations that China will continue stockpiling oil and concerns over potential new sanctions on Russia. Eight members of the Organization of the Petroleum Exporting Countries and allies agreed on Sunday to raise production from October by 137,000 barrels…
A reduction in the prices of petroleum products is expected by the end of this week, owing to the drop in global oil prices. If confirmed, this would mark the third consecutive bi-weekly drop in prices of petroleum products. Petrol is expected to become cheaper by Rs12 per litre while the price of diesel is also…
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