OPEC+ agreed on Sunday to extend most of its deep oil output cuts well into 2025 as the group seeks to shore up the market amid tepid demand growth, high interest rates and rising rival US production. Brent crude oil prices have been trading near $80 per barrel in recent days, below what many OPEC+ members need to balance their budgets. Worries over slow demand growth in top oil importer China
The Chainstore Association of Pakistan (CAP) has called for urgent reforms in the taxation of the retail sector to stimulate economic growth and ensure sustainable tax compliance. Chairman CAP Tariq Mehboob Rana and Senior Vice-Chairman Asfand Yar Faruukh highlighted that CAP represents over 200 tax-compliant Tier-1 retailers integrated with the FBR-POS (Federal Board of Revenue-Point of Sale) sys
The Pakistani currency dipped by Rs0.03, closing at Rs278.36 against the US dollar in the inter-bank market due to a decrease in the supply of foreign currency in the domestic economy. Overall, the currency remained stable, fluctuating in the range of Rs278-278.50/$ for several weeks. The recent nominal depreciation occurred after Tresmark, the treasury firm, reported that exporters had slow
Karachi have urgently called on the government to develop a sustainable and pragmatic policy to halt the immediate closures of factories across all seven industrial zones of the port city. They are striving to stem the rising tide of Small and Medium Enterprises (SMEs) and other units already struggling, which are being forced to shut down due to increasing energy tariffs. This situation has led t
Saudi Aramco, the world’s most integrated oil company, has made its first foray into Pakistan’s retail fuel market by acquiring a 40 per cent stake in Gas & Oil Pakistan (GO). The acquired company, GO, is a diversified downstream fuels, lubricants, and convenience store operator with a network of more than 1,100 retail outlets in Pakistan. It provides petrol, diesel, and lubricants through stor