FY27 | Pakistan

ISLAMABAD: The government has imposed a complete ban on importing high-speed diesel (HSD) by private oil marketing companies (OMCs). Instead, only the state-owned Pakistan State Oil (PSO) will handle imports for the current fiscal year. This is part of the federal cabinet’s decisions, which also capped petrol import quantities by private OMCs based on their past sales. The decisions are premised on the Petroleum Division’s request in the wake of ‘prevailing market conditions and in order to minimise the impact of rising petroleum prices on consumers’. Under the decision, PSO would also enter a long-term supply contract with OQ Trading of Oman for petrol imports, in view of security of supplies needed in view of the closure of the Strait of Hormuz. The decisions have been conveyed to the Oil & Gas Regulatory Authority (Ogra) as fresh policy guidelines for fuel arrangements and a revised pricing mechanism for petroleum products. “HSD import to be allowed only through PSO for FY27,” the guidelines said. Govt cap...

PESHAWAR: As the Khyber Pakhtunkhwa (KP) Assembly on Wednesday passed an Rs2.17 trillion budget for the fiscal year 2026-27 (FY27), bulldozing the cut motions and approving grants of all the departments, Chief Minister Sohail Afridi said the coming fiscal year will be one of peace, prosperity and development for the province. The FY27 budget for KP was presented on June 20, with CM Afridi saying that the provincial government would not give any grants to the federal government, and that any decision on providing additional funds to the Centre would be made by PTI founder Imran Khan. “We cannot develop unless there is peace, and this is why we have enhanced the budget for police to Rs40 billion in order to equip them, develop infrastructure, enhance capacity and remove all shortcomings,” the chief minister said today while addressing lawmakers in the KP Assembly. The chief minister, during the session chaired by KP Assembly Speaker Babar Saleem Swati, stated that Peshawar, which was the provincial capital and ...

ISLAMABAD: Information Minister Attaullah Tarar on Sunday invited the opposition to sign a Charter of Economy (CoE) and defended the federal budget 2026-27. Speaking on the floor of the National Assembly on Sunday, Tarar gave credit to the government for what he called “sagacious” economic policy. “It’s a friendly and relief-oriented budget for all,” he said, noting that the budget has proposed to abolish the super tax, which had been approved by Prime Minister Shehbaz Sharif. The information minister highlighted that revenue and foreign remittances had increased. Tarar urged opposition to appreciate the good decisions made by the government, particularly its efforts for peace in the Middle East. “Today the economy is on the right track,” he asserted. On June 12, the government presented the budget for FY27, announcing relief measures for the salaried, corporate, real estate and export sectors to revive struggling economic activity. While the government has placed greater emphasis on enforcement measures rath...