The president arrived in China on Saturday for a week-long visit to the Hunan and Hainan provinces for engagements related to economic and trade cooperation. He will remain in Hunan’s Changsha city until Monday, and then travel to Hainan’s Sanya from April 28 to May 1.

On Sunday, President Zardari visited Sany Heavy Industry Co. Ltd. in Changsha, where Sany Group Chairman Tang Xiuguo briefed him on the company’s advanced manufacturing systems, product lines and ongoing investments in research and development (R&D).

Sany Group deals in a wide range of products, including construction and mining equipment, port machinery, oil drilling machinery, and renewable wind energy systems.

A post on X by the Presidency said, “From smart manufacturing to tech transfers in construction and clean energy, the focus is on modernising Pakistan’s infrastructure through global partnerships.”

President Zardari appreciated the scale, sophistication and technological depth of Sany’s manufacturing ecosystem, the President Secretariat’s Media Wing said in a press release.

He emphasised the importance of strengthening cooperation in industrial technology, skill development and joint ventures, which could support Pakistan’s infrastructure and industrial growth.

He also highlighted the potential for collaboration in areas such as construction machinery, digital manufacturing, clean energy and engineering solutions.

During the visit, the president was given a detailed overview of Sany’s operations, including its core business areas of concrete machinery, excavators, cranes, piling equipment and road machinery.

He was given a tour of the company’s flagship No. 18 Factory, a digitally integrated manufacturing facility recognised for its advanced automation and data-driven production systems.

President Zardari was also briefed on the factory’s intelligent operations, high automation rate and its role as a benchmark for modern industrial manufacturing.

He noted the scale of technological integration and its relevance for countries seeking to modernise industrial production and improve efficiency.

He was informed about the company’s financial and operational performance, including its 2024 operating revenue of $11.27 billion, product segmentation and sustained investment in innovation and R&D capacity.

Meanwhile, Tang Xiuguo underlined Sany’s commitment to innovation, digitalisation and international partnerships.

He discussed the country’s ongoing operations in Pakistan and expressed the willingness to explore opportunities for increased collaboration with Islamabad in manufacturing, technology exchange and capacity building.

Changsha Vice Mayor Qian Lixia was also present on the occasion.

Saleem Mandviwalla and Naveed Qamar, the chairpersons of the Senate and National Assembly standing committees on finance, respectively, accompanied the president.

The president was also accompanied by Sindh Senior Minister Sharjeel Inam Memon, China’s Ambassador to Pakistan Jiang Zaidong, Pakistan’s Ambassador to China Khalil Hashmi and other officials.

He also visited the Hunan Tea Group in Changsha “to explore Pakistan-China cooperation in agro-processing and value addition,” the Presidency posted on X.

“​The president was briefed on the supply chain mechanism and invited the group to bring their expertise in tea cultivation and exports to Pakistan,” the post said.

The development comes against the backdrop of a shifting global trade environment, as the US-Iran conflict sends shockwaves through the Middle East, impacting global goods transport, accelerating the fall in exports to European markets.

Additionally, earlier this year, European Union preferential market access was offered to India, one of Pakistan’s key competitors in textiles.

Earlier this month, the EU Ambassador to Pakistan Raimundas Karoblis also warned Pakistan that access to the GSP+ — which allows duty-free entry into most European markets — was neither guaranteed nor automatic, signalling a more conditional approach from Brussels reliant on Islamabad’s progress on human rights issues.

For Pakistani exporters, the evolving situation presents a dual challenge: maintaining compliance with EU conditions while facing increasing competition from countries gaining preferential or expanded market access.

Exporters will face mounting pressure to retain their markets amid logistical challenges posed by the ongoing conflict coupled with rising input costs in the country.

Trade analysts warn that the conflict could further dampen export demand, as rising energy costs are likely to squeeze consumer spending in Europe, which is already under strain from the economic fallout of the Ukraine war.

They caution that these pressures could erode purchasing power and weigh further on demand for imported goods, including those from Pakistan.

Official data compiled by the State Bank of Pakistan showed that Pakistan’s exports to European countries recorded a paltry year-on-year growth of 0.94 per cent to $6.86 billion in the nine months (July to March) of fiscal year 2025-26 (9MFY26) against $6.79bn over the last year.

The slowdown is mainly driven by a decline in shipments to northern and western European states.

In FY25, the exports to the EU rose 7.44pc to $8.86bn, up from $8.24bn in the previous fiscal year. In comparison, in FY24, Pakistan’s exports to the EU had dipped 3.12pc to $8.24bn despite its GSP+ status.

Northern and Western Europe

Exports to northern Europe slightly dipped by 0.85pc to $557.31m in 9MFY26, from $562.13m in the corresponding months last year.

Western Europe, which includes countries such as Germany, the Netherlands, France, and Belgium, accounts for the largest share of Pakistan’s exports to the EU.

Exports to this region slightly fell by 3.14pc to $3.30bn in 9MFY26, from $3.41bn in FY25:

• Germany: Exports down 2.97pc to $1.24bn
• Netherlands: Exports down 1.78pc to $1.1bn
• France: Exports down 2.62pc to $411.89m
• Belgium: Exports down 4.73pc to $402.86m

Southern and Eastern Europe

There is, however, a slight increase in exports to eastern and southern Europe.

Exports to southern Europe grew by 6.47pc to $2.43bn in the 9MFY26, from $2.28bn in the corresponding period last year, while exports to eastern Europe grew 5.06pc to $566.92m in 9MFY26 from $539.63m in the corresponding period last year.

• Spain: Exports up 7.44pc to $1.18bn
• Italy: Exports up 4.26pc to $880.13m
• Greece: Exports down 8.44pc to $98.16m

United Kingdom

Before Brexit, Pakistan’s major export destination was the United Kingdom. In the post-Brexit period, Pakistan’s exports to the UK decreased slightly to $1.62bn in 9MFY26 from $1.62bn in the corresponding period last year, a decline of 0.23pc.

In FY25, Pakistan’s exports to the UK increased by 7.19pc to $2.16bn from $2.02bn in the preceding year.

In a statement issued on Sunday — a weekly holiday — the Power Division said that on the directives of Power Minister Awais Leghari, it has “formally asked Nepra for a review to abolish the application fee and remove the license requirement for solar consumers of 25 kilowatts and below”.

The Power Division recalled that it had previously alerted Nepra about the adverse effects of this decision and requested that it be aligned with the old regulations.

Announcing the decision on X, Leghari said, “Our government is pro-solar, pro-consumer, and committed to clean energy. We want to remove unnecessary barriers, reduce costs, and provide as much relief as possible to the people of Pakistan.”

Under the previous 2015 regulations, distributed generation facilities of 25kW or below did not require a license from Nepra. Applications were processed directly by power distribution companies (Discos) without any fee, serving as a major fiscal incentive for residential users.

However, the new Prosumer Regulations centralised approval authority with Nepra and imposed application fees even on these small facilities, it said.

The Power Division noted that the Private Power and Infrastructure Board (PPIB) had flagged the regulatory shift and requested Nepra to maintain consistency with the earlier approvals regime for systems of 25 kW or below.

Additionally, during public hearings, the Pakistan Solar Association, Primage (Pvt) Ltd, the Pakistan Alternative Energy Association, and Siddiq Renewable Energy (Pvt) Ltd formally objected to the changes, arguing that removing approval authority from Discos would create unnecessary bureaucratic hurdles.

Following Leghari’s directive, the Power Division has now formally requested Nepra to reinstate the earlier practice for systems of 25kW and below, warning that the current approach risked slowing the national drive toward alternative energy adoption.

Over the last few years, the Nepra has become a virtual rubber stamp for the requirements of the government, particularly the Power Division.

The Power Division originally made several attempts to shift solar net metering to net-billing to significantly curtail financial benefits to prosumers and backtracked after public criticism.

Then it shifted the responsibility to Nepra, which reduced benefits to prosumers in November last year by even withdrawing many benefits for existing prosumers having valid licences.

As the government faced criticism, Nepra restored the net-metering facility to existing prosumers and introduced new applications for net-billing, and the requirements of a licence from Nepra at a one-time licence fee of Rs1000 per kW in February this year.

As applications started to pour in at Nepra, a social media campaign emerged against the government and the power minister for allegedly fleecing the public for a god-given energy resource, thus discouraging solar adoption.

The Power Division had distanced itself from the licence fee for weeks, saying it was Nepra’s domain and outside its powers. As media pressure continued, the power minister issued directives for an end to the licence fee and discreetly sought licensing to return to Discos instead of the regulator.

At the same time, most experts believed that it was not inflation but the growing fears in the region, including Pakistan, due to the Gulf war, that would determine the direction of monetary policy.

“The risks in the Gulf war are unseen and so uncertain that nobody can claim that the economy of Pakistan and other countries like it would remain in the same shape as it is now,” said a financial expert.

He added that inflation could entirely change the economy, with greater uncertainty, in the form of a sharp decline in manufacturing and a further increase in existing poverty.

Experts see 100bps hike in SBP committee’s meeting on Monday

The short-term inflation hit 14 per cent during the week that ended on April 23, reflecting the mood of headline inflation. The government has again increased diesel and petroleum prices, an approach to shield against possible future hikes in main inflation.

Opinions divided

There was consensus among most researchers, bankers and other stakeholders of the economy that the interest rate would rise. However, opinions were divided over the size of the increase in the interest rate.

Most researchers believe that the interest rate will increase by 100 basis points to 11.5pc from the prevailing 10.5pc. However, a sizeable opinion was in favour of 50bps.

“An increase in the interest rate of up to 50bps will reflect a slight deviation from the normal situation, but the situation is highly unpredictable and uncertain even regarding the main inflation,” said S.S. Iqbal.

He believes the situation demands at least a 100bps increase in the interest rate.

It is important to note that earlier predictions during the current fiscal year about interest rate cuts or increases by experts proved wrong, as the State Bank of Pakistan’s (SBP) calculations are different and it considers long-term impacts on the economy and future global trends.

“Considering higher than expected petroleum prices and consequently inflationary pressure, the SBP is expected to increase the rate by 100bps. If conditions persist in the mid-term, the rate may further go up,” said Rashid Masood Alam, a senior banker.

Tresmark, a research-based currency tracker, believes a 100bps hike will take place, not because data compels it, but as a pre-emptive move to protect hot money flows, counter inflation, and stay aligned with rising global bond yields.

“This is no longer just an oil story. Market relationships are breaking down. Oil, bonds, foreign exchange, and equities are all moving simultaneously, often in conflicting directions, with no clear anchor,” said Faisal Mamsa, the CEO of Tresmark.

A higher interest rate will yield more money for exporters and remitters but create serious problems for importers. It will also increase the debt burden of the government, which borrows heavily from banks and corporates to accumulate liquidity needed to run the government.

Published in Dawn, April 26th, 2026

The benchmark KSE-100 index ended the week lower, though a strong rally in the final session helped to trim losses. The late recovery was driven by speculation surrounding a visit by Iran’s foreign minister, which some investors initially interpreted as signalling a possible resumption of negotiations between Washington and Tehran.

Arif Habib Ltd (AHL) reported that the index closed at 170,672 points, down 3,267 points, or around 1.88pc, over the week. The market remained under pressure due to delays in a second round of US-Iran negotiations, despite an extension in the ceasefire reportedly secured at Pakistan’s request.

According to Topline Securities Ltd, the market’s downturn reflected heightened geopolitical risks. The deadlock between the US and Iran triggered broad-based selling across key sectors, including banking, fertilisers, and oil and gas exploration.

Hormuz crisis, oil surge spook banking and energy stocks

Global equity markets also weakened as tensions around the Strait of Hormuz disrupted supply routes and pushed oil prices higher. Brent crude rose 3.2pc over the week to settle at $104.8 per barrel, exacerbating inflationary concerns for oil-importing economies such as Pakistan.

The average daily traded volume stood at 1.2 billion shares, while the average traded value was Rs46bn. Individuals emerged as major buyers, with net purchases of $14.6m. In contrast, foreign corporates and insurance companies were significant sellers, offloading equities worth $12.5m and $11.9m, respectively.

AKD Securities Ltd noted that investor risk appetite weakened amid renewed diplomatic friction. However, sentiment improved towards the end of Friday’s session following confirmation that Iranian Foreign Minister Abbas Araghchi would visit Pakistan over the weekend, raising hopes of renewed engagement.

The US president’s decision earlier in the week to extend the ceasefire indefinitely also helped avert a sharper sell-off, keeping expectations of a potential resolution alive.

On the macroeconomic front, several developments provided some support. Pakistan received the final $1bn tranche of Saudi Arabia’s $3bn support package and repaid $3.45bn to the UAE against maturing deposits, meeting its external obligations on time.

Meanwhile, the State Bank of Pakistan’s foreign exchange reser­ves rose by $18m week-on-week to $15.1bn as of April 17. The rupee remained largely stable, appreciating marginally by 0.02pc to close at Rs278.85 against the dollar.

Pakistan raised an additional $250m by exercising a greenshoe option, bringing the total size of its latest Eurobond issuance to $750m, after a four-year gap.

The World Bank also reclassified Pakistan from the South Asia region to the Middle East, North Africa, Afghanistan and Pakistan (MENAAP) grouping, effective from fiscal year 2026.

On the economic data front, gas production fell 3.1pc week-on-week to 2,962mmcfd in the second week of April, primarily due to reduced output from Uch and a shutdown at Shewa. Oil production declined 1.1pc to 66,838 barrels per day, reflecting lower output from Makori East and Kunar Pasakhi Deep fields.

Repatriation of profits and dividends dropped 35.1pc year-on-year to $102.4m in March, although it rose sharply on a monthly basis. For the first nine months of FY26, repatriation increased 3.4pc to $1.78bn.

Sector-wise, textile weaving, refinery, and synthetic and rayon sectors posted gains, while jute, pharmaceuticals, and cement stocks lagged behind.

Analysts expect market direction to remain closely tied to developments in US-Iran relations. The ongoing corporate earnings season and the upcoming monetary policy decision are also likely to influence near-term sentiment.

Despite recent volatility, valuations remain attractive. The market is currently trading at a price-to-earnings ratio of around 8.3 times, with a dividend yield of approximately 6.3pc, offering some support to investors.

AKD Securities projected that a constructive geopolitical outcome could act as a key catalyst for recovery, adding that the index could reach 263,800 points by December if stability improves.

Published in Dawn, April 26th, 2026

Master Group’s Chery Tiggo 7 PHEV (Rs9.5m) and the Nishat Group’s Jaecoo J7 (Rs10.499m) are two different brands of China’s Chery Group, targeting modern sport utility vehicle (SUV) customers in Pakistan who are going wild for electrified vehicles, with a focus on performance and technology.

In reality, both Chinese brands are built on closely related platforms, share core engineering, and deliver near-identical hybrid performance — yet are priced differently in the Pakistani market, with an almost Rs1m difference. A senior official at Chery Master said this is a new competition in the booming SUV market, not just between brands but also within the same global automotive groups.

The Tiggo 7 PHEV enters the C-segment as a plug-in hybrid built on Chery’s latest Super Hybrid architecture. It combines a 1.5TGDI engine with an 18.3 kWh battery and a dedicated hybrid transmission, producing strong power output and delivering up to 90km of pure electric range and a combined range of around 1,200km.

Tiggo 7 undercuts Jaecoo J7 sharply

The Jaecoo J7, meanwhile, is part of Chery’s newer sub-brand strategy aimed at a more design-led, lifestyle-oriented positioning. While it introduces a distinct exterior identity — more rugged, upright, and off-road inspired — its underlying engineering DNA remains closely aligned with Chery’s existing hybrid platforms.

The official said this is not unusual in the global auto industry. Shared platforms across different brands — often referred to as “badge engineering” — are common practice.

But in Pakistan’s price-sensitive market, such comparisons are increasingly influencing buying decisions.

For many buyers switching from conventional petrol to SUVs, this difference is not marginal — it materially impacts affordability and ownership economics, the official said.

As petrol prices remain high, PHEVs offer a practical middle ground — enabling daily commutes on electric power while retaining the flexibility of a combustion engine for longer journeys.

The official said buyers are no longer evaluating vehicles purely on exterior styling or badge perception, but increasingly on underlying engineering and cost efficiency.

As Pakistan’s hybrid segment expands, such intra-group comparisons are likely to become more common. Consumers are currently not upbeat about the look of vehicles, but they prefer vehicles that deliver more for what they pay, he added.

Published in Dawn, April 26th, 2026

KARACHI: New auto players appear reluctant to share the localisation in their vehicle assembly operations, while local vendors continue to complain about the negligible localisation by the new entrants.

As the current auto policy is expiring on June 30, vendors claim that the new entrants have not given any clear signal about future local assembly of parts, while some big vendors might have inked deals with them to assemble a few parts. Some assemblers already have parts-making factories, utilise their parts for their own vehicles, and sell parts to other assemblers.

According to official data, imports of semi- and completely knocked-down (SKD/CKD) components by assemblers have surged by 116 per cent to $1.47bn in 9MFY26 year on year (YoY), while the import bill for auto accessories from FY22 to 9MFY26 has crossed $6bn, suggesting lukewarm efforts towards higher localisation.

As new entrants did not respond to the request of sharing localisation in their vehicles, an executive in Lucky Motor Corporation (LMC), however, said the company has localised wiring harness, seats, bumpers, grills, mufflers, battery, carpets, instrument panel reinforcement, AV Panels, HVAC Assy, Door trims, Rims and so many other parts which are feasible.

“Kia Sportage’s localisation is up to 35pc, and we are slowly targeting 40pc plus, while localisation in Picanto stands at 40pc,” he said.

Many vendors quote higher prices than those for imported parts, while some vendors ask assemblers to invest in tooling, which is also not possible, the executive said.

On the rising import bill of CKD/SKD kits, he said that it seems that assemblers have been trying to bring the kits and accessories in larger volumes before the new budget, fearing any changes in case the Middle East war prolongs and pressure on foreign exchange increases, resulting in suspension of opening LCs to curb dollar outflow.

The LMC official said, “Localisa­tion will only be possible if we have volumes, and without them, it’s not feasible.”

One of the reasons for higher SKD/CKD bills is the launching of new models at limited localisation under the incentives in the auto policy, low localisation in new models introduced by old players and higher sales of cars, SUVs and pickups.

Localisation of parts in Japanese assembled cars ranges between 50-70pc but vendors believe that local parts in new models are less than 50pc.

Auto sector expert, Mashood Ali Khan, claimed that vendors are not getting the required orders from the new entrants for parts making.

The auto sector, instead of evolving into a localised manufacturing base, is increasingly shifting toward an assembly-driven model.

Rising consumer demand for hybrid electric vehicles (HEVs), plug-in hybrids (PHEVs), and battery electric vehicles (BEVs) — estimated at 35,000 to 40,000 units annually — is largely being met through imported CKD/SKD kits, restricting the growth potential of Pakistan’s industrial ecosystem, particularly SMEs.

“Pakistan’s experience over the past decade has been marked by stagnant localisation levels. New entrants, despite policy commitments, have largely relied on CKD/SKD imports, benefiting from concessional tariffs without meaningful investment in local supply chains,” he said, adding that in many cases, parts are imported under multiple HS codes to minimise duties, effectively bypassing the spirit of localisation policies.

As a result, SMEs are now facing declining demand, reduced production, and limited technological advancement, he said.

Pakistan’s current IMF-suppor­ted economic framework is gradually steering the country toward an import-led auto industry, raising serious concerns about its long-term sustainability. While such policies may provide short-term macroeconomic stability, they risk undermining local manufacturing, technological development, and job creation, he said.

Policy inconsistency, weak enforcement, and continued incentives without accountability have contributed to the current imbalance. As a new auto policy is under consideration, it is essential to evaluate past outcomes rather than repeat past mistakes, he said.

Key reforms in the new auto policy must include a clear definition and strict monitoring of CKD/SKD structures, enforcement of time-bound localisation targets, linking incentives to actual technology transfer and local investment and protection and support for domestic auto parts manufacturers.

Chinese automotive success is not based on frequent model launches, but on deep localisation, scale production, and strong state-backed industrial policy, Mashood said.

Published in Dawn, April 26th, 2026

PARIS: Heating with geothermal energy, lighting with solar panels, cooking with biodegradable waste: how can we live with less oil and gas? It’s a long-burning question — but one that is catching fire as energy costs soar due to the conflict in the Middle East, which has strangled exports of crude oil and liquefied natural gas (LNG).

With the global energy shock caused by the conflict expected to linger, AFP’s video journalists around the world have explored how countries are experimenting with the climate transition.

Solar in Pakistan

The aerial view of Islamabad is striking: solar panels stretch as far as the eye can see from the rooftops of the lush, green Pakistani capital.

Pakistan’s shift to solar power is “one of the fastest consumer-led energy transitions on record”, according to a recent study by a Pakistani think tank.

Unlike Western economies, Pakistan — whose citizens have long struggled with energy shortages, blackouts and regular loadshedding — did not impose tariffs on solar technology from neighbouring China from 2013 to 2025.

The rise in oil and gas prices following Russia’s invasion of Ukraine in February 2022 has also spurred consumers to embrace solar power.

In the bustling streets of the ancient Mughal city of Lahore, Pakistan’s cultural capital, 49-year-old shopkeeper Aftab Ahmed is looking for solar panels to install at his home.

“It has become so expensive that an average person can no longer afford fuel for a motorcycle or a car. Fuel prices are also affecting electricity bills, leading to further increases,” he says. Solar power offers the possibility of “at least some savings”.

Geothermal in France

For a long time, the owners of the building where Anne Chatelain lives near Paris resisted switching from gas heating to geothermal energy.

But on Jan 1, they finally began heating their homes using the natural heat from the subsoil — the soil immediately beneath the surface.

As energy bills soar elsewhere in the world, “Our property manager has announced a 20 per cent reduction in heating and hot water bills for 2026 and 2027,” rejoices the 69-year-old retiree.

The tech is both climate-friendly and, as a local resource, “not subject to taxation and geopolitical upheavals” such as the war with Iran, says Gregory Mascarau, a Paris director for the French multinational electric utility company ENGIE.

Shallow geothermal energy allows heating and cooling by using the subsoil’s temperature at depths of less than 200 meters (650 feet).

‘Green coal’ in Chad

It looks like charcoal, but the black briquettes are actually made from plant waste: millet and sesame stalks, palm fronds and cobs. The residues are sorted, ground and mixed with a maceration of gum arabic to facilitate ignition, and with clay to slow combustion.

“It doesn’t smoke, it lasts, and it’s economical. And I can see that it doesn’t blacken the pot, and there aren’t even any side effects,” says Sophie Saboura, 24, a resident of the Chadian capital N’Djamena.

The briquettes last up to three times longer than traditional charcoal, according to Ousmane Alhadj Oumarou, technical director of the Raikina Association for Socio-Economic Development (Adser) factory.

“From an environmental standpoint, eco-friendly charcoal contributes to sanitation. And it also reduces the effects of climate change. It also helps combat deforestation,” says Oumarou.

Published in Dawn, April 26th, 2026

According to a statement from his office, the president arrived in Changsha and was received by Hu Xusheng, Vice Chairman of the Standing Committee of the Hunan Provincial People’s Congress.

“[The] ambassadors of China in Pakistan and Pakistan in China were also present on the occasion,” the President’s Secretariat said.

Earlier in the day, Punjab Governor Sardar Saleem Haider had seen off the president at the Allama Iqbal International Airport in Lahore, state-run PTV said.

According to the Foreign Office (FO), the president will travel to Hunan province’s Changsha from April 25 to 27, and then to Hainan province’s Sanya from April 28 to May 1.

“During the visit, the president will hold meetings with provincial leadership to review the full spectrum of Pakistan–China ties, with particular focus on economic and trade cooperation as well as the China-Pakistan Economic Corridor (CPEC),” the statement added.

The FO added that the visit is part of the “longstanding tradition of high-level exchanges between Pakistan and China and carries special significance as both countries mark the 75th anniversary of the establishment of diplomatic relations this year”.

It further said the trip reflects the “deep commitment” of both sides to further strengthen the strategic cooperative partnership.

Last year, President Asif Ali Zardari visited China on a 10-day official trip, during which he met the Chinese leadership and senior officials to further strengthen Pakistan–China relations, enhance cooperation in diverse fields, and advance shared objectives.

During the visit, six Memorandums of Understanding (MoUs) were signed between the Sindh government and business-to-business (B2B) partners in sectors such as agriculture, defence, energy, rail links, and farmer training. These initiatives were later planned to be extended to other provinces.

TotalEnergies had initially bid $18.88 per mmBtu but later revised its offer downward to $18.4 following negotiations.

After internal consultations, the authorities rejected all other bids for the first half of May, anticipating the reopening of the Strait of Hormuz.

On Friday, PLL had received four bids at $17.997 to $18.88 per mmBtu for delivery between April 27 and May 8.

A total of four bids were received from three bidders, and three were declared the lowest.

Vitol Bahrain’s bid of $18.54 per mmBtu was declared the lowest for the May 1–7 delivery window, while OQ Trading was the lowest bidder at $17.997 per mmBtu for the May 8–14 period. However, both bids were rejected.

PLL had on Thursday floated urgent tenders for the import of three LNG cargoes for delivery between the aforementioned dates amid rising temperatures and power shortfall.

PLL had set April 24 as the deadline for bids, to be opened the same day, given the urgent need to meet power demand, which was short by more than 4,500MW at peak, resulting in six to seven hours of loadshedding.

The tender was issued following Qatar’s reluctance to dispatch LNG cargoes that were stranded in the Gulf due to the closure of the Strait of Hormuz. Qatar’s three LNG shipments meant for Pakistan had previously returned from the strait over security concerns.

With domestic charges and taxes included, the sale price of regasified LNG is expected to be around $23 per mmBtu, nearly double the rate recorded in March.

Last month, the Oil and Gas Regulatory Authority (Ogra) notified an increase of 19–22 per cent in the price of regasified liquefied natural gas (RLNG) to $12.50–$14 per mmBtu for sales at the distribution stage by the two Sui gas companies for March, based on an import price of about $7.6 per mmBtu.

The increase was mainly due to an increase in terminal charges amid lower import volumes and a slight rise in import price, data from the authority showed.

The basket RLNG price was based on only two cargoes in March, compared to eight cargoes each in February and March 2026, due to a force majeure declared by Qatar after its gas facilities came under attack and following the closure of the Strait of Hormuz.

Both cargoes were imported under two LNG contracts between Pakistan State Oil (PSO) and Qatar Gas at an average price of around $7.68 per mmBtu (DES price), compared to $7.45 per mmBtu last month, but still significantly lower than $8.9 per mmBtu recorded in March last year.

PLL had imported one cargo a couple of months ago after a gap of almost a year at the rate of $7.65 per mmBtu through its old contract with a private entity.

PLL, established nearly a decade ago to handle LNG imports, has become largely redundant and a financial burden on public funds, as it has not imported any energy over the past year despite its executives and board members continuing to receive substantial salaries, perks, and privileges.

The company last floated an LNG tender in December 2023 for delivery in January 2024, but the tender was later cancelled.

Facing criticism over loadshedding even before the beginning of summer, the Power Division had already placed an order with the Petroleum Division earlier last week to arrange around 400 million cubic feet per day (mmcfd) of LNG for power generation, amid hopes of the opening of international supply routes.

Summer peak demand typically rises above 28,000 MW, compared to the current 19,000–20,000 MW during peak hours and below 10,000 MW during daytime, partly due to increased reliance on solar power. While solar energy has helped reduce grid demand during the day, many consumers shift back to the grid after sunset.

The IMF’s executive board is expected to approve in the first half of May the disbursement of more than $1.2 billion under two ongoing programmes.

As of April 23, diesel prices were estimated to go down by around Rs25 per litre and petrol by Rs6 per litre. However, the government partially restored the petroleum levy on diesel and increased petrol prices to meet overall fiscal targets.

Unlike the prime minister’s anno­uncements of price cuts, the increase this time was quietly announced by the petroleum division on the day Iran and the United States dispatched their negotiators to Islamabad for the second round of talks.

Petrol, diesel prices raised by Rs27 per litre

As such, the ex-depot price of high-speed diesel (HSD) was fixed at Rs380.19 against Rs353.42 per litre at present, up by 7.6pc or Rs26.77 per litre.

The diesel price has come down from a peak of Rs520.35 on April 10 as the prime minister removed the petroleum levy for two weeks but then allowed partial recovery, sour­ces said. HSD is considered the most inflationary item due to its widesp­read use in freight transportation.

Likewise, the ex-depot rate of petrol was set at Rs393.35 per litre for the coming week, up from Rs366.58 per litre, an increase of Rs26.77 or 7.3pc.

With the latest revision, the government is now charging around Rs135 per litre in taxes on petrol and Rs65 per litre on diesel, including petroleum levy, customs duty and the climate support levy.

On Friday, the government increased the petroleum levy on petrol by about Rs27, raising it from Rs80 to Rs107.38 per litre, while the levy on high-speed diesel was kept at zero at the retail level under the latest notification.

In a written statement, Petro­leum Minister Ali Pervez Malik said oil prices were again rising due to regional tensions and the government had to take measures to pass on the additional burden to consumers in view of agreements with international stakeholders.

He said the government absor­bed the increase in international prices for as long as possible with its limited resources and provided “historic relief” to the people.

Petrol and diesel rates have gone up from Rs266 and Rs281 per litre, respectively, after the US-Israel attacked Iran on Feb 28, sending shockwaves to the global energy markets.

The two fuels remain the government’s key revenue generators, with combined monthly sales of around 700,000 to 800,000 tonnes compared to about 10,000 tonnes for kerosene.

Published in Dawn, April 25th, 2026

Addressing a press conference, Khokhar alleged that farmers had suffered losses amounting to Rs2,200 billion over the past two years due to flawed policies, poor pricing and bureaucratic mismanagement. He demanded that a high-level, independent commission headed by the Speaker of the Punjab Assembly be formed to probe the past three years and fix responsibility.

He strongly criticised the government’s wheat policies, claiming that despite a production cost of Rs3,410 per maund in August 2024, wheat was sold at Rs2,700, while in 2025 the price fell further to Rs2,200.

“Where is the promised minimum support price?” he asked, adding that even as of April 24, government-selected private companies had not procured a single grain.

Khokhar also called for the immediate abolition of the Price Control Department, accusing it of contributing nothing while harassing farmers.

Referring to past decisions, he said the impact of wheat imports in 2023 was still being borne by farmers, while initiatives like the Electronic Warehouse Receipt (EWR) system failed to materialise. He further criticised the government’s claims of providing free gunny bags, stating that such packaging is typically the buyers’ responsibility, not the farmers.

Published in Dawn, April 25th, 2026

WASHINGTON / PARIS: Even as renewed engagement between Iran and Pakistan over dialogue with the US sent out positive signals, Europe and the rest of the world appears anxious for a swift, diplomatic end to the war that has ravaged the Middle East and crippled global shipping, causing a fuel crunch across the globe.

Separately, Pentagon chief Pete Hegseth has claimed that: “No one sails from the Strait of Hormuz to anywhere in the world without the permission of the United States Navy.”

Addressing reporters alongside US Gen Dan Caine, the US defence secretary said the US was “not anxious” for a deal with Iran, and repeated Trump’s previous comments of having “all the time in the world”.

“Iran knows that they still have an open window to choose wisely … at the negotiating table. All they have to do is abandon a nuclear weapon in meaningful and verifiable ways,” he said.

According to Gen Caine, 34 ships had been turned around as of Friday morning, adding that the US military would continue to interdict Iranian vessels in the Pacific and Indian oceans.

“We’re enforcing the blockade across the board against any ship of any nationality that is transiting to or from an Iranian port or territory,” Caine said.

“We’re closely tracking vessels of interest headed towards Iran and those moving away from Iran that were outside the blockade area when this blockade was ord­ered and … we’re prepared and postured to intercept them,” he said.

However, shipping group Hapag-Lloyd said on Friday that one of its ships has crossed the Strait of Hormuz but did not have any information on the circumstances or timing.

Four out of initially six ships remain in the Gulf, after one ship’s charter agreement expired, meaning it no longer belongs to the Hapag-Lloyd fleet, a spokesperson added.

Scores of tankers and other vessels remain stuck in the Gulf as the United States is struggling to keep control of the Strait of Hormuz, one of the world’s busiest shipping corridors.

Europe worried

Meanwhile, leaders from Lebanon, Egypt, Syria and Jordan as well as the secretary general of the Gulf Cooperation Council, were in Cyprus on Friday to meet their EU counterparts on the sidelines of a summit. The EU has largely remained on the sidelines in the Middle East war despite US President Donald Trump lashing out at what he says is Europe’s lack of support for Washington’s efforts to contain Iran.

“The current situation clearly underscores how closely Europe’s security is linked with that of the Middle East, and how vital our cooperation on security and defence has become,” European Council president Antonio Costa told a press conference after the talks.

“The Strait of Hormuz must immediately reopen without restrictions and without tolling, in full respect of international law and the principle of freedom of navigation. This is vital for the entire world,” Costa said.

“Diplomacy is the only sustainable way forwards, and European Union is ready to contribute to all ongoing efforts,” he added.

An extension of a shaky truce between Israel and Lebanon has also been agreed on – but European Commission chief Ursula von der Leyen said that was “not enough”, calling for a permanent settlement.

“You cannot have stability in the Middle East or the Gulf while Lebanon is in flames,” she said. “A temporary pause is not enough”.

The EU has largely remained on the sidelines in the Middle East war despite US President Donald Trump lashing out at what he says is Europe’s lack of support for Washington’s efforts to contain Iran.

French President Emmanuel Macron told reporters that “Europe must do even more” to help end the crisis.

“It is in everyone’s interest for stability to return as soon as possible and for the world’s economies to be reassured,” Macron said, in stark contrast to Trump, who recently said the US had “all the time in the world”.

‘Neutral’ Swiss set to reopen Tehran embassy

Meanwhile, Switzerland said Friday it had begun sending staff back to Tehran and would gradually reopen its embassy, enabling it to continue as a facilitator for diplomatic contacts between Washington and Tehran.

For decades, neutral Switzerland has played a central role in maintaining basic diplomatic contacts between Iran and the United States.

But the country temporarily closed its embassy on March 11 days after the Middle East war erupted with the first US-Israeli attacks on Iran.

The Swiss foreign ministry said four staff had returned and insisted the channel of communication between the US and Iran had been kept open even while the mission was shut.

“The decision to gradually reopen the embassy was taken after a risk analysis and in consultation with Iran and the United States, whose interests Switzerland represents under its protecting power mandate,” the foreign ministry said in a statement.

Switzerland “is prepared to provide its good offices if the parties so wish and supports all diplomatic initiatives that contribute to de-escalation and a lasting peace”.

The Swiss embassy in Tehran handles all consular affairs between the United States and Iran, including passport requests, altering civil status and consular protection for US citizens in Iran.

Published in Dawn, April 25th, 2026

The increase in SPI was a broad-based cost shock rather than a narrow spike. This was mainly driven by unprecedented increases in electricity (54pc), LPG (51pc), petrol (44pc), and diesel (37pc).

This energy-led surge has spilled over into the prices of essential food items, both perishable and non-perishable, such as wheat flour (36pc), onions (32pc), tomatoes (23pc), and meat and milk, which are also rising.

Although petrol prices saw a slight reduction and diesel rates registered a sharp cut, overall fuel costs remain significantly elevated compared to pre-Middle East conflict levels. Prices of both food and non-food items showed no meaningful easing during the week under review.

Energy prices drive 37th straight weekly rise

The SPI increased for the 37th consecutive week. On a week-on-week basis, however, the index declined by 0.33pc.

According to PBS data, there has been some relief in the prices of potatoes, pulses, sugar and tea, but not enough to offset energy-led inflation.

According to analysts, this is cost-push inflation, which means energy has taken priority, followed by food. As a result, average households are under pressure because continued tension in the Middle East is driving up fuel prices.

The items whose prices increased the most over the previous week included potatoes (3.13pc), bread (0.91pc), washing soap (0.85pc), cooking oil-5 litre (0.69pc), long cloth (0.65pc), eggs (0.61pc), mutton (0.45pc), chicken (0.44pc), vegetable ghee-1 kg (0.30pc) and pulse masoor (0.27pc).

The items whose prices declined week-on-week included tomatoes, down 27.65pc, followed by onions (9.35pc), diesel (8.35pc), LPG (7.08pc), garlic (4.27pc), bananas (0.47pc), wheat flour (0.37pc), sugar (0.36pc) and mustard oil (0.22pc).

However, on an annual basis, the items whose prices increased the most were electricity charges for Q1 (54.02pc), LPG (50.68pc), petrol (44.10pc), diesel (36.76pc), wheat flour (36.06pc), onions (31.89pc), tomatoes (23.46pc), chilli powder (15.20pc), mutton (15.18pc), beef (13.27pc), powdered milk (10.41pc) and garlic (9.96pc).

In contrast, the prices of potatoes dropped by 47.38pc, followed by pulse gram (19.92pc), salt powder (13.22pc), sugar (11.74pc), pulse masoor (11.47pc), pulse moong (1.63pc), packet tea (1.14pc) and masoor pulse (11.47pc).

The index, comprising 51 items collected from 50 markets in 17 cities, is computed weekly to assess the prices of essential commodities and services at shorter intervals. Data showed that the prices of 19 items increased, 09 decreased, and 23 remained stable compared to the previous week.

The average price of Sona Urea stood at Rs4,566 per 50 kg bag, 0.57pc higher than last week’s price and 1.53pc higher than last year. Meanwhile, the average Cement price is at Rs1,536 per 50 kg bag, 0.6pc lower than the previous week and 8.97pc higher than last year.

Published in Dawn, April 25th, 2026

The changes would enable digital onboarding of investors, introducing IBAN-based verification, mandatory use of verified bank accounts/e-­wallets, and multi-biometric auth­en­­ti­cation.

Under the proposed framework, IBAN verification through SECP-notified entities, including the Natio­nal Clearing Company of Pakis­tan Ltd via Raast, will be accepted as valid proof of identity, subject to compliance with all AML requirements. Investors will be req­uired to transact only thro­ugh verified bank accounts or e-wallets, impro­ving traceability and reducing the risk of unauthorised transactions.

Published in Dawn, April 25th, 2026

A total of four bids were received and three were declared the lowest.

For the first delivery window of April 27-30, TotalEnergies submitted the lowest bid of $18.88 per mmBtu. Vitol Bahrain’s bid of $18.54 was declared the lowest for the May 1-7 window, while OQ Trading was declared the lowest bidder at $17.997 per mmBtu for delivery between May 8 and 14.

A day earlier, PLL had floated urgent tenders for the import of three LNG cargos for delivery between April 27 and May 8 amid rising temperatures and power shortfall.

The PLL had set April 24 (Friday) as the deadline for bids to be opened the same day, given the emergent needs to meet power demand, which was short of supply by more than 4,500MW in peak, resulting in six to seven hours of loadshedding.

The tender came following Qatar’s reluctance to send LNG-loaded cargoes stranded in the Gulf due to the closure of the Strait of Hormuz. Qatar’s three LNG cargoes meant for Pakistan had earlier returned from the vital waterway due to security reasons.

All three cargoes will carry 140,000 cubic meters of LNG delivered ex-ship (DES). Each cargo to Pakistan of this size typically means around 100 million cubic feet per day (mmcfd).

Last month, the Oil and Gas Regulatory Authority (Ogra) had notified a massive 19-22 per cent increase in the price of regasified liquefied natural gas (RLNG) to $12.50-$14 per mmBtu for sales at the distribution stage by the two Sui gas companies for the month of March.

This was mainly because of an increase in terminal charges amid lower import molecules and a minor increase in import price, the dataset from the authority showed.

The basket RLNG price was based on a total of only two cargoes in March against eight cargoes each in February and March 2026 due to a force majeure declared by Qatar after its gas facilities came under attack and the closure of the Strait of Hormuz.

Both cargoes were imported under two LNG contracts between PSO and Qatar Gas at an average of about $7.68 per mmBtu (DES price), compared to $7.45 per mmBtu last month, but still significantly lower than $8.9 per mmBtu in March last year.

PLL, one of the public sector entities responsible for LNG imports, did not import any cargo last month. In fact, it had imported one cargo a couple of months ago after a gap of almost a year at the rate of $7.65 per mmBtu through its old contract with a private entity.

The PLL, established almost a decade ago for LNG imports, had become redundant and a net burden on public money as it could not import energy over the past year despite its executives and board of directors enjoying hefty remunerations and associated perks and privileges. It had last floated an LNG tender in December 2023 for delivery in January 2024, but later cancelled the tender.

Facing criticism over loadshedding even before the summer months, the power division placed an order with the petroleum division to arrange around 400 mmcfd of LNG for power generation, amid hopes for the opening of international supply routes.

LNG imports had stopped early last month after the closure of the Strait of Hormuz following US-Israel attacks on Iran. Last month, Qatar declared force majeure on all its global LNG contracts, including those with Pakistan.

Sources said that in the middle of an electricity shortfall, the power division made an urgent call for support from all stakeholders for the purchase of LNG cargoes, after it learned of the possibility of Pakistani-flagged ships passing through the Middle Eastern chokepoint.

However, this did not materialise immediately.

Sources said the power shortfall would keep on increasing as temperatures rise in the coming days, and it would be nearly impossible to stabilise the national grid without major power plants, particularly the LNG-based plants in Punjab, which has a total generation capacity of around 6,000MW.

On top of that, the utilisation of high-speed diesel (HSD) and even furnace oil at current market prices could push fuel costs through the roof.

In that case, even one or two cargoes from the open spot market, the sources added, could be economically viable in the greater power mix when compared to diesel and furnace oil.

“With the onset of the summer season, electricity demand has started to rise significantly across the country. In this regard, the availability of RLNG remains critical for ensuring optimal power generation and maintaining system stability,” the Power Division wrote to the Petroleum Division.

It highlighted that any shortfall in RLNG supply would necessitate increased reliance on expensive alternative fuels such as HSD.

“This would not only result in a substantial increase in the overall cost of generation but would also lead to prolonged hours of load management, thereby increasing the fuel cost adjustment (FCA) burden on end consumers,” the Power Divison explained.

All four mega LNG plants of the federal and Punjab governments, along with the medium-sized Nandipur plant, can use HSD as an alternative fuel; the generation price difference is normally more than Rs25 per unit, which is estimated to be higher at present, given volatile oil prices changing weekly.

These plants are also required for system stability for the evacuation of surplus power from the southern part of the country.

To ensure smooth system operations and avoid the aforementioned impacts, the power division has also provided a detailed weekly forecast of RLNG requirements — segregated for solar and non-solar hours, along with average demand — prepared for the National Grid Company (NGC) system.

“Furthermore, K-Electric (KE) has also conveyed its RLNG requirement for the KE system,” the Power Division said, formally requesting the Petroleum Division to manage and allocate the Qatar-contracted cargoes in a manner that ensures the availability of RLNG in line with the demand plan for both the NGC and KE systems, thereby supporting uninterrupted and cost-effective power generation.

Officials said the cost of HSD-based generation, which previously exceeded Rs45 per unit before the US-Israel strikes on Iran, might now have risen beyond Rs80 per unit.

However, it is also challenging at present to consider HSD for power generation due to its high cost and its critical demand in transport and agriculture, especially with the crop harvest in its last leg.

Summer peak dem­and typically rises beyond 28,000MW, compared to the current 19,000–20,000MW during peak hours and below 10,000MW in the daytime, partly due to greater dependence on solar power. While solar energy has helped reduce grid demand, many consumers shift back to the grid after sunset.

The central bank said the $1bn deposit was repaid to the Abu Dhabi Fund for Development on April 23 and $2.45bn was repaid to the UAE “last week”.

“This completes the repayment of total deposits of $3.45 billion to UAE,” said the SBP in a post on X.

A senior official said earlier this month that Pakis­tan had decided to return $3.5 billion in debt to the UAE before the end of this month.

The official described the move as a cost the country was willing to bear to uphold “national dignity”, even as it is set to significantly draw down foreign exch­ange reserves.

These funds were part of external financing support extended by the UAE in 2019 to help stabilise Pakistan’s balance of payments.

In March, Islamabad failed to secure an agreement with the UAE to roll over the $3.5bn facility, marking the first such failure in seven years and raising concerns about near-term financing gaps.

In a separate post on X, a day earlier, the SBP said foreign reserves held by the country stood at $20.63bn as of April 17.

During the current month, Pakistan received a $3bn deposit from the Kingdom of Saudi Arabia. The deposit came in two tranches, with the second tranche of $1bn received on April 21.

Pakistan’s foreign exchange position, though under pressure, remains part of a broader stabilisation effort under IMF-supported reforms.

Analysts say external financing risks remain a key vulnerability, particularly amid volatile energy prices and constrained global capital markets.

An NPMC meeting, chaired by Planning Minister Ahsan Iqbal, however, did not provide a breakdown of transport fares, even though public transport has seen sharp increases on both intra-city and inter-city routes following the recent surge in petroleum prices.

Over the past month, provincial governments have intervened by extending subsidies to goods transporters, which may have helped contain freight charges. However, the official statement issued after the meeting did not specify any details on transport fares.

During the briefing, officials informed the meeting that transport fares had not witnessed any increase, while chicken prices had returned to pre-conflict levels following earlier volatility linked to tensions in the Gulf region.

Officials from the Pakistan Bureau of Statistics (PBS) briefed the committee on prevailing price trends and market conditions. The NPMC reviewed the trend in essential commodity prices and the impact of recent policy measures.

The minister expressed satisfaction that fertiliser prices had remained stable despite international pressures, calling it a positive development for the domestic market. The minister further went on to say that the provincial governments’ interventions were gradually helping stabilise inflation, indicating an improving price environment across key sectors.

Emphasising structural reforms, Iqbal said the establishment of cold chain infrastructure in the poultry sector was essential to ensure sustained price stability. He directed relevant authorities to prepare concrete proposals on cold chain development within five days.

The proposal evolved in connection with the volatility in the prices of chicken in domestic prices.

Iqbal also called for effective measures to curb the proliferation of substandard ghee and other food items in rural areas, stressing the need for stricter enforcement and monitoring.

The meeting also expressed concern over the substantial gap between wholesale and retail prices in certain cities. The NPMC instructed the provincial governments to ensure better alignment between wholesale and retail pricing.

The minister urged all provincial and federal institutions to remain vigilant in maintaining price stability and directed officials to ensure adequate availability of essential commodities across the country.

The government has reactivated the NPMC to hold weekly meetings aimed at tracking trends in essential commodity prices and recommending policy measures to contain any upward pressure.

Provincial chief secretaries, or their representatives, also attend the meetings to report on interventions taken in response to unusual price movements identified by the PBS.

On April 11, NPMC had directed the Sindh government to take corrective measures regarding rising fares in Karachi.

Transporters in Punjab also incre­ased fares by up to 30 per cent following the recent fuel price hike, stressing that the government’s subsidy was insufficient to offset rising operational costs.

The 17th quarterly Gallup Business Confidence Survey, conducted in April 2026, based on responses from 510 businesses across the country, shows a broad-based decline across all key indicators — current performance, future expectations and perception of national direction.

As per the survey report, only 41 per cent of the businesses described their current operations as “good” or “very good,” reflecting a 13 percentage point drop from the previous quarter. The net proportion of firms reporting positive conditions has fallen by 27pc, indicating a clear shift toward pessimism after earlier gains.

The report says the outlook for the coming months appears even weaker. While 44pc of respondents expressed optimism about future performance, a larger 57pc expect conditions to worsen. The net future confidence score has declined by 25pc compared to Q4 2025, pointing to growing uncertainty and weakening business momentum.

Mentions rising energy costs and Middle East situation among major factors

Perceptions regarding the country’s overall direction also deteriorated significantly, with the score dropping to -32pc from -8pc in the previous quarter, it mentions.

The survey report observes that sentiment has firmly entered negative territory, reflecting heightened concern among businesses about the broader economic trajectory.

Structural challenges continue to weigh heavily on the private sector. Inflation remains the top concern, cited by 37pc of businesses, while concerns over fuel and petrol prices surged to 25pc, highlighting intensifying cost pressures.

Energy reliability remains another major issue, with 57pc of firms reporting loadshedding on the day of the survey, a 15 percentage point increase from the previous quarter.

It mentions that rising costs have emerged as the dominant operational risk, with 62pc of businesses identifying inflation and input costs as their biggest challenge.

The Gallup survey also shows declining confidence in economic management, as 46pc of respondents believe governance has worsened, compared to 33pc who see improvement.

A key feature of the latest Gallup survey is the strong impact of regional developments, particularly tensions in the Middle East. It says around 81pc of businesses reported negative effects linked to these developments, primarily through rising fuel and energy costs.

The survey shows nearly 58pc of firms said their energy expenses had increased, while 73pc reported overall cost escalation compared to the previous quarter.

Looking ahead, 76pc of businesses expect conditions to deteriorate further if regional instability persists over the next three months, it says.

The report concludes that Pakistan’s business environment is facing a period of heightened uncertainty, driven by a combination of domestic economic pressures and external shocks. While some sectors continue to show resilience, the overall trajectory suggests stagnation risks in the near term.

“The simultaneous decline across all major indicators signals a clear shift toward pessimism within the business community, with external cost pressures playing a central role in shaping sentiment,” comments Bilal I Gilani, executive director at Gallup Pakistan.

Published in Dawn, April 24th, 2026

Earlier, on April 20, the State Bank had carried out a similar buyback auction, repurchasing floating-rate five-year PIBs worth Rs285.3bn.

A buyback auction for five-year floating-rate PIBs is a mechanism through which the State Bank repurchases government debt securities from the market before their maturity, primarily to manage liquidity or reduce high-cost debt. The recent April auctions targeted floating-rate PIBs, enabling investors to sell bonds back through competitive bidding at cut-off prices.

Such repurchases provide immediate liquidity to investors and help stabilise the secondary market. They also encourage investors to reinvest in new bonds, thereby supporting government financing.

The government’s domestic debt — largely accumulated through PIBs — reached Rs56.679 trillion by the end of February 2026, rising by Rs2.2tr during the first eight months of FY26. Typically, borrowing increases in the final quarter of the fiscal year. State Bank data shows domestic debt grew by Rs5.657tr within 12 months from February 2025 to February 2026.

Of the total Rs56.679tr domestic debt, PIBs accounted for Rs35.362tr, or 62 per cent. These long-term instruments provide the government with some breathing space for repayments at maturity.

On Thursday, the State Bank accepted the full amount of bids totalling Rs309.5bn. The maturity date of these PIBs is May 6, 2026.

The government has also been borrowing aggressively from banks while cutting development spending. On April 15, it announced a reduction of Rs172.8bn in the federal development budget for FY26, bringing it down to Rs837.16bn.

Higher expenditure often forces cuts in development spending, which in turn affects economic growth. Despite efforts to accelerate growth, the rate has hovered around 3pc. The GDP growth target for FY26 is 3.5pc, but the reduction in development spending may make it difficult to achieve.

The government plans to raise Rs1.35tr through PIB auctions between April 28 and June 10 of FY26, against maturities of only Rs158bn during the same period. Additionally, it aims to raise Rs350bn through semi-annual PIB auctions.

Published in Dawn, April 24th, 2026

Brent crude futures settled at $105.07 a barrel, gaining $3.16 or 3.1 per cent. West Texas Intermediate futures finished at $95.85 a barrel, up $2.89, or 3.11pc.

Iranian news services said air defences in Tehran were engaging targets over the city. That followed reports of drone attacks on Iranian Kurds at a base in Iraq.

Phil Flynn, senior analyst with Price Futures Group, said prices were constrained by confidence in the crude market. “The market continues to believe we’re going to find a way through this,” Flynn said. The Federal Reserve Bank of Dallas on Thursday said a survey of 120 oil and natural gas company executives this month found 39pc expect traffic through the Strait of Hormuz to return to normal by August and 26pc expect normal traffic through the waterway by November.

Twenty per cent of the executives surveyed between April 15 and 20 believe traffic will be normal by May, according to the Dallas Fed.

Published in Dawn, April 24th, 2026

The development comes after senior FBR officials had assured a National Assembly parliamentary committee last week that mobile phone rates would be reduced in the upcoming budget.

The directorate issued the revised benchmarks through the Valuation Ruling No. 2070 of 2026 on Thursday, replacing the earlier Ruling No. 2035 issued in January. Ahead of finalising the revised values, the Directorate also held a meeting with relevant stakeholders on April 13.

The new valuation will apply to imports of old and used mobile phones in commercial quantities without packing or accessories.

According to the data, the sharpest upward increase was recorded in Google Pixel and Samsung models, indicating that the new ruling significantly revised values that were relatively lower in the previous schedule. Apple devices also saw increases across most models, though the revisions remained comparatively moderate, particularly for newer flagship variants.

In regulatory terms, it preserved the earlier framework on six-month activation, higher declared value and freight adjustment.

The revision comes against the backdrop of a sharp rise in handset imports, which grew by 27.84 per cent to $1.444 billion during the first nine months of the current fiscal year, compared to $1.129bn in the same period last year.

This higher customs values means higher duty and tax incidence per handset. The burden is likely to be most pronounced in models where the percentage jump is very large, such as older Samsung and Google Pixel devices.

Importers dealing in second-hand, mid-range and older flagship phones will see sharper cost escalation than traders in new Apple flagship phones. The FBR is also likely to raise its revenue owing to an increase in value across the board of all mobile sets.

The comparison of the data in the two rulings showed that Apple devices experienced steady increases, particularly in mid-range and older models. However, the increase is uneven.

Recent premium models, such as the iPhone 15 Pro Max, rose only 9.78pc, while some older and cheaper models rose sharply, including the iPhone SE 2 and the original SE.  The two models with no change are iPhone XS Max and iPhone SE 3, which stand out as the most stable Apple valuations across both rulings.

Samsung has recorded one of the steepest upward increases in values. The most striking jumps were recorded in older but still marketable premium and upper mid-range devices, such as the Galaxy S22+ 5G, S21+ 5G, S21 5G, and S10 series.

The Galaxy S23 Ultra increased only 19.61pc, which is modest relative to the broader Samsung basket. That pattern suggests that the earlier ruling may have particularly undervalued non-flagship and slightly older Samsung models, while the very top flagship was already closer to the customs’ new valuation rates.

Google Pixel showed the highest average increase of all major brands. The steepest increase in re-valuation was concentrated in the Pixel 5, 5A, 6, and 6A lines, where increases range from 161pc to nearly 194pc.

That scale of upward revision was too large to be seen as a minor update. It pointed to a substantial reassessment of customs value in the resale market for used Pixel devices. By contrast, Pixel 8 Pro and 8A changed only modestly, which suggests that the January ruling was closer to the later benchmark for newer Pixel models than for older ones.

The values of all brands rose, but the changes were smaller than those for Samsung and Google Pixel on average. The OnePlus 12 increased only 14.67pc while the OnePlus 12R and 10Pro raised much more. This suggests that the revision particularly tightened values for performance-oriented older or secondary flagship variants.

Valuation rulings issued under Section 25A of the Customs Act, 1969, serve as administrative instruments for fixing customs values where routine declared values are not considered reliable enough for uniform assessment.

In practice, the rulings provide benchmark C and F values for assessment of duty and taxes, reduce valuation disputes at the clearance stage, and guide collectorates on how to treat specified goods in commercial quantities.

Comparison of valuation rulings

Apple

Samsung

Google Pixel

OnePlus

Others

This is part of the revised Indicative Generation Capacity Expansion Plan (IGCEP) 2025-35 and the Transmission System Expansion Plan (TSEP) 2025-35 prepared by the Independent System and Market Operator (ISMO) — a power division entity — in consultation with all the relevant stakeholders, including the National Electric Power Regulatory Authority (Nepra). The two plans cover the entire power network, including those of distribution companies and K-Electric.

A distinguishing feature of the revised IGCEP is the consideration of Least Cost Violation (LCV) for Diamer-Bhasha, and ACWA solar power plants.

The plan also considers the impact of solarisation on the end-consumer tariff, the inclusion of strategic power plants using LCV, the induction of a significant quantum of net metering (8,120 MW), and the consideration of an 800 MW market-based solar quantum.

The revised IGCEP covers a 10-year time frame from 2025 to 2035, encapsulating power generation additions required to meet the country’s future energy and power demand, including the National Grid Company and KE systems.

Three scenarios of long-term load forecast were prepared, including low (business as usual), medium and high at gross domestic product (GDP) growth projections of 3.52 per cent, 4.95pc and 6.37pc for the next ten years, respectively.

The plan is based on studies that found that the historical load factor of 70-73pc had gradually declined to 58-60pc. Therefore, another load forecast scenario also incorporates demand side management (DSM) activities to gradually raise the current Load Factor (LF) of around 58pc up to 70pc till the end of the horizon.

The least costly, long-term generation expansion plan for the power system was developed using state-of-the-art generation planning software, PLEXOS, with rigorous data modelling and an optimisation exercise based on the existing and future generation power projects, existing policy framework, existing contractual obligations, natural resource allocations, relevant legal conditions, the ISMO said.

The IGCEP also considered a transmission line for the national grid system from South to Centre and North, and another line from NGC to the KE system has also been modelled to assess the requirements of any new transmission line.

The results showed a shift in the energy mix from imported fuel to indigenous ones, i.e., with a dominating share of renewables and hydropower. The reference rationalised scenario incorporating all of the policy interventions and other constraints, showed a major contribution from renewables, i.e., 34pc of hydropower and 27pc of variable renewable energy in the overall capacity mix by the year 2035.

There is minimal reliance on imported fuels, with residual furnace oil (RFO) having no contribution at all in the capacity mix, whereas imported coal and re-gasified Liquefied Natural Gas (RLNG) are contributing just 7pc and 13pc in the total capacity requirements, respectively. The share of indigenous fuels stands 15pc, i.e. 5.2pc of local coal, 2.6pc of local gas and 7.5pc of nuclear in the overall capacity mix.

As such, the capacity addition in the low growth case has been projected at 62,657MW, followed by 66,459MW for medium growth and 70,720MW for high growth (6.4pc) rate. In all cases, the generation capacity expansion has been estimated at 4,680MW for imported coal, 3300MW for local coal, 8,224MW for LNG, 1433MW for local gas, 4730MW for nuclear, 21400MW for hydropower, 819MW for furnace oil and 400MW for bagasse-based plants.

The solar power capacity expansion has been projected at 11,544MW for low GDP growth and 13,200MW for high growth. Wind-based generation is the only area where capacity expansion has been kept variable at 5,133MW for low GDP growth, 8,935MW for medium and 11,500MW for high GDP growth.

Therefore, the plans assured sufficient firm or base capacity in the form of hydro (existing, committed and optimised), RLNG, nuclear and local coal-based (existing) power projects are available 24/7 in the system till 2035 to meet the given hourly system demand whilst catering for renewable energy (REs) intermittency and system reserve requirements. The Present Value (PV) of the power generation operations and investments of existing and future power projects by 2035 is computed based on the objective function for the optimisation exercise and ranged between $46bn and $54bn. This will need transmission expansion cost of $4.6bn to $6bn.

The revised IGCEP 2025-35 also facilitates structural changes in the power sector planning process with an enhanced role of distributed generation and a reduction in the large projects distant from the load centres. Further, indigenisation of RE technologies through local manufacturing is also suggested to lower the basket price, for the provision of relief to the end consumer as well as saving precious foreign exchange while maximising the nature’s endowment bestowed upon Pakistan.

The plans reported that the Discos have observed a steep decline in their network-connected consumption owing to prevailing economic conditions, and a drastic increase in net-metering and rooftop solar PV. In this regard, the long-term planner is of the view that this sudden decline is a short-term phenomenon and it should not impact long-term expansion decisions at this stage. Nevertheless, this trend warrants close monitoring over the coming years, and if it persists, appropriate adjustments may be incorporated into future network expansion and investment planning.

The needs assessment conducted under the revised IGCEP 2025–2035 identified a significant change concerning power exports from National Grid to K-Electric. Subsequently, the export to K-Electric is envisaged to reach 3,456 MW by 2035, compared to 2,050 MW contracted.

Therefore, a detailed cost comparison analysis between generation from KE’s already planned 620 MW of REs and increased export from National Grid will be carried out by the power utility in due course of time.

In its Annual Report 2025, released on Thursday, the Manila-based lending agency also reported new financial support commitments of $1.485bn to the public sector for the year, a one-third increase from $1.113bn in 2024. Most of these loan commitments were made on ordinary commercial terms.

“In Pakistan, a policy-based guarantee is helping to mitigate credit risk for commercial bank lending to smaller enterprises and to mobilise commercial financing of $1bn,” the bank said, adding that under ADB’s approach to supporting critical minerals-to-manufacturing value chains, it approved an innovative financing package for a copper-gold mine in Pakistan to strengthen the global copper supply chain.

The bank will also provide advisory support to Pakistan to prepare road maps for digital skills development, in addition to investing in girls’ education and participation in science, technology, engineering, and mathematics (STEM) subjects.

The bank noted that Pakistan continues to face fiscal pressures that limit investment in essential services and inclusive development. In 2025, ADB committed an $800m package — including a $300m policy-based loan and up to a $500m policy-based guarantee — enabling the government to mobilise $1bn in additional financing.

The program aims to reduce fiscal deficits and public debt to create more space for social spending. It focuses on improving tax policy, administration, and compliance; enhancing public expenditure and cash management; and promoting digitalisation and private investment.

Also, Pakistan continues to face one of the world’s widest gaps in economic participation, largely due to women’s limited access to finance and their low representation in formal employment, it said. To help close the finance gap, estimated at about 37pc, ADB committed $350m to foster women-owned business ventures.

The support comprises a $300m policy-based loan to strengthen legal and regulatory frameworks for women’s inclusion, and a $50m financial intermediation loan to expand access to credit and guarantees for women entrepreneurs.

The program aims to empower two million women, enhance their entrepreneurial capacities, and advance reforms that promote equitable economic opportunities nationwide.

The program will also finance the construction of at least 1,700 multipurpose STEM laboratories in selected schools, at least 50pc of which will be established in girls’ schools, with a particular focus on marginalised communities where negative social norms discourage female students’ participation in STEM. ADB’s $100m loan for the program is accompanied by a $7m grant.

Overall, ADB committed $29.3bn from its own resources in 2025 while advancing key institutional reforms to help Asia and the Pacific navigate change and turn challenges into opportunities in a year marked by complexity and uncertainty.

“In 2025, ADB delivered unprecedented levels of support, with a 20pc increase over 2024 and expected impacts of more than 3.3m jobs and benefits for over 180m people,” said ADB President Masato Kanda.

“This shows ADB’s ability to deliver at a scale and with the speed that match the demands of Asia and the Pacific.”

Loans, grants, equity investments, guarantees, and technical assistance provided to governments and the private sector increased by 20pc year-on-year to $29.3bn across the region. This was boosted by an additional $14.7bn from partners.

Private sector development was a key priority for ADB in 2025, comprising $5.5bn of its commitments, while half of its public sector commitments directly supported infrastructure, reforms, and institutions to unlock private investment.

“ADB is uniquely equipped to support private sector development, as its public and private sector operations are under one roof, form one legal entity, and share one balance sheet,” the bank said.

ADB also committed $8.3bn in Central and West Asia, $1.4bn in East Asia, $680m in the Pacific, $9.7bn in South Asia, and $9bn in Southeast Asia, with $302m allocated to regional projects. Finance, transport, and public sector management were the top three sectors to receive funding.

ADB approved groundbreaking institutional reforms in 2025 to deliver high-quality and well-targeted support to developing member countries. These included an amendment to the ADB Charter to remove the bank’s lending limitation and enable a 50pc increase in financing capacity without requiring a general capital increase from shareholders.

It also updated its energy policy to improve energy access and security in developing member countries, streamlined procurement procedures to enhance quality, sustainability, and value for money, and adopted a new approach to support critical minerals-to-manufacturing value chains, enabling the responsible and sustainable use of materials essential for renewable energy and digital technologies.

PLL has set April 24 (Friday) as the deadline for bids, which will be opened the same day, given the urgent need to meet power demand that fell short by more than 4,500MW at peak, resulting in six to seven hours of loadshedding.

The tender was issued following Qatar’s reluctance to dispatch LNG cargoes stranded in the Gulf due to the closure of the Strait of Hormuz.

Three LNG cargoes meant for Pakistan had earlier returned from Hormuz for security reasons. All three tenders are for cargoes of 140,000 cubic metres each, to be delivered on a delivered ex-ship (DES) basis. Each cargo typically supplies around 100 million cubic feet per day (mmcfd) to Pakistan.

Last month, the Oil and Gas Regulatory Authority (Ogra) notified a massive 19–22 per cent increase in the price of regasified liquefied natural gas (RLNG) to $12.50–$14 per million British thermal units for sale at the distribution stage by the two Sui gas companies for March.

The increase was mainly due to higher terminal charges amid lower import volumes and a minor rise in import prices, data from the authority showed.

The basket RLNG price was based on only two cargoes in March, compared to eight cargoes each in February and March 2026, due to a force majeure declared by Qatar after its gas facilities came under attack and the closure of the Strait of Hormuz.

Both cargoes were imported under two LNG contracts between PSO and QatarGas at an average price of about $7.68 per mmBtu (DES), compared to $7.45 per mmBtu last month, but still significantly lower than $8.9 per mmBtu in March last year.

PLL, one of the public sector entities responsible for LNG imports, did not import any cargo last month. It had, in fact, imported one cargo a few months earlier after a gap of almost a year at about $7.65 per mmBtu through its old contract with a private entity.

PLL, established almost a decade ago for LNG imports, has become redundant and a net burden on public funds as it has been unable to import LNG cargoes over the past year, despite its executives and board of directors enjoying hefty remuneration along with associated perks and privileges.

It had last floated an LNG tender in December 2023 for delivery in January 2024, but later cancelled the tender.

Facing criticism over loadshedding even before the onset of summer, the Power Division last week placed an order with the Petroleum Division to arrange around 400 million cubic feet per day (mmcfd) of LNG for power generation, amid hopes for the reopening of international supply routes.

LNG imports stopped early last month after the closure of the Strait of Hormuz following US-Israeli attacks on Iran, which, in retaliation, targeted fuel installations in neighbouring countries, including Qatar, Saudi Arabia, the UAE and Kuwait, among others. Qatar declared force majeure early last month on all its global LNG contracts, including those with Pakistan.

Sources said that in the middle of an electricity shortfall, the Power Division made an urgent call for support from all stakeholders for the purchase of LNG cargoes after it learnt about the possibility of Pakistani-flagged ships passing through the Middle Eastern chokepoint. However, this did not materialise immediately.

Sources added that the power shortfall would continue to increase as temperatures rise in the coming days, making it nearly impossible to stabilise the national grid without major power plants, particularly LNG-based plants in Punjab with a total generation capacity of around 6,000MW.

On top of that, the utilisation of high-speed diesel (HSD) and even furnace oil at current market prices could push fuel costs through the roof.

In that case, sources said further, even one or two cargoes from the open spot market could be economically viable in the overall power mix compared to diesel and furnace oil.

“With the onset of the summer season, electricity demand has started to rise significantly across the country. In this regard, the availability of RLNG remains critical for ensuring optimal power generation and maintaining system stability,” the power division wrote to the petroleum division.

It highlighted that any shortfall in RLNG supply would necessitate increased reliance on expensive alternative fuels such as HSD. “This would not only result in a substantial increase in the overall cost of generation but would also lead to prolonged hours of load management, thereby increasing the fuel cost adjustment (FCA) burden on end consumers,” the power ministry explained.

All four mega LNG-based plants of the federal and Punjab governments, along with the medium-sized Nandipur plant, can use HSD as an alternative fuel. The difference in generation cost is normally more than Rs25 per unit, and is currently estimated to be higher given volatile oil prices.

These plants are also required for system stability for the evacuation of surplus power from the southern part of the country.

To ensure smooth system operations and avoid the aforementioned impacts, the Power Division has also provided a detailed weekly forecast of RLNG requirements — segregated for solar and non-solar hours, along with average demand — prepared for the National Grid Company (NGC) system.

“Furthermore, K-Electric has also conveyed its RLNG requirement for the KE system,” the Power Division said, formally requesting the Petroleum Division to manage and allocate the Qatar-contracted cargoes in a manner that ensures the availability of RLNG in line with the demand plan for both the NGC and KE systems, thereby supporting uninterrupted and cost-effective power generation.

Officials said the cost of HSD-based generation, which previously exceeded Rs45 per unit before the US-Israeli strikes on Iran, may now have risen beyond Rs80 per unit.

However, it is also challenging at present to consider HSD for power generation due to its high cost and critical demand in transport and agriculture, especially with the crop harvest in its final phase.

Summer peak demand typically rises beyond 28,000MW, compared to the current 19,000–20,000MW during peak hours and below 10,000MW in the daytime, partly due to greater reliance on solar power. While solar energy has helped reduce grid demand, many consumers shift back to the grid after sunset.

The premier chaired a meeting on energy security, where he stressed that “energy security had become an important aspect of the country’s overall future planning,” according to a statement from the Prime Minister’s Office (PMO)

Taking note of the global energy crisis in the wake of the Iran war, PM Shehbaz said that due to the government’s “timely steps, an energy crisis has been averted”.

The prime minister told the meeting that to secure the country’s future energy needs, “work was underway to maintain strategic crude oil reserves”.

As part of the energy security plan, the premier further stated that modes of transportation in the country should be gradually shifted to electric vehicles, “for energy conservation and sustainable development”.

He instructed that electric buses and motorcycles should be purchased for government use. The premier also directed the expedited establishment of EV charging stations and the development of a framework “to facilitate the acquisition of batteries for storing excess electricity generated from solar energy”.

“Local production of high-quality storage batteries should be encouraged,” PM Shehbaz told the meeting.

The meeting was further briefed that the National Coordination and Management Council (NCMC) was regularly reviewing the situation and there were adequate petroleum reserves in the country.

“Food security remains stable as well,” the meeting was told. It was further informed that “due to the continuous efforts of oil and gas companies, there has been a rise in the local production”.

PC-I for two grid-level battery storage pilot projects was being prepared, the meeting was told, as per PMO. It further added that domestic solar consumers were being encouraged to install battery storage.

In a meeting held a day earlier, the prime minister said that in view of the prevailing regional situation and future requirements, promoting EVs will not only reduce the fuel import bill but is also extremely important for protecting the environment and energy security.

In January, the government launched the Pakistan Accel­erated Vehicle Elect­rification (PAVE) scheme to accelerate the country’s transition tow­ards clean, affordable and sustainable transportation, reduce reliance on fossil fuels and support the growth of domestic electric vehicle manufacturing.

KSE-100 declined by 2,405.93 points or 1.4 per cent to close at 169,173.37 points from the previous close of 171,579.30 points.

The bourse rose to an intraday high of 171,561.74 points shortly after opening and declined to an intraday low of 168,416.02 points at 1:27pm.

“Bears returned to centre stage as tensions flared around the Strait of Hormuz, where reports of blockades and vessel seizures rattled global sentiment. Meanwhile, Islamabad continues to await Iranian and American officials for expected peace talks, keeping uncertainty elevated,” Topline Securities said.

“Amid the risk-off mood, the benchmark index plunged to an intraday low of 3,163 points before settling at 169,173 — down 2,405 points (-1.40%) — as broad-based selling gripped the market,” it said.

It said that trading activity stayed relatively subdued, with volumes clocking in at 1,321 million shares and turnover at Rs. 30.8 billion. First National Equities Limited led the volume chart, with 286 million shares traded, it added.

Developments in the Middle East following a stalemate over holding a second round of US-Iran talks have continued to influence market sentiment.

On Wednesday, nervousness persisted on the PSX amid a resurgence in oil prices, as the chances of an end to war dimmed after both the US and Iran claimed the seizure of cargo ships in the Strait of Hormuz.

The market remained volatile throughout Wednesday, swinging in both directions, but ultimately closed in the red.

Amid uncertainty over the US–Iran talks, sentiment is likely to remain cautiously supportive yet highly fragile. Any progress could boost confidence, while delays or negative developments may trigger volatility, leaving markets largely headline-driven and swift to react to geopolitical cues in the near term.