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GO Petroleum’s Sales Collapse After FIA Seals Bonded Warehouses
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GO Petroleum’s Sales Collapse After FIA Seals Bonded Warehouses

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August Sales Show a Sharp Collapse GO Petroleum’s August 2026 sales performance shows a dramatic decline, with the company facing major disruption after the Federal Investigation Agency (FIA) sealed its bonded warehouses. Petrol sales fell to 33,000 tonnes, down from 81,000 tonnes in August last year. Diesel volumes dropped even more sharply to 16,000 tonnes, compared with 73,000 tonnes a year earlier. As a result, GO Petroleum’s total energy sales declined by 67% year on year to 52,000 tonnes. Sealed Warehouses Disrupt Fuel Supply The sharp decline appears to be company-specific rather than the result of a broad collapse in fuel demand. Industry-wide petrol volumes declined by only around 1.3% during August, highlighting the extent of GO Petroleum’s individual supply disruption. According to Optimus Capital, the company’s weaker performance was linked to the FIA sealing its bonded warehouses in July, which disrupted fuel supplies to GO’s retail network. The action followed a June FIR in which investigators alleged that imported fuel stored under bond had been removed without the required ex-bond declarations and without payment of applicable customs duty, petroleum levy and other charges. A joint inspection at GO’s Mehmoodkot terminal in June reportedly found around 7,040 tonnes of bonded petrol in tanks, while company records indicated substantially higher stock levels. The allegations remain subject to legal proceedings and should not be treated as established facts. However, the enforcement action has already had a significant operational impact on GO’s supply chain. GO Petroleum Loses Significant Market Share The disruption is clearly visible in the company’s market share. GO Petroleum’s petrol market share fell to 5% from 12% a year earlier. Its diesel share also declined sharply to 3.7% from 14%. The figures indicate that customers and dealers quickly shifted toward competing oil marketing companies when GO was unable to maintain normal fuel supplies. PSO Gains From GO’s Lost Volumes Pakistan State Oil (PSO) emerged as a major beneficiary of the shift in demand. PSO’s petrol market share increased to 46.6% from 39%, while its diesel share climbed to 47.2% from 42.3%. According to Optimus Capital, PSO captured a significant portion of the volumes lost by GO Petroleum. The development represents a notable reversal from FY26, when GO had been increasing its market presence while PSO’s share was declining. With PSO’s extensive retail and distribution network, dealers had an established alternative when GO’s supply chain was disrupted. A Growth Story Faces a Major Setback GO Petroleum had established itself as a significant player in Pakistan’s oil marketing sector, supported by a sizeable retail network, storage infrastructure and a major shareholding by Aramco. That makes the August decline particularly significant. The company reportedly recorded a 55% decline in volumes over the first two months of the current period compared with the same period last year, highlighting the scale of the disruption. For an oil marketing company, bonded inventory is an important part of the supply chain. Any interruption in the movement or clearance of that inventory can quickly translate into lower availability at retail outlets, reduced sales and loss of market share. Bonded Warehouse Oversight Comes Under Focus The episode has also raised broader questions about the monitoring of bonded petroleum warehouses. Customs authorities subsequently tightened monitoring requirements for POL warehouses, including daily verification before the removal of bonded stocks. The situation highlights how weaknesses in documentation and oversight can create significant operational and financial risks across the fuel supply chain. If the allegations against GO are eventually proven, the case could involve substantial implications related to unpaid duties and levies. If the allegations are not established, however, the company may still face the commercial consequences of prolonged operational disruption. High Fuel Prices Add to Industry Pressure GO Petroleum’s problems are unfolding against a challenging backdrop for the entire oil marketing sector. Total OMC sales fell around 3% in August to 1.261 million tonnes, while furnace oil sales declined by approximately 9.3%. At the same time, petrol prices were around 26% higher year on year, while diesel prices were approximately 36% higher. Higher fuel prices can put additional pressure on consumers and businesses, while continued uncertainty in global energy markets could keep import costs elevated. Disruption Could Also Encourage Informal Fuel Trade Prolonged supply disruptions can create opportunities for the informal fuel market. When branded fuel outlets cannot consistently meet demand, customers may turn to alternative suppliers. Winning those customers back can become difficult even after normal supply operations resume. The current inventory position across the sector also remains important. HSD stocks are estimated to provide around 34 days of cover, while petrol stocks offer roughly 19 days. If GO’s supply problems continue, the impact on its retail network could therefore remain visible for some time. What Comes Next for GO Petroleum GO Petroleum’s August performance reflects both industry-wide pressure and a company-specific operational crisis. The sharp fall in sales, combined with the loss of market share to PSO, shows how quickly supply-chain disruptions can affect an oil marketing company. The company’s ability to restore regular fuel supplies, resolve the legal issues surrounding its bonded warehouses and rebuild confidence among dealers and customers will be critical. For now, GO Petroleum’s August numbers tell a clear story: a major disruption in its supply chain has translated directly into lost volumes and market share.

PIA to Increase Flight Frequencies to London
Pakistan

PIA to Increase Flight Frequencies to London

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Daily Flights to London From October 27 Pakistan International Airlines (PIA) is set to increase its flight frequencies to London in response to growing passenger demand. According to a PIA spokesperson, the airline will operate daily flights between Pakistan and London from October 27, 2026. Five Weekly Flights From Islamabad Under the revised schedule, PIA will operate five weekly flights between Islamabad and London. The increased frequency is expected to provide passengers with greater flexibility when planning their travel. The airline will also continue serving London from Lahore with two weekly flights. Lahore to Have Two Weekly London Flights PIA will operate two flights per week between Lahore and London under the new schedule. Combined with the Islamabad service, this will take PIA’s total Pakistan-London operations to seven flights per week. PIA Responds to Growing Passenger Demand PIA currently operates four weekly flights to London. The increase to daily operations represents a significant expansion of the airline’s London service. The spokesperson said the decision reflects passenger satisfaction with PIA’s services, including flight comfort and convenience, while also responding to growing demand for travel between Pakistan and the United Kingdom. The expanded schedule is expected to give passengers more travel options and improve connectivity between major Pakistani cities and London.

Meezan Bank Approves Over PKR 31.5 Billion in Ghar Ho Tu Apna Financing for 4,400+ Applicants
Business

Meezan Bank Approves Over PKR 31.5 Billion in Ghar Ho Tu Apna Financing for 4,400+ Applicants

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Strong Demand for Affordable Housing Finance Meezan Bank has approved more than PKR 31.45 billion in housing finance for 4,424 applications under the Government of Pakistan’s Wazir-e-Azam Apna Ghar Programme – Ghar Ho Tu Apna (GHTA). The figures highlight strong demand for affordable and Shariah-compliant housing finance across Pakistan. The approved amount represents a substantial financing pipeline that could translate into further disbursements as applicants complete property selection, documentation and other required procedures. Meezan Bank Crosses PKR 4 Billion in Disbursements Against the growing approval pipeline, Meezan Bank has already crossed PKR 4 billion in cumulative disbursements under the programme. The financing has supported around 650 families, helping them move closer to owning their homes. The disbursements demonstrate that the programme is gradually translating approved applications into actual housing opportunities. August Brings Sharp Increase in Financing Activity Financing activity accelerated significantly during August 2026. Meezan Bank disbursed approximately PKR 2.2 billion during the month alone. This amount represents more than half of the bank’s cumulative disbursements under the programme so far, highlighting a sharp increase in financing activity and customer demand. Focus on Shariah-Compliant Home Financing Ahmed Ali Siddiqui, Group Head Consumer Finance at Meezan Bank, said the approval of more than PKR 31.5 billion across over 4,400 applications demonstrates significant demand for affordable and Shariah-compliant housing finance in Pakistan. He added that the bank’s focus is now on converting the approved financing pipeline into home ownership for thousands of additional customers. Through its Easy Home solutions, Meezan Bank provides Shariah-compliant financing for purchasing and constructing residential properties. Nationwide Network Supports Applicants Meezan Bank is using its nationwide branch network and specialised housing finance teams to facilitate applicants under the government programme. The bank is also working to streamline customer processes so that approved applicants can move through property selection, documentation and financing requirements more efficiently. Housing Finance Could Support Pakistan’s Residential Market The growing approval and disbursement figures underline the increasing demand for Islamic housing finance in Pakistan. If the approved financing pipeline continues to convert into completed transactions, the programme could provide additional support to the residential housing sector while expanding access to formal home financing. For thousands of applicants, the bigger significance lies in turning financing approvals into actual home ownership. The pace of future disbursements will therefore be an important measure of the programme’s overall impact.

Gold Prices Slip to Three-Week Low as Middle East Tensions Raise Rate-Hike Concerns
Breaking News

Gold Prices Slip to Three-Week Low as Middle East Tensions Raise Rate-Hike Concerns

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Gold prices fell to their lowest level in more than three weeks on Wednesday as renewed US-Iran tensions pushed oil prices higher and increased concerns about inflation and interest rates. Gold Faces Fresh Pressure Spot gold declined 0.6% to around $4,304 per ounce, its lowest level since August 7. US gold futures for December also dropped about 1% to $4,350.80. The decline marks gold’s fourth consecutive session of losses, with prices remaining below the closely watched 200-day moving average. Oil Prices Change the Market Outlook Renewed US-Iran hostilities have pushed oil prices higher, raising concerns that more expensive energy could reignite inflation. That matters for gold because higher inflation can strengthen expectations for tighter monetary policy. Markets are currently pricing in a significantly higher possibility of a US Federal Reserve rate hike this month. Gold does not generate interest income, so higher interest rates can make the precious metal less attractive compared with yield-generating assets. US Jobs Data in Focus Investors are also waiting for fresh US employment figures. Upcoming labour-market data could influence expectations for the Federal Reserve’s next policy decision. A weaker jobs report could reduce pressure on gold, while stronger employment data or more hawkish signals from the Fed could keep prices under pressure. What It Means for Gold Investors The latest decline shows how quickly geopolitical developments can change the direction of global markets. Although gold is traditionally viewed as a safe-haven asset, rising oil prices, higher yields and stronger rate expectations are currently outweighing that support. For now, investors are likely to remain focused on the Middle East conflict, oil prices, US inflation signals and upcoming employment data as they assess gold’s next move.

Salary vs. Reality: How Inflation Is Cutting Pakistan’s Real Purchasing Power
Opinion

Salary vs. Reality: How Inflation Is Cutting Pakistan’s Real Purchasing Power

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Pakistan’s households are facing another squeeze as August 2026 inflation climbed to 11.1% year-on-year, compared with 3.1% in August last year and 9.2% in July. The increase means salaries may be rising on paper, but their actual purchasing power is being steadily reduced by higher prices. Inflation Hits Rural Households Harder According to official data, urban inflation reached 10.4%, while rural inflation stood higher at 12.2%. The Sensitive Price Indicator increased 9.5% year-on-year, while the Wholesale Price Index rose 11.8%. These figures suggest that cost pressures remain present across the supply chain. On a monthly basis, consumer prices increased another 1.2% in August, showing that the pressure has not yet eased. What Happens To A Rs300,000 Salary? A monthly salary of Rs300,000 equals Rs3.6 million annually. Under the FY2026–27 salaried income-tax slabs, the estimated monthly income tax is around Rs34,667, leaving approximately Rs265,333 after income tax. The frequently cited figure of around Rs210,824 in real purchasing power should be treated as an illustration rather than an official PBS or FBR calculation. The bigger issue is that income tax is only one part of the household burden. Consumers also face GST, fuel-related duties, withholding taxes and other indirect levies. Inflation Becomes A Hidden Pay Cut Inflation does not appear as a deduction on a salary slip, but its effect is felt every time households buy food, pay transport costs or cover utility bills. When prices rise faster than wages, employees effectively experience a reduction in their real income. For middle-income households, this can mean cutting discretionary spending, reducing savings or delaying major purchases. The Real Challenge For Households The latest inflation figures show why nominal salary growth does not tell the whole story. A Rs300,000 salary may look comfortable on paper, but its value depends on the prices households face every month. Until food, energy and other essential costs stabilise, many workers will continue to feel financially squeezed despite earning the same or higher nominal income.

Bestway Cement Shareholders Reject Auto Unit Rights, Putting Subsidiary Status At Risk
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Bestway Cement Shareholders Reject Auto Unit Rights, Putting Subsidiary Status At Risk

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Bestway Cement Limited shareholders have rejected a rights share offer from Bestway Automotive (Private) Limited (BAL), potentially ending the listed company’s control over its year-old automobile subsidiary. The decision was taken at the shareholders’ meeting on August 31, 2026, and disclosed to the Pakistan Stock Exchange the following day. Rights Refusal Puts BAL Control In Doubt Following the refusal, BAL may offer the rights shares to another party, including a Bestway Group company, subject to applicable laws. If the shares are taken up by another party, BAL would no longer remain a subsidiary of Bestway Cement. The development comes less than a year after Bestway Cement approved a Rs10 billion investment plan for its automobile venture, comprising up to Rs4 billion in equity and Rs6 billion through a shareholder loan. Questions Remain Over The Auto Investment BAL was incorporated in September 2025 to enter Pakistan’s automotive market. It later signed an asset purchase agreement for Al-Haj Automotive, which received clearance from the Competition Commission in early 2026. However, BAL had yet to begin commercial operations by mid-2026. The latest disclosure does not provide important details, including the number and price of rights shares, the total amount involved or the identity of a potential new subscriber. Could The Auto Business Move To The Group? If another Bestway Group company subscribes to the rights issue, the automobile business could continue while moving outside Bestway Cement’s listed structure. This raises questions for minority shareholders, who could lose exposure to any future gains from the diversification while the wider group retains an interest in the business. Bestway Cement Faces A Capital Allocation Decision Bestway Cement remains a major earnings contributor. Its consolidated FY26 profit increased 7% to around Rs25.57 billion, while the company also announced a Rs10 cash dividend. Shareholders’ decision could therefore be viewed as a move to preserve capital and focus on the core cement business, particularly given the capital requirements and risks associated with Pakistan’s automotive sector. However, investors will need more information before judging the decision. Investors Need More Clarity The market will likely want details on the rights issue, the company’s remaining stake, loans provided to BAL and whether another Bestway Group entity plans to subscribe. Until those details emerge, the decision represents more than a routine rights issue. It could determine whether Bestway Cement’s auto diversification remains part of the listed company or shifts to the wider group.

Standard Chartered, Dolmen Group Partner To Offer Home Ownership Benefits In Karachi
Business

Standard Chartered, Dolmen Group Partner To Offer Home Ownership Benefits In Karachi

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Standard Chartered Bank Pakistan and Dolmen Group have joined hands to offer exclusive home ownership benefits to eligible clients interested in Grove Residency, a new residential development in Karachi. Under the partnership, qualifying buyers can receive savings of at least PKR 5 million on eligible purchases, along with tailored home financing options. Exclusive Financing For Eligible Buyers The collaboration combines Standard Chartered’s home finance expertise with Dolmen Group’s property development experience. Eligible clients will also have access to Saadiq Home Finance, offering flexible financing solutions designed to support buyers in managing one of their biggest long-term investments. Grove Residency Targets Modern Homebuyers Located near the KPT Interchange, Grove Residency is positioned as a modern residential development in one of Karachi’s emerging housing corridors. The partnership aims to give prospective homeowners greater financial flexibility while combining property and financing solutions under one offering. Focus On Long-Term Home Ownership Standard Chartered said the initiative reflects its focus on providing customers with financing solutions suited to their individual financial needs and long-term goals. For Dolmen Group, the collaboration is aimed at improving access to financing while supporting its vision of developing modern residential communities in Karachi. The partnership highlights the growing role of customised financing in Pakistan’s real estate market as buyers seek greater value and flexibility when purchasing homes.

Starlink Internet Still Delayed In Pakistan As PSARB Framework Remains Unfinished
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Starlink Internet Still Delayed In Pakistan As PSARB Framework Remains Unfinished

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Starlink satellites are already passing over Pakistan every few minutes, but homes and businesses still cannot access the service. The issue is increasingly becoming a question of regulation, policy and licensing, rather than satellite technology or launch costs. Why Fibre Cannot Reach Everyone Pakistan had around 164 million broadband connections by the end of FY26, with nearly 97% operating through mobile networks. Fixed broadband stood at only about 4.4 million connections. Fibre connections have grown significantly, reaching around 2.88 million in FY26 from roughly 100,000 in FY19. However, fibre coverage remains concentrated in urban areas because connecting individual homes can cost between PKR 60,000 and 120,000. This makes fibre expansion difficult in lower-density and underserved areas. Starlink Offers A Different Option Traditional geostationary satellites operate roughly 36,000 kilometres above Earth and can have round-trip delays exceeding 250 milliseconds. Starlink’s low-Earth-orbit satellites operate at around 550 kilometres, significantly reducing latency. The satellites move around Earth roughly every 95 minutes, with one satellite handing coverage to another as it moves across the sky. In many countries, satellite broadband has been used alongside terrestrial networks, particularly in areas where fibre and traditional broadband infrastructure are difficult or expensive to deploy. The Regulatory Roadblock Starlink received a reported NOC from the Pakistan Satellite Authority Regulatory Board (PSARB) in March 2025, but the approval was later reported to have been cancelled. The company is now waiting for PSARB to finalise its regulatory framework. Key issues such as local gateways, data localisation and lawful interception need clear rules before commercial services can move forward. Questions Over PSARB The structure of PSARB has also attracted criticism. Its board gives significant representation to the security and space establishment, while private telecom companies, universities and other industry stakeholders do not have direct representation. Critics have also raised concerns about SUPARCO’s role because it operates the PSARB secretariat while also managing satellite-related activities. Geopolitics Adds Another Layer Pakistan’s relationship with China and China’s growing interest in satellite technology could also influence how the country approaches Starlink. Bangladesh, by comparison, reportedly used its existing telecom regulator to facilitate Starlink’s rollout within seven months. For Pakistan, the challenge now is to establish a transparent regulatory framework that addresses national security and data concerns without unnecessarily delaying access to new broadband technology. The Real Test Is Policy Starlink technology is already capable of providing satellite internet coverage over Pakistan. The bigger question is whether Pakistan can create a regulatory system that allows the technology to operate while protecting legitimate national interests. How satellite internet develops in Pakistan may ultimately depend less on what is happening in space and more on the regulatory decisions being made on the ground.

Engro Corporation To Sell 56.19% Stake In Engro Polymer To Lotte Chemical Pakistan
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Engro Corporation To Sell 56.19% Stake In Engro Polymer To Lotte Chemical Pakistan

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Engro Corporation Limited has entered into a Share Purchase Agreement with Lotte Chemical Pakistan Limited for the sale of its entire shareholding in Engro Polymer & Chemicals Limited (EPCL). Under the agreement, Engro Corporation will sell its approximately 56.19% stake in EPCL for around PKR 19.7 billion, subject to regulatory approvals and other customary conditions. Engro Moves To Recycle Capital EPCL has been part of Engro’s portfolio since 1997 and has grown into Pakistan’s only integrated chlor-vinyl complex. The company supplies products including PVC resin, caustic soda and hydrogen peroxide to several downstream industries. The transaction is part of Engro Holdings’ broader portfolio strategy following its restructuring in 2025. The group says the sale will allow it to unlock value from the investment and redirect capital towards future growth opportunities. Lotte Chemical Sees Growth Opportunities For Lotte Chemical Pakistan, the proposed acquisition is expected to create opportunities for greater operational efficiency, innovation and long-term expansion in the petrochemicals sector. The company said the combination could generate synergies by bringing together the strengths of both businesses while supporting investment in technology, people, sustainability and future expansion. Deal Still Needs Regulatory Approval The proposed transaction is not yet complete. It remains subject to regulatory approvals and the fulfilment of other required conditions. Both companies are expected to provide further updates as the transaction progresses in line with applicable regulatory requirements. A Major Portfolio Move The proposed EPCL sale represents another significant portfolio decision for Engro Holdings as it reshapes its investment strategy. For Pakistan’s petrochemical industry, the transaction could also bring a new phase of ownership, investment and operational development for one of the country’s major industrial businesses.

Telecom Operators Call For End To Direct G2G Contracts
Pakistan

Telecom Operators Call For End To Direct G2G Contracts

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The Telecom Operators Association (TOA) has urged the government to remove a procurement rule that allows certain projects to be awarded directly to government-owned entities without open bidding. The association has called for the repeal of Clause 42(f) of the Public Procurement Rules, 2004, arguing that the provision is limiting opportunities for private IT, telecom and digital companies. Private Sector Seeks A Level Playing Field TOA says government spending on digital and technology services should allow private companies to compete where they already have the required expertise. The association argues that telecom and technology firms have invested billions in Pakistan over the past two decades and contributed significantly to the national exchequer. Concerns Over Competition And Jobs Pakistan’s technology sector is expanding into areas such as cloud computing, data centres and artificial intelligence. TOA believes a strong domestic market is essential for local companies to develop their capabilities and compete internationally. The association warns that directing more public contracts toward state-owned enterprises could weaken competition, reduce innovation and limit opportunities for private firms, particularly small and medium-sized businesses. TOA Raises Subcontracting Concerns The association has also questioned cases where state-owned entities receive government contracts through the G2G route and subsequently outsource the work to private companies. TOA believes such arrangements could create transparency and accountability concerns. Call For Equal Competition TOA wants government-owned companies to participate in public procurement on the same terms as private-sector firms. The association argues that removing Clause 42(f) would create a more competitive environment, encourage private investment and support the growth of Pakistan’s telecom and technology industries.

The Boardroom PK delivers trusted business news, analysis, and insights from Pakistan and beyond, keeping readers informed, inspired, and ahead in the evolving world of business and leadership.

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