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Pakistan Railways Minister Meets Iranian Ambassador, Discusses Railway Links
Breaking News, Pakistan

Pakistan Railways Minister Meets Iranian Ambassador, Discusses Railway Links

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ISLAMABAD: Federal Minister for Railways held a detailed meeting with the Ambassador of the Islamic Republic of Iran to Pakistan, Dr. Reza Amiri Moghadam. The two sides discussed bilateral relations, railway cooperation, and the overall regional situation. Read More: https://theboardroompk.com/cda-and-dha-to-jointly-develop-sectors-d-13-e-13-and-f-13-in-islamabad/ Strengthening Bilateral Ties The Federal Minister reaffirmed Pakistan’s commitment to further strengthening the longstanding brotherly relations between Pakistan and Iran. He highlighted that Pakistan highly values its close historical, cultural, and mutually respectful ties with Iran and remains dedicated to expanding cooperation in areas of mutual interest. Both sides engaged in comprehensive discussions on enhancing railway connectivity, with particular focus on the Taftan–Zahedan railway route and the Islamabad–Tehran–Istanbul (ITI) freight train project. They agreed that stronger railway links would significantly promote regional trade and connectivity. Railway Projects and Regional Peace The meeting reviewed ongoing efforts for the repair and rehabilitation of the Quetta–Taftan railway section. The Federal Minister stressed that improved infrastructure combined with effective security measures is crucial for smooth and uninterrupted railway operations. Regional developments, especially the situation in the Middle East, were also discussed. Pakistan reiterated its firm support for peace, dialogue, and diplomatic solutions to regional challenges. Ambassador Dr. Reza Amiri Moghadam appreciated Pakistan’s positive and constructive role in promoting regional peace and stability. Both sides praised the efforts of Prime Minister Muhammad Shehbaz Sharif and Field Marshal Syed Asim Munir for peace, dialogue, and de-escalation in the region. The Federal Minister stated that Pakistan has always believed in dialogue, mutual respect, and peaceful resolution of disputes. The meeting concluded in a cordial atmosphere with both sides agreeing to further enhance bilateral cooperation, especially in the railway sector.

Chery Master Pakistan Signals New Product Expansion in Pakistan Following Strong Presence at Auto China 2026
Auto, Breaking News

Chery Master Pakistan Signals New Product Expansion in Pakistan Following Strong Presence at Auto China 2026

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Karachi, May 7:  Chery Master Pakistan is evaluating to launch two to three future models for the local market, including the Tiggo 4 HEV, QQ BEV, and Tiggo V, products that reflect Chery’s broader focus on hybrid, electric and multi-purpose mobility solutions. Read More: https://theboardroompk.com/pakistan-imf-climate-funding-set-to-unlock-200-million-boost-for-green-economy/ Chery Master Pakistan, introduced locally by Master Auto Engineering, part of the Master Group with over 60 years of industrial and automotive legacy, has signalled the potential introduction of multiple new models in the local market following its strong participation at Auto China 2026, where the company engaged with global leadership and reviewed Chery’s next-generation product and technology roadmap. The direction is supported by Chery’s global plan to introduce 13 new models over the next two years across gasoline, hybrid and electric powertrains, spanning SUV, sedan, urban mobility and pickup segments. For Pakistan, these categories hold growing relevance as consumers increasingly seek fuel-efficient, practical and technology-driven vehicles amid rising fuel costs and changing mobility needs. Speaking on the company’s future direction, Samir Malik, CEO of Chery Master Pakistan, said “Pakistan remains an important growth market for Chery’s advanced mobility technologies, adding that the company is focused on evaluating products that match local driving conditions, consumer expectations and long-term mobility trends.” At Auto China 2026, Chery showcased the QQ BEV, a compact electric vehicle offering a range of up to 410 kilometres. The model is positioned as an affordable urban mobility solution, making it particularly relevant for congested cities such as Karachi, Lahore and Islamabad, where lower running costs, ease of movement and compact design are becoming more important for daily commuters. The Tiggo V concept, meanwhile, represents a versatile mobility platform combining SUV space, MPV practicality, and pickup-style utility. Its multi-purpose character aligns closely with Pakistan’s strong preference for family-oriented vehicles that can also support lifestyle, business and utility requirements. The Tiggo 4 HEV further expands Chery’s hybrid portfolio into a more accessible segment, potentially opening new opportunities in Pakistan’s compact SUV market. With hybrid technology gaining traction due to fuel economy benefits and limited charging infrastructure for full EVs, such products could play an important role in accelerating local NEV adoption. Chery currently operates in more than 130 countries with over 19 million global users, while one out of every four vehicles exported from China is a Chery, underscoring the company’s growing export leadership. In Pakistan, Chery Master Pakistan has established the largest locally assembled (CKD) plug-in hybrid SUV portfolios in the market. This includes the Tiggo 9 PHEV positioned as the first premium plug-in hybrid E-SUV, the new Tiggo 8 PHEV as the country’s only 7-seater plug-in hybrid D-SUV, and the newly introduced Tiggo 7 PHEV as a premium 5-seater C-segment SUV. Together, this lineup spans key SUV segments and reflects a deliberate strategy to make advanced hybrid technology accessible across different customer needs.

Sitara Petroleum IPO Oversubscribed 7x to raise 4.8 billion at 40% premium, making it 3rd largest IPO at PSX!
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Sitara Petroleum IPO Oversubscribed 7x to raise 4.8 billion at 40% premium, making it 3rd largest IPO at PSX!

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Karachi, May 05: Sitara Petroleum Service Limited (SPSL) has successfully concluded its book-building phase on May 5, 2026, with the strike price determined at PKR 18.90 per share, the upper limit of the price band, reflecting strong and decisive institutional demand. The IPO was oversubscribed 7 times of the size. Read More: https://theboardroompk.com/critical-minerals-investment-crisis-why-demand-is-surging-but-funding-is-missing/ With the conclusion of this IPO, Sitara Petroleum Service IPO becomes the third largest IPO after Interloop and Airlink. The offering attracted investor interest of over PKR 11.7 billion, highlighting the depth of demand from institutional investors and high-net-worth individuals. The IPO comprises a total offering of 279.9 million shares, representing 16.66% company’s paid-up capital. The book building portion has now been successfully completed, while the general public portion remains fully underwritten, ensuring completion of the overall offering. Including the earlier pre-IPO placement of PKR 1.67 billion, the total transaction size stands at up to PKR 4.8 billion, positioning it among the notable IPOs in recent years. Sitara Petroleum Service Limited operates one of Pakistan’s leading fuel station management and logistics platforms, with a network of over 61 fuel stations and a fleet of more than 320 oil tankers. The company derives the majority of its revenues from dealer commissions, complemented by a growing logistics and carriage services segment catering to oil marketing companies. The proceeds from the IPO will be deployed to support the company’s next phase of growth, including the addition of approximately 50 new fuel stations and expansion of its logistics fleet by around 50 oil tankers, strengthening its presence across Pakistan’s downstream petroleum value chain. Following the completion of the book building, the public subscription phase is expected to proceed as scheduled, after which Sitara Petroleum Service Limited will be listed on the Pakistan Stock Exchange.

Petroleum Sales in Pakistan Drop 7% in April
Breaking News, Uncategorized

Petroleum Sales in Pakistan Drop 7% in April

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High domestic costs continue to reshape the energy landscape as petroleum sales in Pakistan witnessed a significant contraction this April. Total volumes fell by 7% year-on-year, descending to 1.36 million tonnes compared to 1.45 million tonnes in the same month of the previous fiscal year. Read More: https://theboardroompk.com/pakistans-trade-deficit-hits-46-month-high-at-4-billion-as-import-bill-surges/ The latest industry data, released on Monday, paints a sobering picture of a market struggling under the weight of inflationary pressures. While the global oil market remains volatile, the immediate impact on the Pakistani consumer has been a sharp reduction in mobility and industrial consumption. On a month-on-month basis, the oil product sector also saw a 6% dip, signaling that the downward trend is gaining momentum as the fiscal year enters its final quarter. The Pricing Wall The primary catalyst for the decline is no mystery: the cost of keeping the country moving has reached record highs. The average price of motor spirit (petrol) surged by a staggering 54% year-on-year to reach Rs392.64 per litre. High-speed diesel (HSD) followed an even steeper trajectory, climbing 67% to Rs431.97 per litre. These price hikes occurred despite the government’s efforts to manage the petroleum levy on HSD, suggesting that international benchmarks and currency fluctuations are currently the dominant forces in domestic pricing. This environment has significantly dampened petroleum sales in Pakistan, forcing both private households and commercial transport sectors to tighten their belts. Sector-Specific Impacts The breakdown of fuel types reveals how different segments of the economy are reacting to the crisis: High-Speed Diesel (HSD): Sales plummeted by 12% year-on-year. This is particularly concerning as HSD is the lifeblood of the transport and agricultural sectors. Analysts point to lower tractor sales and reduced freight movement as primary drivers for this double-digit drop. Motor Spirit (MS): Petrol volumes dropped by 7%, reflecting a shift in consumer behavior as commuters seek out carpooling, public transport, or simply reduce non-essential travel. Furnace Oil (FO): In a surprising twist, FO sales bucked the overall trend, rising by 63% year-on-year. This spike was driven by the power sector’s increased reliance on oil-based generation following disruptions in the supply of re-gasified liquefied natural gas (RLNG). When furnace oil—typically a less desirable and more polluting fuel—is excluded from the calculations, the underlying health of the fuel market looks even more fragile. Stripping away FO reveals that core demand for transport and industrial fuels fell by 11% year-on-year. Corporate Performance and Market Shifts The shifting tide of petroleum sales in Pakistan has also led to a realignment among the country’s major Oil Marketing Companies (OMCs). The state-owned giant, Pakistan State Oil (PSO), reported a 5% decline in April sales, with its total volume hitting 0.59 million tonnes. Consequently, PSO’s market share for the first ten months of FY2026 slipped to 42.4%, down from 44.5% the previous year. While PSO and Hascol Petroleum (which saw a 26% sales crash) struggled, other players found room to grow. Gas & Oil Pakistan Ltd (GO) managed to expand its footprint, increasing its market share from 10.2% to 12%. Wafi Energy, taking over the mantle from Shell Pakistan, maintained stable volumes and slightly improved its market position to 8%. The Silver Lining in Cumulative Data Despite the grim monthly figures for April, the broader fiscal year perspective offers a more nuanced view. Cumulative petroleum sales for the first ten months of FY2026 (July–April) actually show a 4% increase compared to the same period last year, totaling 13.76 million tonnes. This suggests that while the current price shocks are causing an immediate contraction, the overall economic activity over the past year had been on a recovery path. However, if the current trend of high international oil prices and domestic inflation persists, the gains made in the early half of the fiscal year could be eroded. Fiscal Implications From a government perspective, the high prices have a dual effect. While they dampen demand, they have bolstered the national exchequer through the petroleum levy. Collection for the July-April period has reached approximately Rs1.28 trillion, providing a critical cushion for the federal budget as the country navigates ongoing economic stabilization programs.

Sitara Petroleum IPO Book Building Hits Cap Price Within 10 Minutes, Sets PSX Record
Breaking News, Business

Sitara Petroleum IPO Book Building Hits Cap Price Within 10 Minutes, Sets PSX Record

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Karachi, May 4: Sitara Petroleum Service Limited’s initial public offering (IPO) book building has achieved the cap price of PKR 18.90 within just 10 minutes of opening, marking the fastest-ever book building transaction to reach the cap price in the history of the Pakistan Stock Exchange (PSX). Read More: https://theboardroompk.com/k-electric-urges-precaution-as-heatwave-grips-karachi/ The exceptional investor response saw the issue fully subscribed in record time, underscoring strong demand from institutional investors and high-net-worth individuals at the upper end of the price band. The rapid price discovery at the cap level highlights robust investor confidence in Sitara Petroleum’s business fundamentals, scalable fuel station management model, and its expanding logistics and fleet operations supporting Pakistan’s oil marketing ecosystem. The IPO comprises 279.9 million shares, representing 16.66% of the company’s capital, with proceeds aimed at expanding the company’s retail fuel station network and logistics fleet. Arif Habib Limited, the lead manager and book runner for the transaction, expressed appreciation for the strong investor participation. “We sincerely thank all investors for placing their trust in Arif Habib Limited,” CEO Shahid Ali Habib stated.

FY27 GDP Growth Downgraded to 2.5-3% Due to Rising Oil Prices: Topline
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FY27 GDP Growth Downgraded to 2.5-3% Due to Rising Oil Prices: Topline

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Pakistan’s economy is confronting fresh challenges as global oil prices surge amid ongoing regional conflicts. Brokerage house Topline Securities has released a detailed strategy report highlighting the potential macroeconomic fallout and opportunities in the local equity market. Inflation and Growth Projections Under Pressure Analysts at Topline expect average inflation in the next 12 months to hover between 9-10%, with 4QFY26 possibly exceeding 11%. Every US$10 per barrel increase in oil prices is projected to add around 50 basis points to inflation forecasts.Higher energy costs will also weigh on economic expansion. Topline has revised its FY27 GDP growth forecast downward to 2.5-3.0% from the earlier 4.0%. For FY26, the projection stands at 3.5-4.0%, in line with State Bank guidelines. Current Account and Currency Risks The report warns that slippage in import controls could push the current account deficit beyond US$8 billion (1.9% of GDP) in FY27, putting pressure on foreign exchange reserves. Fiscal deficit is expected to remain in the 4.0-4.5% range for FY26 amid relief spending, with a slight increase possible in FY27. Currency depreciation is projected at 5-6% on average in FY27, though it could accelerate if import management weakens. Remittances from GCC countries are assumed to decline by 10%, contributing to overall moderation in inflows.The stock market has already reacted negatively, with Pakistan posting the third-worst quarterly return globally in Q1 2026. Heavy reliance on imported oil (85% of energy needs) remains a key vulnerability. Despite this, selective opportunities exist in oil and gas exploration and production companies. Topline recommends a cautious approach in cyclicals and favors defensive sectors. Preferred picks include OGDC, PPL, MARL, FFC, ENGROH, MEBL, BAFL, and HUBC. The revised KSE-100 index target stands at 187,000 under current risk-free rate assumptions. Administrative measures on non-oil imports may become necessary to manage the external account, as historical episodes show government intervention plays a critical role during such periods. Overall, the report calls for vigilant monitoring of geopolitical developments and timely policy action to safeguard macroeconomic stability.

FBR Tax Shortfall Widens to Rs684 Billion Amid Economic Pressures
Breaking News, Pakistan

FBR Tax Shortfall Widens to Rs684 Billion Amid Economic Pressures

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The Federal Board of Revenue (FBR) tax shortfall has widened significantly, reaching Rs684 billion during the first 10 months of the current fiscal year, raising concerns over Pakistan’s revenue performance. According to reported data, Federal Board of Revenue collected Rs10,261 billion from July to April against a target of Rs10,945 billion, highlighting a substantial gap in tax collection. Revenue Targets Missed as Collection Slows The latest figures reveal that the FBR tax shortfall continues to grow as collection efforts fall behind expectations. In April 2026 alone, the FBR collected Rs956 billion against a target of Rs1,029 billion, resulting in a monthly shortfall of Rs73 billion. Officials acknowledged that the tax authority now faces mounting pressure to meet its revised annual target. To achieve the full-year goal of Rs13,979 billion, the FBR must collect an additional Rs3,718 billion in May and June—an ambitious target given the current pace of revenue generation. External Factors Deepen Fiscal Challenges Economic disruptions linked to the Gulf War have further aggravated the FBR tax shortfall. Officials noted that declining imports have led to a sharp drop in sales tax collection at the import stage, traditionally a major revenue source. At the same time, slowed economic activity has reduced overall taxable transactions, limiting income and sales tax inflows. An FBR official stated that both import contraction and reduced market activity have significantly constrained revenue growth in recent months. IMF Refuses to Revise Annual Target In light of the widening FBR tax shortfall, authorities approached the International Monetary Fund seeking a downward revision of the annual tax target. The FBR proposed reducing the target from Rs13,979 billion to around Rs13,400–13,500 billion. However, the IMF declined the request, maintaining strict fiscal targets as part of broader economic conditions tied to Pakistan’s financial programme. This decision has added further pressure on tax authorities to improve collection performance within a limited timeframe. Breakdown of Tax Collection Provisional data shows that the FBR tax shortfall persists despite contributions from multiple revenue streams. During the first 10 months: Income tax collection stood at Rs5,142 billionSales tax generated Rs3,825.5 billionFederal excise duty contributed Rs672.9 billionCustoms duty added Rs1,119.5 billion The total gross collection reached Rs10,760.6 billion. However, after issuing refunds amounting to Rs498.9 billion, the net collection remained Rs10,261.7 billion. Uncertainty Over Final Revenue Outcome Despite the widening FBR tax shortfall, officials indicated that achieving a collection between Rs13,000 billion and Rs13,200 billion by June could still be viewed as a reasonable outcome under current circumstances. However, meeting the original or even revised targets remains a major challenge. With only two months remaining in the fiscal year, the performance of key sectors, import trends, and enforcement measures will play a decisive role in determining the final revenue figures. The growing FBR tax shortfall underscores broader economic pressures facing Pakistan, as authorities struggle to balance fiscal discipline with slowing economic activity.

Petrol Prices in Pakistan Raised Again, Adding Pressure on Consumers
Breaking News, Pakistan

Petrol Prices in Pakistan Raised Again, Adding Pressure on Consumers

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Pakistan has once again increased petrol prices, with the latest adjustment pushing rates higher by Rs7 per litre, adding further strain on already burdened consumers. The revision comes as part of the government’s routine fuel price review, influenced by fluctuations in global oil markets. According to official notification, the new prices have been implemented immediately and will remain in effect for the next fortnight. Authorities cited rising international oil prices and import costs as key reasons behind the increase. The hike is expected to have a ripple effect across the economy, particularly on transportation and logistics costs. As fuel prices rise, the cost of goods and services typically follows, contributing to inflationary pressures. Petrol, widely used in private transport and small vehicles, directly impacts household budgets, while increases in diesel—commonly used in heavy transport and agriculture—can drive up food and commodity prices nationwide. With Pakistan heavily reliant on imported fuel, global market volatility continues to play a decisive role in domestic pricing. Analysts warn that if international oil prices remain elevated, consumers may face further increases in the coming months.

Karachi’s long-delayed Red Line Bus Rapid Transit (BRT) project has regained momentum as the Frontier Works Organisation (FWO) takes over construction on a key section following the removal of the previous contractor. The takeover comes after authorities halted work by the Lot 2 contractor—covering the Mosamiyat to Hasan Square stretch—and sealed its office due to ongoing delays and performance concerns. With the site now handed over, FWO has deployed machinery and workforce to restart construction activities across multiple نقاط along the corridor. In the initial phase, efforts are focused on repairing roads being used as alternative traffic routes to ease commuter disruptions. The organisation has also placed signage along the route to inform the public about ongoing work and acknowledge the inconvenience caused by construction. This development follows the Sindh government’s decision to cancel the earlier contract due to persistent delays, slow progress, and failure to meet required standards. Officials aim to fast-track progress under FWO’s supervision, with renewed efforts to restore public confidence in one of Karachi’s most critical urban transport projects, which has faced repeated setbacks since its launch.
Breaking News, Pakistan

FWO Steps In as Karachi Red Line BRT Work Resumes After Contractor Removal

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Karachi’s long-delayed Red Line Bus Rapid Transit (BRT) project has regained momentum as the Frontier Works Organisation (FWO) takes over construction on a key section following the removal of the previous contractor. Read More: https://theboardroompk.com/imc-among-top-toyota-manufacturing-affiliates-in-asia-pacific-after-winning-three-awards/ The takeover comes after authorities halted work by the Lot 2 contractor—covering the Mosamiyat to Hasan Square stretch—and sealed its office due to ongoing delays and performance concerns. With the site now handed over, FWO has deployed machinery and workforce to restart construction activities across multiple نقاط along the corridor. In the initial phase, efforts are focused on repairing roads being used as alternative traffic routes to ease commuter disruptions. The organisation has also placed signage along the route to inform the public about ongoing work and acknowledge the inconvenience caused by construction. This development follows the Sindh government’s decision to cancel the earlier contract due to persistent delays, slow progress, and failure to meet required standards. Officials aim to fast-track progress under FWO’s supervision, with renewed efforts to restore public confidence in one of Karachi’s most critical urban transport projects, which has faced repeated setbacks since its launch.

NEPRA Scraps Licensing for Small Solar Systems Under 25 kW
Breaking News, Pakistan

NEPRA Scraps Licensing for Small Solar Systems Under 25 kW

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In a significant move to facilitate renewable energy adoption, the National Electric Power Regulatory Authority (NEPRA) has officially abolished the licensing requirement for solar power systems with a capacity of up to 25 kilowatts (kW). Read More: https://theboardroompk.com/alleged-fake-claims-oil-marketing-companies-accused-of-extracting-billions-from-govt/ This decision aims to simplify the process for residential and small commercial consumers who utilize net metering to offset their electricity bills. The policy change follows a formal request from the Power Division, acting on the special directives of Federal Minister for Energy, Sardar Awais Ahmad Khan Leghari. Previously, even small-scale solar installers had to navigate bureaucratic hurdles to obtain a license, which often acted as a deterrent for many households looking to switch to green energy. Simplifying the Net Metering Process The removal of the licensing condition is expected to drastically reduce the processing time for net metering applications. By cutting through the red tape, the government hopes to encourage more citizens to invest in solar technology, which helps reduce the burden on the national grid and lowers individual electricity costs. Focus on Clean Energy Goals This initiative is part of a broader government strategy to increase the share of renewable energy in Pakistan’s total energy mix. By making it easier for small-scale users to connect to the grid, the authorities aim to promote environmental sustainability while providing financial relief to the public amid rising energy prices.

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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