Oil Prices Surge After Israeli Attack On Qatar, Trump’s Russia Tariff Push

Islamabad: Oil prices experienced a significant increase following an Israeli attack on Qatar and former US President Trump’s push for tariffs on Russian goods. The KSE-100 index reacted positively to this development, gaining 476 points to close at 156,564 with a trading volume of 1,067 million shares.

LOTCHEM, MARI, and MEBL led the market with substantial price gains, while NATF, JVDC, and TPLRF1 experienced the largest declines. Trading activity was primarily concentrated in the power, banking, and technology sectors. Meanwhile, Pakistan and Kazakhstan signed a collaborative agreement to cooperate across various sectors.

Prime Minister ordered an inquiry into individuals and corporations evading taxes, as government debt increased by Rs9 trillion in fiscal year 2025, according to the State Bank of Pakistan. The government also announced plans to eliminate cross-subsidies and peak rates for industrial power tariffs.

In Punjab, the minimum wage has been raised to Rs40,000, while the provincial food minister assured there are sufficient wheat and flour supplies. NEPRA announced a refund of Rs1.79 per unit to electricity consumers for July.

The Sindh province is facing a severe humanitarian crisis. The administration introduced additional taxes to offset financial shortfalls, attributing them to the ongoing super tax litigation. Meanwhile, the import of photovoltaic cells continued in 2023-24. Domestic demand for furnace oil has dwindled, leading refineries to focus on exporting the product.

The chairman of the Pakistan Pharmaceutical Manufacturers Association (PPMA) declared that forty essential medications are back in production and available in the market. A new report suggests that tariff adjustments will positively influence the automotive industry. The government authorized Rs155.56 billion for the Public Sector Development Program (PSDP) during July and August.