Petrol up Rs6.39, HSD Rs7.83 for July 23 under daily pricing

The federal government on Wednesday increased the prices of petrol and high-speed diesel (HSD) by Rs6.39 and Rs7.83 per litre, respectively, for July 23. According to a notification issued by the Ministry of Petroleum, the price of petrol has been fixed at Rs327.12 per litre, while HSD will now cost Rs375.04 per litre. The latest revision came hours after the government and the All Pakistan Petrol Pump Owners Association reached an agreement to postpone the association's planned nationwide shutdown for two weeks following successful negotiations with Petroleum Minister Ali Pervaiz Malik, who assured dealers that their long-pending concerns would be addressed. Read: Nationwide petrol pump strike postponed for two weeks after govt assurances This is the third consecutive day the government has revised the prices of petrol and HSD after deciding last week to switch to a daily fuel price review mechanism amid volatility in global oil prices following renewed hostilities in the Middle East. Under the new system, daily fuel prices are based on a seven-day average of international market rates to align with international standards.

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Pakistan seeks $10b in US backstop facility

Pakistan has asked the United States for a $10 billion exchange stabilisation facility, according to a source briefed on the matter, which, if approved, could provide a lifeline for the cash-strapped South Asian economy. The request, which is being reported for the first time, follows Pakistan's role in brokering talks over the Iran war, which raised its diplomatic profile and stirred hopes that it could seek economic gains from Washington and other partners. In the request to US Treasury Secretary Scott Bessent, Islamabad is seeking a Bilateral Exchange Stabilization Support Facility between the USand the Pakistani government worth $10 billion with maturity of up to five years. The facility, if agreed to, would bolster Pakistan's reserves, ease pressure on the rupee and reduce its reliance on multilateral financing, even as Islamabad undertakes tighter fiscal and monetary policies in line with its International Monetary Fund programme. Pakistan remains under $7 billion IMF discipline that has required politically unpopular tax increases, spending restraint and reforms. Pakistan's finance ministry did not immediately respond to Reuters request for comment outside of Asia business hours. The US Treasury also did not immediately respond to request for comment. Exchange stabilization facilities are rare US Treasury backstops, usually routed via the Exchange Stabilization Fund, that provide dollars, swaps or guarantees to support reserves and steady currencies. These facilities are different from the permanent standing dollar swap lines that the US Federal Reserve has with some major central banks and acts as an international supply line of US dollars to underpin financial stability. A 2025 Argentina package was the first new foreign-government exchange stabilization facility operation since Uruguay in 2002, aside from Mexico's long-standing swap line, dating to the 1940s and now sized at $9 billion. Pakistan narrowly avoided default in 2023 with a $3 billion IMF standby deal and later secured a $7 billion Extended Fund Facility, but its reserves still depend on official financing, rollovers and deposits from China and Saudi Arabia. That leaves Islamabad exposed to shifts in bilateral support and IMF disbursement delays, and that vulnerability got exposed in April when Pakistan repaid about $3.5 billion, one-fifth of its reserves, to the United Arab Emirates with Saudi Arabia providing $3 billion in fresh support. Pakistan's central bank said in January that reserves could return to near their 2021 record, reaching $20 billion by the end of 2026. US exchange stabilization facility would carry weight as both a liquidity backstop and political signal, easing pressure on reserves and the Pakistani rupee, while reducing the South Asian country's dependence on IMF tranches and ad hoc rescues. IMF-backed reforms have stabilized the economy at a political cost, including higher taxes, spending restraint and limited room for development or welfare spending.? Global ratings agency Fitch said in April that Pakistan's adherence to its IMF programme has supported the country's funding capacity, while rebuilt foreign exchange buffers provide a cushion against economic shocks from the Middle East conflict. But deeper constraints remain. Fitch cautioned that rising energy costs and potential supply disruptions could sharply erode the country's foreign exchange reserves. Foreign investment in Pakistan has remained thin, deterred by recurring external crises, policy uncertainty, security risks, past profit-repatriation curbs and a narrow export base, while the country's credit rating remains deep in speculative-grade territory, keeping borrowing costs high and market access limited. Pakistan has sought to use its ties to the Trump administration to address some of these issues, with economic cooperation that has so far spanned crypto, real estate and mining. Pakistan has signed a stablecoin agreement for cross-border payments with an affiliate of World Liberty Financial, the main crypto business of President Donald Trump's family, pursued a memorandum of understanding to redevelop the closed PIA-owned Roosevelt Hotel in New York with the US government, and courted US mining investment, including in Reko Diq, where the US Export-Import Bank has announced $1.2 billion in financing. Reuters

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Pakistan seeks $10 billion in US backstop facility to boost reserves, source says

Pakistan has asked the United States for a $10 billion exchange stabilization facility, according to a source briefed on the matter, which, if approved, could provide a lifeline for the cash-strapped South Asian economy. The request, which is being reported for the first time, follows Pakistan's role in brokering talks over the Iran war, which raised its diplomatic profile and stirred hopes that it could seek economic gains from Washington and other partners. In the request to US Treasury Secretary Scott Bessent, Islamabad is seeking a Bilateral Exchange Stabilization Support Facility between the US and the Pakistani government worth $10 billion with a maturity of up to five years. Read: PM sees new era in relations with US The facility, if agreed to, would bolster Pakistan's reserves, ease pressure on the rupee and reduce its reliance on multilateral financing, even as Islamabad undertakes tighter fiscal and monetary policies in line with its International Monetary Fund programme. Pakistan remains under $7 billion IMF discipline that has required politically unpopular tax increases, spending restraint and reforms. Pakistan's finance ministry did not immediately respond to Reuters' request for comment outside of Asia business hours. The US Treasury also did not immediately respond to a request for comment. Exchange stabilization facilities are rare US Treasury backstops, usually routed via the Exchange Stabilization Fund, that provide dollars, swaps or guarantees to support reserves and steady currencies. These facilities are different from the permanent standing dollar swap lines that the US Federal Reserve has with some major central banks and act as an international supply line of US dollars to underpin financial stability. A 2025 Argentina package was the first new foreign-government exchange stabilization facility operation since Uruguay in 2002, aside from Mexico's long-standing swap line, dating to the 1940s and now sized at $9 billion. Pakistan narrowly avoided default in 2023 with a $3 billion IMF standby deal and later secured a $7 billion Extended Fund Facility, but its reserves still depend on official financing, rollovers and deposits from China and Saudi Arabia. That leaves Islamabad exposed to shifts in bilateral support and IMF disbursement delays, and that vulnerability got exposed in April when Pakistan repaid about $3.5 billion, one-fifth of its reserves, to the United Arab Emirates, with Saudi Arabia providing $3 billion in fresh support. Pakistan's central bank said in January that reserves could return to near their 2021 record, reaching $20 billion by the end of 2026. Recasting ties with Washington A US exchange stabilization facility would carry weight as both a liquidity backstop and political signal, easing pressure on reserves and the Pakistani rupee, while reducing the South Asian country's dependence on IMF tranches and ad hoc rescues. IMF-backed reforms have stabilized the economy at a political cost, including higher taxes, spending restraint and limited room for development or welfare spending. Global ratings agency Fitch said in April that Pakistan's adherence to its IMF programme has supported the country's funding capacity, while rebuilt foreign exchange buffers provide a cushion against economic shocks from the Middle East conflict. But deeper constraints remain. Fitch cautioned that rising energy costs and potential supply disruptions could sharply erode the country's foreign exchange reserves. Read: Pakistan-US ties based on shared interests, commitment to advancing peace: President Zardari Foreign investment in Pakistan has remained thin, deterred by recurring external crises, policy uncertainty, security risks, past profit-repatriation curbs and a narrow export base, while the country's credit rating remains deep in speculative-grade territory, keeping borrowing costs high and market access limited. Pakistan has sought to use its ties to the Trump administration to address some of these issues, with economic cooperation that has so far spanned crypto, real estate and mining. Pakistan has signed a stablecoin agreement for cross-border payments with an affiliate of World Liberty Financial, the main crypto business of President Donald Trump's family, pursued a memorandum of understanding to redevelop the closed PIA-owned Roosevelt Hotel in New York with the US government, and courted US mining investment, including in Reko Diq, where the US Export-Import Bank has announced $1.2 billion in financing.

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Petrol pump owners announce nationwide shutdown after talks with govt fail

The All Pakistan Petrol Pumps Owners Association (APPPOA) on Tuesday announced a nationwide shutdown of petrol pumps from Tuesday night after talks with the government over its demands ended without a breakthrough. Amid volatility in global oil prices following renewed hostilities in the Middle East, the government last week switched to a daily fuel price review mechanism. Under the new system, daily prices are based on a seven-day average of international market rates to align with international standards. Addressing a press conference, the association's chairman, Humayun Khan, said representatives of the All Pakistan Petrol Pump Association from all four provinces, as well as Gilgit-Baltistan and Azad Kashmir, had met Petroleum Minister Ali Pervaiz Malik and presented two key demands. Read: Govt raises petrol price by Rs4.93, HSD by Rs7.15 per litre for July 22 “Our two main demands were that our commission should be converted to a percentage-based system and that the daily revision of fuel prices should be abolished and reverted to a monthly mechanism,” he said. He said the talks had failed to resolve the association's concerns. “Our problems remain unresolved. If you look at the situation with the oil marketing companies (OMCs), dealers across Pakistan are currently going through extremely difficult circumstances,” he said. Criticising the government's decision to revise petroleum product prices on a daily basis to align them with international rates, Khan said dealers across Pakistan had been incurring losses for the past two to three months. “The price was increased yesterday and we are hearing that it will be increased again today. The government has shifted the burden onto petrol pumps, OMCs and refineries to escape public criticism, saying it is no longer their responsibility,” he said, adding that the authorities were misleading the public by increasing prices every day. “The public understands this very well. Whether you increase prices by Rs100 at once or by Rs5, Rs10 or Rs20 every day, the result is the same,” Khan added. The chairman said the association had urged the government to resolve the issue in a manner that was fair to both the public and petrol pump owners but, despite every effort, “we have come to realise that this government does not want to resolve the problems of the business community.” He announced a nationwide shutdown, including in Gilgit-Baltistan and Azad Kashmir, adding that the association was also in contact with oil tanker owners, who would soon announce their own strike. Also Read: Govt shifts to daily POL pricing amid global headwinds  He urged the government to listen to the concerns of the business community, describing petrol pump owners as the biggest stakeholders in the petroleum industry. He lamented that whenever the government formulated a policy, petrol pump owners were not taken into consultation. He said the shutdown would continue until all of the association's demands were accepted. Earlier, talks between the government and the association failed to produce a breakthrough, with both sides ending the meeting without any progress. In a video message, association leader Nauman Butt said negotiations with the petroleum minister had failed to yield any positive outcome, while discussions on dealers' margins and the implementation of daily fuel price revisions also remained inconclusive. He said the association had decided to shut petrol pumps across the country from midnight on July 22 and would continue the nationwide strike until its demands were accepted. The association directed all petrol pump owners to participate in the strike fully and appealed to them to keep their outlets closed from midnight on July 22. Read More: Daily fuel revisions trigger commuting chaos Meanwhile, the Pakistan Goods Transport Alliance announced its support for the strike called by the All Pakistan Petrol Pump Association. In a statement, the alliance's president, Malik Shehzad Awan, urged the federal government to accept what he described as the legitimate demands of the All Pakistan Petrol Pump Association and the Petroleum Dealers Association. Awan said transporters, petrol pump owners and the dealers' association were heading towards a nationwide strike due to what he called the federal government's flawed policies. He also rejected the government's decision to revise petroleum product prices daily. “The strike by the All Pakistan Petrol Pump Owners Association and the Petroleum Dealers Association will bring our transport operations to a halt,” he said. He urged the federal government to “come to its senses” and make decisions after taking stakeholders into confidence. Awan also said the federal and provincial governments were providing no relief to goods transporters.

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Judiciary proposes Commercial Court

Pakistan's superior judiciary has recommended the establishment of an International Commercial Court of Pakistan (ICCP) through a proposed constitutional amendment aimed at strengthening the country's commercial dispute resolution framework and boosting investor confidence. The recommendation was made during the 49th meeting of the Law and Justice Commission of Pakistan (LJCP), chaired by Chief Justice of Pakistan (CJP) Yahya Afridi. The meeting was attended by the attorney general for Pakistan, chief justices of the high courts, the secretary of the Ministry of Law and Justice and members of the commission. Federal Minister for Law and Justice Azam Nazeer Tarar also attended as a special invitee. According to an official statement, the proposed ICCP would be established as an independent federal superior court through the insertion of a new Article 212A in the Constitution. The proposed court is envisaged to provide swift and efficient resolution of international commercial disputes, strengthen the enforcement of arbitral awards, promote consistency and predictability in commercial jurisprudence, enhance investor confidence and position Pakistan as a credible destination for international trade and investment. Considering the constitutional nature of the proposal, the commission resolved to recommend the proposed constitutional amendment to the federal government for consideration and initiation of the necessary legislative process. The statement said the recommendation reflected the commission's vision of aligning Pakistan's commercial justice framework with international best practices and creating an enabling legal environment that supports sustainable economic growth and increased foreign direct investment. The commission also approved proposed amendments to Section 3A(1A) of the Banking Companies Ordinance, 1962, recommending that the jurisdiction of the Banking Mohtasib be extended to customers of microfinance banks and institutions. The proposed reform seeks to provide millions of microfinance customers with an effective, affordable and accessible grievance redress mechanism, thereby strengthening consumer protection, promoting financial inclusion and reinforcing public confidence in the financial sector. The proposed amendment has also been recommended to the federal government for appropriate legislative action. The commission said that by recommending reforms aimed at enhancing commercial certainty while expanding consumer protection, it had reaffirmed its commitment to supporting Pakistan's economic development through a modern, efficient and responsive justice system.

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Can Pakistan keep under-16s off social media?

Just over a decade ago, social media was widely celebrated for transforming the way people connect, learn and communicate. Today, the conversation has shifted. As smartphones and social media become deeply embedded in everyday life, governments around the world are increasingly debating how to protect children from harmful content, cyberbullying and excessive screen time. One proposal gaining traction is restricting social media access for minors, particularly those under the age of 16. Pakistan has now entered that debate. A resolution recently moved in the Punjab Assembly, urging the federal government to restrict social media accounts for children under 16 without verified parental consent, is the latest in a series of attempts to regulate minors' online activity. It follows similar efforts in the Senate and the courts over the past year, none of which has yet resulted in binding legislation. MPA Sarah Ahmad, who chairs Punjab's Child Protection and Welfare Bureau, wants the federal government to legislate four measures: a ban on social media accounts for children under 16 without verified parental consent, a Pakistan Telecommunication Authority (PTA)-enforced age verification system, legal obligations on platforms to swiftly remove harmful content, and awareness campaigns for parents and teachers. However, as telecommunication and internet regulation fall within the federal legislative domain, the Punjab Assembly's resolution is recommendatory rather than binding. Any nationwide restrictions would therefore require federal legislation. Pakistan, however, has already tried this twice. In July 2025, the Senate introduced the Social Media (Age Restriction for Users) Bill 2025. It proposed barring under-16s from platforms such as Facebook, Instagram, TikTok and YouTube, imposing fines of up to Rs5 million on non-compliant platforms, and jailing adults who helped minors open accounts. The bill also empowered the PTA to delete existing underage accounts. Weeks later, however, it was quietly withdrawn after stakeholders argued that the proposed age limit and penalties were too rigid. Senators promised a softer, revised version, but it never resurfaced. The issue returned to the Senate on January 16, 2026, when some senators raised it again through a calling-attention notice, this time proposing restrictions for under-18s rather than under-16s. The government's response was to propose forming a committee. No formal legislation followed. Meanwhile, the courts have been pushing the issue more actively than parliament. Two petitions are currently pending. In Lahore, a petition filed by an eighth-grade student prompted Chief Justice Aalia Neelum to direct a law officer to seek government instructions and report back by mid-February. No public outcome from that hearing has since emerged. In Islamabad, a petition filed by a 12-year-old led the Islamabad High Court to direct the PTA and the Pakistan Electronic Media Regulatory Authority (PEMRA) to submit a report by March 3 on age-verification mechanisms and progress towards establishing a proposed Social Media Protection and Regulatory Authority. However, when no one appeared at the hearing, the case was adjourned until April 20. Neither case has produced a public resolution since. Pakistan is not alone in debating age limits for social media, but countries have adopted different approaches. Australia has taken the toughest stance, banning social media accounts for under-16s and placing responsibility on platforms to prevent underage users from accessing their services through age-assurance measures. Indonesia and Malaysia have also moved towards stricter restrictions, while China has progressively tightened minors' access to digital platforms over the past several years. Others have adopted a less restrictive approach. Brazil requires stronger parental involvement and age verification rather than an outright ban, while several European countries are still debating similar legislation. France's proposal, for instance, has drawn scrutiny from the European Commission over its compatibility with EU law, highlighting the legal and practical challenges of regulating children's access to social media. Pakistan currently sits in the same "under discussion" category as India, Germany, Canada and Nigeria, behind countries that have already enacted or passed such laws. But would such a proposal be workable in Pakistan? Social development activist Syed Ali Abbas Zaidi, who has worked on digital policy, is sceptical that such a measure would significantly improve the situation, given Pakistan's digital infrastructure. He argues that without a robust, privacy-preserving age-verification system, enforcement would be easy to circumvent through false age declarations, VPNs or shared accounts. In his view, account-level bans have limited value. While they may reduce access for some children, they do not address the root causes of cyberbullying, harmful content or excessive social media use, and could instead push young users towards less-regulated platforms. He argues that the more effective approach lies in stronger platform accountability, age-appropriate design, parental controls and digital literacy, rather than a hard age gate.

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Bilawal renews push for greater AJK rights

Pakistan Peoples Party (PPP) Chairman Bilawal Bhutto Zardari on Sunday promised greater constitutional rights for Azad Jammu and Kashmir (AJK), renewed his call for a Truth and Reconciliation Commission to address the AJK's recent unrest and urged the federal government to restore internet services immediately. Addressing a public rally in Kotli ahead of the July 27 AJK elections, Bilawal said the PPP would seek observer representation for AJK in Pakistan's key constitutional institutions, including the Council of Common Interests (CCI) the National Finance Commission (NFC) and the National Assembly. Presenting the PPP's election agenda, Bilawal said his party stood for the "right to rule, right to ownership and right to employment," adding that AJK's natural resources belonged to its people. He said his proposal envisaged protesters suspending demonstrations, while the state halted action until an independent inquiry completed its findings. Urging dialogue, Bilawal said neither the protesters nor the government's representatives had responded to the proposal and called on the federal government to restore internet services, saying ordinary AJK people should not suffer because of the dispute. The PPP chairman also accused political rivals of victimising his party workers through police cases and expressed confidence that the PPP candidates would secure victories across Kotli district. The July 27 AJK elections, he said would determine whether the people endorsed the PPP's vision for greater political rights and economic opportunities in the region. The PPP chairman said the party had prioritised loyal workers while selecting candidates for the elections. "When the party was considering candidates, I instructed the leadership to prioritise our loyal workers," he said. Referring to the selection of the candidate for LA-13, Bilawal said the decision was straightforward. "It was not difficult to choose between a new entrant and the son of Matloob Inqalabi," he said, adding that Inqalabi had devoted his life to the PPP and that his son was now carrying forward his legacy on the party's ticket. Recalling the previous elections, Bilawal said the PPP had contested under far more difficult circumstances, when the PML-N was in power in Azad Kashmir and the PTI governed at the centre. Despite those challenges, he said, the people of Kashmir had placed their trust in the PPP. He said the political landscape had since changed, with the PPP governing Azad Kashmir for the past six months and the PML-N leading the federal government, making the current electoral contest different from the last one. Bilawal said the manifesto he had presented to the people had already received the support of voters in Gilgit-Baltistan. He said he had brought the same three principles to Kashmir: the right to rule, the right to ownership and the right to employment.

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