Web Desk

ISLAMABAD: Pakistan&rsquo;s Prime Minister Shehbaz Sharif and Qatari Prime Minister and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani on Sunday reaffirmed &ldquo;shared commitment to peace, dialogue and regional stability.&rdquo;&nbsp; &ldquo;Pakistan and Qatar will continue to work closely together for peace and stability in the region and beyond,&rdquo; PM Sharif said in a post on X.&nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" style="position: static; visibility: visible; width: 550px; height: 393px; display: block; flex-grow: 1;" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2056053546706178554&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=1b855a91e40b1b5899d3481d9d693d9813488c90&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px"></iframe></div></div>Pakistan has remained diplomatically engaged with regional and international partners in recent weeks as efforts continue to preserve the ceasefire and support broader dialogue aimed at reducing tensions across the Middle East. Similarly, Interior Minister Mohsin Naqvi met Iranian President Masoud Pezeshkian in Tehran during an official visit that also included meetings with senior Iranian officials. According to the post, the premier received a telephone call from his counterpart, where they &ldquo;exchanged views on the evolving regional and international situation and reaffirmed our shared commitment to peace, dialogue and regional stability.&rdquo; PM Sharif deeply appreciated Qatar&rsquo;s constructive diplomatic role and conveyed his gratitude to Qatar for their strong support for Pakistan-led peace efforts aimed at de-escalation.

Foreign Affairs

PM Sharif receives telephone call from his counterpart where they exchange views on “evolving regional and international situation,” reaffirm shared commitment to “peace, dialogue and regional stability.”

Pakistan, Qatar to work together for regional stability

ISLAMABAD: Pakistan&rsquo;s Permanent Representative to the United Nations Asim Iftikhar Ahmad held talks with Jorge Moreira da Silva, executive director of the United Nations Office for Project Services, as diplomatic efforts intensify to contain the economic and humanitarian fallout of the US-Israel war on Iran across the Middle East. According to Pakistan&rsquo;s Permanent Mission to the United Nations, the two sides &ldquo;exchanged views on the evolving situation in the Middle East&rdquo; and reviewed ongoing United Nations efforts aimed at promoting peace, humanitarian relief and regional stability. <div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2052974950579855592&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2F&sessionId=eac3326042f26325c5e276537660d3a625c7c448&theme=light&widgetsVersion=6a3ad42b224df%3A1778106238597&width=550px" style="position: static; visibility: visible; width: 550px; height: 745px; display: block; flex-grow: 1;" spellcheck="false">&nbsp;&nbsp;&nbsp;</iframe></div></div>The meeting comes as the region faces mounting pressure from a fragile ceasefire between the United States and Iran, renewed maritime tensions in the Strait of Hormuz and widening disruptions to energy supplies, shipping routes and humanitarian operations. Pakistan has emerged as a key diplomatic channel in recent weeks, facilitating exchanges between Washington and Tehran as both sides weigh proposals aimed at ending the conflict and preventing wider regional escalation.

Pakistan’s UN envoy Asim Iftikhar Ahmad and UN official Jorge Moreira da Silva review peace and humanitarian efforts in the Middle East as Islamabad continues diplomatic engagement to support regional stability and relief operations.

Pakistan, UN review peace and humanitarian efforts in Middle East

ISLAMABAD: Pakistan&rsquo;s Prime Minister Shehbaz Sharif on Wednesday said Pakistan is continuing its efforts to maintain peace in the region, highlighting the country&rsquo;s diplomatic role in easing tensions and promoting stability, his office said.&nbsp;Addressing the federal cabinet, the prime minister said marathon talks between Iran and the United States held in Islamabad on April 11 lasted 21 hours and marked a major diplomatic breakthrough.&nbsp;He said Pakistan made sincere and coordinated efforts for the success of the negotiations, with contributions from Field Marshal Asim Munir, Deputy Prime Minister and Foreign Minister Ishaq Dar, and other senior officials.&nbsp;He said the efforts helped extend the ceasefire between Iran and the United States, which continues to hold. Interior Minister Mohsin Naqvi also played an important role in the process, he added.&nbsp;The prime minister informed the cabinet that Iranian Foreign Minister Abbas Araghchi visited Pakistan with his delegation and held multiple rounds of talks, including a two-hour meeting with the prime minister. According to PM Sharif, Araghchi assured that Iran would respond positively after consultations with its leadership.&nbsp;He, however, expressed concern over rising global crude oil prices, saying new prices were expected to be determined on Friday. He described the situation as challenging but said that collective wisdom and coordinated efforts would help keep matters under control.&nbsp;PM Sharif appreciated Petroleum Minister Ali Pervaiz Malik and his team for maintaining stability in domestic fuel supply, saying Pakistan avoided panic at petrol pumps, unlike some other countries.&nbsp;He said the country&rsquo;s oil import bill had increased from $300 million before the conflict to $800 million, putting added pressure on the economy. He also noted a decline in petroleum consumption this week compared with the previous week.&nbsp;The prime minister said that although macroeconomic indicators had been improving, the recent war had affected gains made over the past two years toward economic stability.&nbsp;He further told the cabinet that Pakistan had repaid $3.5 billion in due loans and maintained its foreign exchange reserves with support from Saudi Arabia. He particularly acknowledged the role of Crown Prince Mohammed bin Salman in helping Pakistan sustain its reserve levels.

Prime Minister Muhammad Shehbaz Sharif chairs a meeting on the promotion of investment in Islamabad, on 28 April, 2026 (Photo: PID)

Says Pakistan is making sincere and coordinated efforts for the success of negotiations, with contributions from Field Marshal Asim Munir, Deputy Prime Minister and Foreign Minister Ishaq Dar, and other senior officials.

Pakistan’s efforts to maintain regional peace continue: PM Sharif

HONG KONG: Oil prices fell along with stocks Wednesday as investors assess the chances of US-Iran peace talks after Donald Trump extended his ceasefire at the eleventh hour but kept his blockade of the Strait of Hormuz in place. With the two-week truce in its final hours, the US president said he would push the deadline back indefinitely following a request from mediator Pakistan and stressing the need to give Tehran&#39;s &quot;fractured&quot; leadership time to form a proposal. He had previously indicated he would not extend the truce and warned he would resume bombing the Islamic republic when it expired. &quot;I have...directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their (Iran&#39;s) proposal is submitted,&quot; Trump wrote on social media. The decision not to carry out fresh attacks on Iran but continue to prevent its ships from passing through the Strait -- a major sticking point between the rivals -- left traders awaiting clearer developments. The fate of peace talks in Islamabad was hanging in the balance, with a White House official saying Vice President JD Vance would not travel Tuesday as previously planned, pending the submission of an Iranian proposal. Tehran has said it will not attend because of what it said were unreasonable US demands, while the semi-official Tasnim news agency said there was no prospect of officials going at present. Christopher Wong, a strategist at Oversea-Chinese Banking Corp, said: &quot;The US and Iran may be trying to shore up leverage and playing a game of who blinks first. &quot;Whatever the outcome, the suspense in the interim may see risk appetite being curtailed but when either side blinks, risk proxies could rally.&quot; Both main oil contracts edged down, though they fluctuated in early trade, having risen around three percent Tuesday. Equities were mostly in the red following another down day on Wall Street. Hong Kong, Sydney, Singapore, Seoul and Wellington dropped, with Shanghai flat. Tokyo, Taipei and Wellington rose. Traders have been struggling to find direction this week after Tehran said Friday it would allow ships through the Strait of Hormuz -- which it had effectively closed since war began on February 28 -- before pulling back a day later, citing the US blockade and seizure of a ship. Donald Trump has similarly accused Tehran of violating the ceasefire by harassing vessels in the waterway, the transit passage for about one-fifth of global oil. The developments sent crude swinging wildly, though they have held below $100, while equity markets have been less volatile on lingering optimism the two sides will eventually reach a deal to end the seven-week conflict that has hit the global economy. &quot;With markets surging amid optimism that the war is soon going to end, and the Hormuz Strait to open, markets are now more cautious,&quot; wrote Fawad Razaqzada, an analyst at FOREX.com. &quot;If there&rsquo;s no deal, I would imagine that oil prices could climb back above $100, which would likely invite pressure on equities.&quot; Investors are also keeping tabs on the confirmation hearing by senators of Kevin Warsh, Trump&#39;s pick to replace Federal Reserve boss Jerome Powell, whose term ends next month. Warsh insisted he would not be controlled by the president as he fielded questions on his assets and central bank independence during his confirmation hearing. The former Fed governor emphasised his commitment to &quot;ensuring that the conduct of monetary policy remains strictly independent&quot;, adding he would &quot;absolutely not&quot; be Trump&#39;s puppet. Trump, since his return to office last year, has severely criticised Powell for not slashing rates more aggressively, and told CNBC on Tuesday he would be disappointed if the new chair did not swiftly lower borrowing costs. - Key figures around 0230 GMT - West Texas Intermediate: DOWN 0.3 percent at $89.38 a barrel Brent North Sea Crude: DOWN 0.2 percent at $98.31 a barrel Tokyo - Nikkei 225: UP 0.5 percent at 59,653.56 (break) Hong Kong - Hang Seng Index: DOWN 1.1 percent at 26,191.13 Shanghai - Composite: FLAT at 4,084.94 Euro/dollar: DOWN at $1.1747 from $1.1749 on Tuesday Pound/dollar: UP at $1.3513 from $1.3511 Dollar/yen: UP at 159.27 yen from 159.25 yen Euro/pound: DOWN at 86.94 pence from 86.96 pence New York - Dow Jones: DOWN 0.6 percent at 49,149.38 (close) London - FTSE 100: DOWN 1.1 percent at 10,498.09 (close)

Business

Oil prices and stocks fell as investors weighed uncertain US-Iran peace prospects after Trump extended the ceasefire but kept the Hormuz blockade, leaving markets cautious over talks, oil flows and conflict risks.

Oil, stocks fall as traders weigh outlook after Trump extends truce

HONG KONG: Stocks rose Friday with investors still optimistic about the shaky ceasefire in the US-Iran war ahead of planned weekend talks, though oil prices extended gains over worries Israel&#39;s continued attacks on Lebanon could shatter the peace process. Washington and Tehran&#39;s announcement Tuesday of a two-week truce that would see the Strait of Hormuz reopened, having been closed since the start of the war, sparked a wave of euphoria across markets. But hopes for an end to the crisis have been hit by squabbles between the two sides over the agreement and the future of the key waterway, through which a fifth of the world&#39;s oil and gas passes. US and Iranian delegations are due in Pakistan for peace talks, but they come as Tehran says Israel has already broken terms of the ceasefire by continuing to hit Lebanese targets, where Israel says Iran-backed Hezbollah is located. The United States and Israel deny an end to attacks on Lebanon was in the deal. Meanwhile, Trump warned on Thursday against Iran&#39;s plan to charge a toll for ships passing through Hormuz, saying on social media: &quot;They better not be and, if they are, they better stop now!&quot; In a second message just a few minutes later, he added that &quot;very quickly, you&#39;ll see Oil start flowing, with or without the help of Iran.&quot; He also said Tehran was &quot;doing a very poor job, dishonorable some would say, of allowing Oil to go through the Strait of Hormuz&quot;. Just 10 vessels have passed through the waterway since the Middle East war ceasefire took effect, according to maritime tracking data. Only one of those tankers is not Iranian. Equity markets, which have been hammered since the war broke out on February 28, extended the week&#39;s gains. Tokyo, Hong Kong, Seoul, Shanghai and Taipei all rose at least one percent, while Singapore and Manila were also well up, though Sydney slipped. The gains followed a second healthy run-up on Wall Street. Oil prices climbed around one percent but sat just below $100 a barrel. West Texas Intermediate briefly jumped above the key level on Thursday. Analysts said the equity gains were helped by news that Israel and Lebanon will hold talks next week in Washington. That comes after NBC reported that Trump had asked Israeli Prime Minister Benjamin Netanyahu for a scale-back in strikes on its northern neighbour to ensure the success of negotiations with Iran. With stocks rising, IG market analyst Fabien Yip said those &quot;that suffered the deepest drawdowns during the conflict are likely candidates for the sharpest near-term recovery&quot;. But she warned: &quot;The ceasefire is temporary and the details remain sparse. Iran&#39;s 10-point proposal and Washington&#39;s stated positions retain substantial differences, and the Islamabad talks carry no guarantee of success. &quot;Even the reopening of the Strait of Hormuz -- subject to Iran&#39;s &#39;technical limitations&#39; -- will take weeks, if not months, before shipping backlogs are cleared and supply chains normalise. &quot;Crude oil prices are therefore unlikely to revert to pre-war levels in the near term.&quot; Investors are also keeping tabs on the release later Friday of US inflation data, which observers say could provide an idea about the impact of the surge in crude on consumers. Prices are expected to have spiked 3.4 percent last month, from 2.4 percent in February, according to a Bloomberg survey. In company news, shares in Japanese retail titan Fast Retailing soared 10 percent to a record high after it hiked its full-year operating profit outlook, helped by healthy demand for its Uniqlo brand in the United States and Europe. Key figures at around 0230 GMTWest Texas Intermediate: UP 0.8 percent at $98.67 a barrel Brent North Sea Crude: UP 0.6 percent at $96.51 a barrel Tokyo - Nikkei 225: UP 1.5 percent at 56,728.95 (break) Hong Kong - Hang Seng Index: UP 1.1 percent at 26,029.69 Shanghai - Composite: UP 1.0 percent at 4,006.68 Euro/dollar: DOWN at $1.1692 from $1.1707 on Thursday Pound/dollar: DOWN at $1.3428 from $1.3441 Dollar/yen: UP at 159.08 yen from 159.06 yen Euro/pound: DOWN at 87.07 pence from 87.09 pence New York - Dow Jones: UP 0.6 percent at 48,185.80 (close) London - FTSE 100: DOWN 0.1 percent at 10,603.48 (close)

Global markets rebound as investors bet on US-Iran talks in Islamabad, but rising oil prices and continued Israeli strikes on Lebanon highlight risks to the fragile ceasefire and uncertainty over Strait of Hormuz access.

Stocks rally on optimism over Iran war ceasefire, oil extends gains

ISLAMABAD: Pakistan&#39;s renewable energy capacity shielded the country from an energy crisis despite regional oil supply disruptions, Prime Minister Shehbaz Sharif said Tuesday, as the government moves to accelerate a sweeping clean energy expansion and protect export routes to Gulf markets. According to an official statement released by the Prime Minister&rsquo;s Office, PM Sharif chaired a meeting on long-term power supply planning and the outlook for domestic exports amid current international pressures. He directed officials to formulate a comprehensive national action plan to expand renewable energy sources. He also ordered the Pakistan National Shipping Corporation to arrange vessels to boost export volumes through sea routes. Renewables currently account for 55% of Pakistan&#39;s total electricity generation, with fossil fuels making up the remaining 45%. The government is targeting a 90% renewable share within ten years, with biofuels comprising the remaining 10%. The prime minister ordered work on the Battery Energy Storage System project to be fast-tracked. &quot;Solar energy and other renewable energy sources are the future of the power sector,&quot; he said. On trade, PM Sharif said Pakistani exports to Gulf countries have continued despite recent global tensions. He credited diplomatic efforts for securing uninterrupted access to those markets. Demand for Pakistani agricultural commodities in the Gulf has risen steadily, officials reported during the briefing. The meeting was attended by Deputy Prime Minister and Foreign Minister Ishaq Dar, along with federal ministers Ahsan Iqbal, Dr Mosaddeq Masood Malik, Muhammad Aurangzeb and Attaullah Tarar, Minister of State for Finance Bilal Azhar Kayani and other senior officers.

Prime Minister Shehbaz Sharif chairs a meeting regarding long term energy planning and export strategy during current international situation, in Islamabad on 7 April 2026. (PMO)

Economy

Pakistan’s renewable energy now generates 55% of electricity, shielding it from regional oil disruptions. PM Shahbaz Sharif aims for 90% renewables in a decade while securing Gulf export routes.

Pakistan to expand renewable energy to shield economy, exports amid Middle East crisis

TOKYO: Oil prices pared gains Monday after a spike following fresh threats in the war in the Middle East, while Tokyo and Seoul shares closed higher. Many markets in Asia and Europe were closed for holidays on Easter Monday, which coincides with China&#39;s Qingming Festival. Crude oil contracts had surged at the week&#39;s market opening after US President Donald Trump made an expletive-laced threat to destroy Iran&#39;s civilian infrastructure, demanding Tehran bow to his demands for a deal to reopen the Gulf to shipping. But they fluctuated during the day, and by late afternoon US benchmark West Texas Intermediate had lost 0.7% at $110.75 a barrel, while North Sea Brent was up 0.2% to $109.20. Analysts said a report by Axios that said the United States and Iran were discussing terms with regional mediators for a potential 45-day ceasefire had calmed sentiment among investors. &quot;Markets are beginning to flirt with the idea of a peace dividend,&quot; wrote Stephen Innes at SPI Asset Management. However, it is &quot;a tentative recalibration, a market shading probabilities rather than rewriting the script&quot;, Innes added. Bloomberg Markets Live strategist Mark Cranfield said the reaction to the report &quot;shows how keen investors are to see a de-escalation in the Iran war, which is dominating a risk aversion theme across markets&quot;. &quot;Should President Trump push back against ceasefire hopes when he speaks later on Monday, this positive mood will reverse,&quot; he added. Tokyo closed 0.6%&nbsp;higher and Seoul ended the day with gains of 1.4%. Among other Asian markets open on Monday, Singapore was up 0.4% but Jakarta was down 0.5%. &quot;Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!!&quot; Trump wrote on his Truth Social platform Sunday, later telling Fox News there was a &quot;good chance&quot; Iran would agree to a deal. Hours later, Iran&#39;s central military command warned of &quot;much more devastating&quot; retaliation if its adversaries hit civilian targets. MUFG&#39;s Lloyd Chan said in a note that &quot;it remains to be seen whether this escalatory rhetoric ultimately proves to be another &#39;TACO&#39; moment&quot; a jokey acronym for &quot;Trump always chickens out&quot;. But &quot;the persistence of threats to critical Iranian infrastructure keeps escalation risks elevated&quot;, he said. The war, entering its sixth week since the US and Israel first attacked Iran on Feb. 28, has engulfed the Middle East in conflict and upended the global economy. Iran has virtually blocked the Strait of Hormuz, through which about 20% of the world&#39;s oil and gas transits, sending petroleum prices skyrocketing. Key figures at around 0730 GMT Tokyo - Nikkei 225: UP 0.6% at 53,413.68 (close) Hong Kong - Hang Seng Index: CLOSED for holiday Shanghai - Composite: CLOSED for holiday Euro/dollar: UP at $1.1544 from $1.1535 on Friday Pound/dollar: UP at $1.3229 from $1.3224 Dollar/yen: FLAT at 159.63 Euro/pound: UP at 87.27 pence from 87.22 pence West Texas Intermediate: DOWN 0.7% at $110.75 per barrel Brent North Sea Crude: UP 0.2% at $109.20 per barrel New York - Dow: DOWN 0.1% at 46,504.67 (close) London - FTSE 100: CLOSED for holiday

A container ship is seen at berth at the container terminal of the port in Qingdao, in China’s eastern Shandong province on April 2, 2026.

Oil prices eased after an early surge on Middle East tensions as tentative Iran ceasefire talks lifted investor sentiment, while Asian markets mostly rose in holiday-thinned trading.

Oil pares gains as shares rise in Tokyo, Seoul

OSLO: Norway will temporarily slash its taxes on petrol and diesel to counter rising prices as the Middle East war disrupts global energy supplies, the government said Monday. As of April 1, the tax on petrol will be reduced by 4.41 kroner ($0.41) per liter and that on diesel by 2.85 kroner ($0.29) per liter, the government said in a statement. Parliament voted in favor of a reduction on March 26, even though the government opposed the move and ended up in the minority on the issue, as one of the five parties in the coalition government, the Center voted with the opposition. &quot;Budget agreements are made to be respected,&quot; Finance Minister Jens Stoltenberg, of the Labour Party, which opposed the move, told public broadcaster NRK. &quot;We need to sit down around the table with our partners and make sure this kind of situation doesn&#39;t happen again,&quot; he said. The tax cuts also apply to mineral oils used in fishing and hunting, the government said. Parliament estimated the tax cut would cost around 6.3 billion kroner. Norway, Europe&#39;s largest oil and gas producer after Russia, has the highest number of electric vehicles per capita in the world, with around 32% of its car fleet electric in December 2025. Diesel cars accounted for 31.8% of the fleet, compared to 23.9% for petrol cars and 12.6% for various hybrids.

Europe

Norway will temporarily cut petrol and diesel taxes from April 1 to offset rising fuel prices caused by Middle East disruptions, despite government opposition and an estimated cost of 6.3 billion kroner.

Norway cuts petrol, diesel taxes over Mideast war

ISLAMABAD: Panic buying spread across parts of India on Thursday as motorists and households crowded fuel stations and gas agencies, with local media reporting long queues, &ldquo;no stock&rdquo; signs and pumps running dry across the country.&nbsp; The Economic Times said rumors of shortages and possible price increases had triggered unusually heavy demand, overwhelming local supply chains.&nbsp; A post on X by Indian International Relations expert, Ashok Swain, captured that anxiety vividly, showing vast lines of people, hundreds of motorbikes and dozens of cars packed around a fuel station.&nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-0" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-0&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2036796817896100275&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=28c3122c7356918d167c3372c4e331288e97b585&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 801px; display: block; flex-grow: 1;"></iframe></div></div>Behind the scenes, the crisis runs deeper than isolated queues.&nbsp; The media reported this week that India is grappling with its worst gas shortage in decades after conflict-linked disruption around the Strait of Hormuz slowed or stranded ships carrying LPG, crude oil and liquefied natural gas.&nbsp;<div class="fr-embed"><div class="twitter-tweet twitter-tweet-rendered" style="display: flex; max-width: 550px; width: 100%; margin-top: 10px; margin-bottom: 10px;"><iframe id="twitter-widget-1" scrolling="no" frameborder="0" allowfullscreen="true" title="X Post" src="https://platform.twitter.com/embed/Tweet.html?dnt=false&embedId=twitter-widget-1&features=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%3D%3D&frame=false&hideCard=false&hideThread=false&id=2036920565433303103&lang=en&origin=https%3A%2F%2Fmain.d1wrm1qseko1cp.amplifyapp.com%2Farticles%2Fnew%2F&sessionId=28c3122c7356918d167c3372c4e331288e97b585&theme=light&widgetsVersion=2615f7e52b7e0%3A1702314776716&width=550px" style="position: static; visibility: visible; width: 550px; height: 970px; display: block; flex-grow: 1;"></iframe></div></div>India imported about 60% of its LPG requirements last year, with roughly 90% of those imports coming from the Middle East, leaving the country highly exposed to the regional shock. Traders and data cited by Reuters said India&rsquo;s LPG imports in March could fall by nearly half.&nbsp; The government has responded with emergency steps, including diverting LPG away from industry to protect household supply and ordering the strengthening of natural gas infrastructure. The media also reported that India has been loading LPG onto empty ships already stranded in the Gulf to bring supplies home faster.&nbsp; At the same time, India is facing additional stress after Iranian strikes damaged Qatari energy infrastructure, raising the risk of lower LNG supply from one of India&rsquo;s key suppliers.&nbsp; The impact has extended beyond household consumers. The media reported that India has prioritized cooking gas supplies for homes, decreasing availability for commercial users, while reports said the government had partially restored commercial LPG allocations and offered states extra supply to ease pressure.&nbsp; Even so, local media on Thursday continued to report long lines, disrupted sales, and shortages at some outlets as authorities tried to contain the fallout.

India

Panic buying spread across parts of India as fuel stations and gas agencies saw long queues and shortages, while a wider Middle East-linked supply disruption hit LPG and oil flows, forcing emergency government measures and exposing the country’s dependence on imported energy.

Fuel panic deepens India’s economic strain

ISLAMABAD: Pakistan&#39;s Minister of Information and Broadcasting, Attaullah Tarar, said Thursday that India is experiencing &quot;extreme frustration&quot; over Pakistan&#39;s increasing diplomatic relevance on the global stage, as Islamabad positions itself as a key mediator in the ongoing Middle East war. Speaking at a press conference, the information minister said the purpose of the briefing was to address ongoing international developments and Pakistan&#39;s role in resolving them. He said that Pakistan was a responsible actor whose mediation efforts have drawn broad international acknowledgment. &quot;There is extreme frustration, extreme anxiety,&quot; he said of India&#39;s reaction to Pakistan&#39;s rising profile. &quot;As they become irrelevant, they have been incensed at Pakistan&#39;s enhanced role, at Pakistan&#39;s relevance and significance.&quot; He attributed the diplomatic gains to &ldquo;a strong partnership&rdquo; between Prime Minister Shehbaz Sharif and Chief of Defense Forces Field Marshal Syed Asim Munir. Tarar credited their efforts at the international level, which the entire world has acknowledged. The minister said even India&#39;s own media has criticized its government over the contrast. He noted that Indian commentators there have acknowledged that Pakistan has emerged as a stronger and more relevant voice in world affairs in comparison to India. Tarar said the international community has accepted and recognized Pakistan&#39;s efforts at every level, a reality he said is now beyond dispute. He stated that Pakistan&#39;s engagement at the United Nations Security Council would be remembered, citing the country&#39;s vocal stance on Palestine and its role with regards to Iran. He said Pakistan had navigated those positions carefully; by protecting strategic ties while engaging allied nations, Pakistan demonstrated a balanced foreign policy. The minister also pointed to Pakistan&#39;s economic recovery as part of its broader resurgence. He described the turnaround from near-default as a &quot;phenomenal&quot; reversal, one the entire world had taken note of. He said Pakistan&#39;s Federal Board of Revenue transformation model was presented at a World Bank meeting as a successful case study.

Pakistan's Minister for Information and Broadcasting of Pakistan Attaullah Tarar holding a press conference on March 26, 2026. (PTV News)

Attaullah Tarar says Pakistan is a responsible country whose mediation efforts have drawn broad international acknowledgment.

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