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KARACHI:

The Pakistan Vanaspati Manufacturers Association (PVMA) has urged the government to ensure the immediate payment of Rs6.5 billion owed by the Utility Stores Corporation (USC) to ghee and cooking oil manufacturers.

According to the association, the dues have been pending for over a year despite repeated reminders, causing financial strain for the industry.

In a statement, PVMA Chairman Sheikh Umer Rehan said that ghee and cooking oil mills across the country had already supplied products worth Rs6.5 billion to USC, but the non-payment of dues created a serious liquidity crisis for the manufacturers.

“Industrialists are facing capital shortages in meeting operational expenses and the import of raw materials, disrupting production processes,” he said and cautioned that if the issue was not resolved promptly, the sustainability of the entire industry could be at risk.

The association chairman emphasised that the issue was not only an industrial concern but also the one that would affect the credibility of the government. He noted that the association had been raising the matter with the Ministry of Finance, the Ministry of Industries and the Ministry of Commerce for the past one year, yet no practical action had been taken. “The continued delay in payments has eroded business confidence and fueled uncertainty in the economy,” he added.

Umer Rehan appealed to Finance Minister Muhammad Aurangzeb and Adviser to the Prime Minister on Industries and Production Haroon Akhtar Khan to take personal notice of the issue, initiate an inquiry and ensure swift disbursement of the outstanding amount.

He stressed that the ghee and cooking oil industry plays a vital role in ensuring the country’s food security and employment continuity, adding that it was the government’s responsibility to make timely payments to support the sector’s stability and contribution to economic growth.

KARACHI:

The State Bank of Pakistan’s (SBP) foreign exchange reserves increased by $16 million during the week ended October 24, 2025, reaching $14.471 billion, the central bank reported on Thursday.

According to the SBP, the country’s total liquid foreign reserves stood at $19.687 billion, of which commercial banks held $5.216 billion in net reserves.

Gold prices in Pakistan fell on Thursday, diverging from the international market, where the yellow metal gained nearly 2%, supported by a US Federal Reserve interest rate cut and persistent uncertainty over the China-US trade deal.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola declined by Rs1,000 to Rs418,862, while the rate for 10 grams dropped by Rs857 to Rs359,106.

A day earlier, gold prices had surged by Rs3,500 per tola, closing at Rs419,862, following volatility in international bullion markets.

Spot gold was up 1.7% at $3,995.59 per ounce as of 11:26 am ET (1525 GMT), having risen nearly 2% earlier in the session, according to Reuters. US gold futures for December delivery rose 0.2% at $4,009.20 per ounce.

US President Donald Trump said on Thursday he would reduce tariffs on China to 47% from 57% in exchange for Beijing resuming US soybean purchases and rare-earth exports, and cracking down on illicit fentanyl trade.

Global gold demand rose by 3% year-on-year to 1,313 metric tons, the highest quarterly number on record, in the third quarter as investment demand soared, the World Gold Council said on Thursday.

Spot gold prices are up 50% so far this year after hitting a record high of $4,381 a troy ounce on October 20 on safe-haven demand driven by geopolitical tensions, US tariff uncertainty and more recently a wave of fear-of-missing-out (FOMO) buying.

The Pakistani rupee recorded a slight uptick against the US dollar, appreciating by 0.01% in the inter-bank market. By the close of trading, the local currency settled at Rs280.92, gaining Rs0.04 compared to the previous day’s close at Rs280.96.

In global currency markets, the US dollar edged higher as investors slashed expectations of a Federal Reserve rate cut in December, following remarks by Fed Chair Jerome Powell. The development kept the Japanese yen hovering near an eight-month low ahead of the Bank of Japan’s policy announcement.

Earlier, markets remained on edge ahead of a closely watched meeting between US President Donald Trump and Chinese President Xi Jinping, where both leaders were expected to discuss measures to ease their ongoing trade tensions.

KARACHI:

Pakistan has reached a historic milestone in solar energy use.

According to a report by the Policy Research Institute for Equitable Development, during the summer months, electricity generation from the national grid ranged between 28 to 30 gigawatts (GW).

On the other hand, consumers collectively generated and used about 33 gigawatts through solar power, surpassing the grid’s supply for the first time.

The report states that Pakistan has imported solar panels with a combined capacity of up to 50GW, whereas the total installed capacity of the national electricity grid is around 46 GW.

Among the provinces, Punjab leads in solar energy usage, followed by Sindh, Khyber-Pakhtunkhwa, and Balochistan respectively.

In terms of sector-wise distribution, the residential sector dominates with 16.66 GW of solar power usage.

The commercial sector follows with 3.73 GW, the industrial sector with 7.91 GW, and the agriculture sector with 5.04 GW.

According to the report, 77% of electricity consumers now rely primarily on their own solar systems, while only 23% depend on the national grid for their energy needs.