ISLAMABAD: The federal government has established the “Petroleum Prices Stabilisation Fund” to address fluctuations in petroleum product rates, allocating a government account.

The Ministry of Finance issued a notification to inform all relevant institutions, including the Auditor General of Pakistan, the Controller General of Accounts and the Accountant General Pakistan Revenues, about the establishment of the fund.

The notification stated that the Accountant Generals of Punjab, Sindh, Khyber Pakhtunkhwa and Balochistan have also been informed, while provincial governments have been directed to complete necessary arrangements regarding collection for the fund.

It further stated that all amounts deposited in the fund will be transferred to the federal government’s Public Account of the Federation, while a special account head and object code have been allocated for the fund.

The rules and regulations for the fund will be jointly prepared by the Ministry of Finance, the Petroleum Division and the Oil and Gas Regulatory Authority (OGRA) in view of the legal and financial requirements, the ministry said.

It also read that necessary approvals for the mechanism will be sought separately.

The development came days after the government kept petrol and high-speed diesel (HSD) prices unchanged in its latest weekly review.

Petroleum Division sources told Geo News that the petroleum levy on HSD was increased by Rs6.57 per litre to Rs79.54 from Rs72.97, while the levy on petrol rose by 39 paisas to Rs66.64 per litre from Rs66.25. The levy on kerosene remained unchanged at Rs20.36 per litre.

In the previous weekly review, the government reduced petrol prices by Rs74 per litre, HSD by Rs67 per litre and kerosene by Rs48.29 per litre following a decline in international crude oil prices after the US-Iran peace agreement and the reopening of the Strait of Hormuz eased concerns over global oil supplies.

Following the decision, Federal Minister for Petroleum Ali Pervaiz Malik said consumers could receive “good news” in the coming days

He added that a high-level committee formed on Prime Minister Shehbaz Sharif’s directives would oversee petroleum price determination to ensure transparency and safeguard consumer interests.

Malik said the government was closely monitoring international oil market trends and would pass on any available relief to consumers while remaining within the framework of its international commitments.

He pledged that the government would neither favour one sector nor place an undue burden on another, stressing that consumer protection remained the prime minister’s foremost priority.

ISLAMABAD, JUN 30: Federal Minister for Information and Broadcasting Attaullah Tarar warned that Pakistan’s leadership is ready and to give an effective response if any attempt is made to stop the country’s water, reaffirming that Islamabad would safeguard the sanctity of the Indus Waters Treaty under all circumstances.

Addressing an international seminar on the Indus Waters Treaty in Islamabad on Tuesday, Tarar said Pakistan remained committed to ensuring that the treaty remained intact, stressing that using water as a weapon is tantamount to undermining regional and global peace and stability.

The minister said the 1960 Indus Waters Treaty holds a unique place in international relations and remains one of the world’s most enduring water-sharing agreements.

India held the Indus Waters Treaty with Pakistan in abeyance, following the killing of 26 people in Indian Illegally Occupied Jammu and Kashmir in April 2025. New Delhi accused Islamabad of orchestrating the deadly militant attack, an allegation that Pakistan denied.

“We are not merely discussing a treaty, but the lifeline of 240 million people,” Tarar said, adding that water is not just a natural resource for Pakistan but a matter of national survival.

He said Pakistan has consistently maintained that its people have a legitimate and complete right over the waters of the Indus River, warning that any attempt to stop or divert Pakistan’s water would receive an effective response from the country’s leadership.

He added that Pakistan’s history is intrinsically linked to the Indus River and that agriculture, the backbone of the national economy, depends on its waters.

The minister said Pakistan has always demonstrated its commitment to peaceful relations, constructive dialogue and the sincere implementation of international agreements. He noted that the Indus Waters Treaty was established more than six decades ago through mutual consent between two countries.

He stressed that any changes to the treaty could only be made through mutual agreement, adding that the unilateral suspension of the treaty had embarrassed India at international forums.

‘India’s bid to stop Pakistan’s water violates int’l law’
A Russian expert, Dr Roxolana Zigon, said that India’s statement on denying Pakistan water violates international law in the coming years violates international law, adding that the treaty forms the basis of equitable water sharing in the region and is regarded globally as one of the most successful water-sharing agreements.

She said the treaty had ensured water cooperation between Pakistan and India for more than six decades despite tensions between the two countries, adding that it contains no provision for unilateral withdrawal.

The expert said more than 90% of Pakistan’s agriculture depends on river water, while 21 major hydropower projects are linked to the Indus river system. She added that almost the entire population of Pakistan is connected to the Indus basin in one way or another.

Dr Zigon India’s construction of dams in upstream areas could increase instability in the region, accusing New Delhi of attempting to use water as a weapon and warning that its unilateral policies were eroding international trust.

The Russian expert described the Permanent Indus Commission as an important and effective mechanism for resolving disputes and stressed that preserving the Indus Waters Treaty was essential for peace and stability in South Asia.

It is to be noted here that based on baseless allegations, India started the war against Pakistan in May 2025, which was the heaviest fighting to have occurred between the two neighbouring nations in decades, before a ceasefire was reached and brokered by the US.

Pakistan, during the 87-hour conflict, downed eight Indian fighter jets, including French-made Rafale, and dozens of drones.

ISLAMABAD, JUN 30: Prime Minister Shehbaz Sharif is likely to visit Iran in the first week of July to attend the funeral prayers of the late Ayatollah Ali Khamenei, according to sources.

Khamenei, Iran’s number one since 1989, was martyred in the first hour of the US-Israel war against Iran on February 28 in a strike on a meeting of senior officials in Tehran that also left his daughter-in-law, daughter, and at least one grandchild martyred, as per reports.

Ali Khamenei has yet to be buried, with state media reporting that his funeral will take place on July 9 in his hometown, the northeastern city of Mashhad, following three days of funeral ceremonies in Tehran and another in the holy city of Qom.

His son Mojtaba Ali Khamenei survived — although reportedly with injuries — and took over as supreme leader. He has yet to make a public appearance.

Meanwhile, following the visit to Iran, the premier is also expected to travel to Turkiye, which was among the countries which backed Pakistan-mediated efforts to halt the war against Iran.

Pakistan and Iran’s relations have improved after Islamabad emerged as a key mediator in the US-Israel war against Iran. The Shehbaz-led administration was able to bring the warring nations to the talking table.

Washington and Tehran — whose top leadership met for the first time in several decades in Islamabad in April — have also praised Pakistan on numerous occasions for bringing the war to a halt.

ISLAMABAD, JUN 30 /DNA/ – In the early hours of Tuesday, a powerful gas cylinder explosion rocked Awan Plaza in G‑8 Markaz, Islamabad, sending shockwaves through the neighborhood and sparking panic among residents and shopkeepers. The blast occurred inside a local restaurant, Jhal Chakian, situated on the ground floor of the residential plaza. Witnesses reported hearing a deafening sound followed by smoke and chaos as people rushed out of nearby hotels and apartments.

This is not the first such incident in the area. Awan Plaza, though primarily a residential building, has long been home to a cluster of restaurants and small hotels operating without adequate safety measures. Residents have repeatedly raised concerns about the risks posed by gas cylinders stored in cramped kitchens, often without proper ventilation or fire safety equipment. Customers, staff, and families living in the plaza remain exposed to these dangers on a daily basis.

Authorities from the Capital Development Authority (CDA) and other relevant departments have previously taken action against unsafe commercial operations in residential buildings. However, locals allege that enforcement is short-lived, with businesses reopening after officials accept bribes or overlook violations. “Every time there’s a raid, they shut down for a few days, and then they’re back in business as if nothing happened,” said one resident, visibly shaken by the latest blast.

The explosion on Tuesday caused damage to the restaurant’s interior and shattered windows in nearby shops. Fortunately, no fatalities were reported, though several people sustained minor injuries while fleeing the scene. Emergency services arrived promptly, and firefighters managed to contain the situation before it escalated further. Still, the incident has reignited debate over lax enforcement and the dangers of mixing residential living with unregulated commercial activity.

Experts warn that if preventive measures are not strictly implemented, a far bigger tragedy could occur in the future. “We are sitting on a ticking time bomb,” said a safety consultant familiar with the area. “Gas cylinders in congested plazas pose a serious threat not only to customers but to entire neighborhoods.”

Residents are now demanding that CDA and other authorities enforce building codes rigorously and permanently shut down unsafe operations. Without decisive action, they fear that G‑8 Markaz could witness a disaster far worse than Tuesday’s blast.=DNA

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