Business
The CEO of Swiss Air says there isn’t a fuel shortage right now and is looking at backup measures.
“The forecasts from our suppliers – oil companies and refineries – are currently good,” SWISS CEO Jens Fehlinger told the Neue Müncher Zeitung.
Due to the U.S.-Iran confrontation, which has reduced supplies and caused energy prices to soar, European airlines have warned of possible jet fuel shortages within weeks, which might hamper the summer travel season.
Africa or Asia would be the first regions to experience a kerosene shortage. As of right now, there are no indications of that,” he told NZZ.
Fehlinger stated that the airline and its parent business, Lufthansa Group, were developing backup plans, such as “tankering,” in which planes would completely fill up at a location with plenty of supply, even while the prognosis is still stable.
Regulations now prohibit such activities, but Fehlinger said there may be talks with legislators to reopen the door.
Strategic refueling stops at well-stocked airports along flight routes, like Vienna for flights to Asia, are another option, he said.
Fehlinger informed NZZ that continuously high oil costs will probably eventually affect fares.
By hedging roughly 80% of its kerosene needs for the year, SWISS was able to protect itself against recent fuel market volatility and lessen the immediate effects of price increases.
According to him, the airline’s fuel-related expenses have only increased by 20% thus far.
Petroleum Minister Ali Pervaiz Malik said the government would analyse international price indicators for fuel and diesel this week to gauge possible assistance for consumers.
The administration is not favouring any particular sector and is not putting any unnecessary strain on any segment, the minister stated on X (previously Twitter).
The minister said the government will continue to operate within the confines of its international commitments and pass on greatest possible advantage to consumers.
Prime Minister Shehbaz Sharif has so far lowered the rates of fuel by Rs200 per litre and petrol by Rs155 per litre, Ali Pervaiz Malik remarked.
International pricing indications for petrol and diesel will be studied over the week before any further decision is taken, he said.
Officially enacting the federal budget for the fiscal year 2026-27, President Asif Ali Zardari gave his constitutional assent to the Finance Bill 2026 on Friday. This allowed the bill to become law.
The budget for the upcoming fiscal year, which will go into effect on July 1, 2026, is formalised with the assent of the president, as stipulated by Article 75 of the Constitution.
On the 12th of June, 2026, the Federal Minister for Finance and Revenue, Muhammad Aurangzeb, delivered a presentation to the National Assembly in that capacity.
By rejecting all of the modifications that were proposed by the opposition, the House of Representatives was able to pass the Finance Bill 2026 on June 23, following the debate that took place.
Pakistan for the first time sees record high imports of heavy vehicles; buses, trucks surge during current fiscal year
Imports of buses and trucks hit $262.4 million in the first 11 months of fiscal year 2025-26, the highest ever in the country’s history, data from the State Bank of Pakistan (SBP) showed.
The data showed that imports of buses and trucks during the same period of FY 2024-25 were at $57.8 million, showing a substantial increase year-on-year.
The State Bank data indicated that the majority of heavy transport imports were registered as completely built units (CBUs).
Analysts said the increase in transport imports was due to lower loan rates and government incentives that encouraged businesses and transport operators to expand their fleets by purchasing foreign cars.
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