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Govt blocks fuel price reduction despite global price drop.

Good afternoon,

Today’s news: Globally, updates from Sudan and the Maldives, and a chip war on the horizon. Locally, PM Shehbaz Sharif announces new incentives for expats, the government blocks fuel price cut with a levy hike, and BNP-M shifts to a broader public protest movement.

Grab your chaye, let’s go.

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Around The World

Latest news, updates, and developments in the political, business, AI, and finance, and diplomatic world

Chip in. South Korea has announced it’ll expand its chipmaker support by 25% to $23B, citing uncertainty triggered by Trump’s tariffs and increased competition from China. Microchip maker Nvidia also said it would be hit with $5.5bn in costs after the US government tightened export rules to China. Nvidia shares plunged almost 6% in after-hours trading.

The Trump administration has started investigating the impact of semiconductor imports on national security, likely setting the stage for future tariffs. The probes follow Trump exempting chips, smartphones, computers, and other electronics imports from the 145% tariffs on Chinese imports. 

In response, China's semiconductor industry has proposed classifying imported semiconductors based on the location where the wafers are produced. This move could impose tariffs on US chipmakers and harm the Trump administration's efforts to revive domestic semiconductor production.

Updates from Sudan. The notorious paramilitary group RSF fighting against the Sudanese military announced that it was forming a rival government, which will rule parts of the country controlled by the group, where recent attacks by the group have killed over 400 people. The leader of the Rapid Support Forces said the RSF was building a "state of law" and his government would provide essential services such as education and healthcare to the whole country.

In and out. The Maldives has changed its immigration law to bar people from entering the country with Israeli passports in a show of outrage over the war in Gaza. The Maldives immigration service clarified that Israeli citizens with a second passport can enter the country.

Pakistan

Homecoming king. At the Overseas Pakistanis Convention, PM Shehbaz Sharif unveiled incentives for expats, including smoother immigration and customs processes, special courts, legal reforms, and filer status with tax relief. He praised the record $4.1bn March remittances, projecting over $38bn annually, and announced civil awards for top remitters each August 14. Army Chief Gen Asim Munir called the diaspora a “brain gain,” stressing unity against terrorism and solidarity with Gaza. 

Check out our take on these remittances and their long-term impact on the economy on Instagram or YouTube!

Oil be damned. The federal government has blocked a potential Rs. 10 per litre cut in petrol and diesel prices by amending the Petroleum Products (Petroleum Levy) Ordinance, 1961, raising the levy ceiling from Rs. 70 to Rs. 80 per litre. This legal tweak allows the government to maintain current fuel prices—Rs. 254 per litre for petrol and Rs. 258 for diesel, despite a recent global drop in petrol and diesel prices.

Prime Minister Shehbaz Sharif has defended the decision, saying the additional funds would be used for road construction projects in Sindh and Balochistan, a move being seen as a gesture to secure political goodwill from coalition partners. The decision also aligns with commitments made to the International Monetary Fund (IMF). Critics argue that the price freeze disproportionately impacts the middle and lower-middle classes, especially as many had anticipated financial relief due to the recent drop in global oil prices.

Getting bigger. The Balochistan National Party-Mengal (BNP-M) ended its 20-day-long sit-in at Lakpass, Mastung, and announced that the party would shift to a more extensive public outreach movement. This will involve protest rallies across Balochistan in phases with the first rally scheduled for Mastung and subsequent ones in Kalat on April 20. The BNP-M is protesting against the arrests of Baloch activists, including Mahrang Baloch and Sammi Deen Baloch.

On the government’s side, Balochistan Chief Minister Sarfraz Bugti harshly criticized the Baloch Yakjehti Committee (BYC), accusing them of being allies of separatists and not peaceful activists. He affirmed the right to protest but also emphasized the government's role in regulating the venues for such protests. Bugti also referenced the judicial process regarding the case against Mahrang, asserting that the courts would decide on the matter.

What Else Is Happening?

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