July 2026 Edition
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July 2026 Current Affairs MCQs & Solutions
Top national & international current affairs questions for CSS, PMS, FPSC, PPSC, and NTS screening tests.
#301
Who is the current Petroleum Minister of Pakistan who announced the fuel price hike on April 2, 2026?
(a) Muhammad Aurangzeb
(b) Asif Ali Zardari
(c) Shehbaz Sharif
(d) Ali Pervaiz Malik
Explanation: Ali Pervaiz Malik serves as the Petroleum Minister and led the press conference regarding the fuel price adjustments. Muhammad Aurangzeb is the Finance Minister, while Shehbaz Sharif is the Prime Minister. [Source: https://www.dawn.com/news/1987901/govt-hikes-petrol-price-to-rs458-per-litre-hsd-price-to-rs520-per-litre, 02 Apr 2026]
#302
Which regulatory body issued the notification regarding the reduction in the price of kerosene on May 29, 2026?
(a) State Bank of Pakistan
(b) Federal Board of Revenue
(c) Oil and Gas Regulatory Authority
(d) None of these
Explanation: The Oil and Gas Regulatory Authority (OGRA) is the designated body responsible for issuing notifications regarding petroleum product price changes in Pakistan. The State Bank and FBR do not manage retail fuel price notifications. [Source: https://www.dawn.com/news/2003697/govt-cuts-petrol-diesel-prices-by-rs22, 29 May 2026]
#303
Consider the following statements about the fuel pricing policy in Pakistan as of July 2026: 1. The government has transitioned from weekly to daily fuel price revisions. 2. High-speed diesel is primarily utilized in the heavy transport sector and power plants. 3. The All Pakistan Dealers Association has fully supported the new daily pricing mechanism. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statements 1 and 2 are correct as they reflect the government's policy shift and the usage profile of diesel. Statement 3 is incorrect because the Dealers Association rejected the daily pricing decision and threatened protests. [Source: https://www.dawn.com/news/2016247/govt-increases-petrol-price-by-rs544-diesel-by-rs3105-per-litre-for-next-three-days, 17 Jul 2026]
#304
Which Pakistani official led the delegation to the United States in July 2026 to discuss economic cooperation?
(a) Muhammad Aurangzeb
(b) Ishaq Dar
(c) Shamshad Akhtar
(d) Miftah Ismail
Explanation: Finance Minister Muhammad Aurangzeb led the delegation and held meetings with the US Treasury Secretary. The other individuals listed are former finance ministers or officials not involved in this specific 2026 visit. [Source: https://www.dawn.com/news/2017582/us-treasury-secretary-welcomes-pakistans-economic-reforms-return-to-capital-markets, 22 Jul 2026]
#305
Who among the following was present at the meeting held on March 14, 2026, to review the implementation of austerity measures?
(a) Minister of Defence
(b) Chairman of the Federal Board of Revenue
(c) Governor of the State Bank of Pakistan
(d) None of these
Explanation: FBR Chairman Rashid Mahmood Langrial attended the meeting alongside the Finance and Petroleum ministers. The presence of the FBR head underscores the focus on revenue and fiscal management during the crisis. [Source: https://www.dawn.com/news/1982016/employees-of-soes-other-govt-supervised-bodies-to-face-5-30pc-salary-cut-as-part-of-austerity-measures-pmo, 14 Mar 2026]
#306
Who led the PPP delegation during the pre-budget meeting with the Deputy Prime Minister on June 7, 2026?
(a) Asif Ali Zardari
(b) Murad Ali Shah
(c) Bilawal Bhutto-Zardari
(d) Sherry Rehman
Explanation: Bilawal Bhutto-Zardari led the PPP delegation in the meeting held at Zardari House. While other party members like Murad Ali Shah and Sherry Rehman were present, Bilawal served as the head of the delegation. [Source: https://www.dawn.com/news/2005897/ppp-shares-tax-related-reservations-in-pre-budget-meeting-with-dar-say-sources, 07 Jun 2026]
#307
What was the percentage growth in mobile phone imports during the first nine months of the fiscal year 2026?
(a) 14.67 percent
(b) 19.61 percent
(c) 9.78 percent
(d) 27.84 percent
Explanation: Mobile phone imports grew by 27.84 percent to $1.444 billion during the first nine months of the fiscal year. The other percentages listed refer to specific valuation increases for individual phone models. [Source: https://www.dawn.com/news/1994373/customs-increases-import-valuation-for-62-old-and-used-mobile-phone-models, 23 Apr 2026]
#308
Which of the following entities is explicitly exempted from the four-day work week policy according to the March 2026 austerity review?
(a) Ministry of Petroleum
(b) Ministry of Finance
(c) Federal Board of Revenue (FBR)
(d) Prime Minister's Office
Explanation: The meeting chaired by the Prime Minister clarified that the four-day work week policy does not apply to law enforcement agencies and the FBR, as they must maintain normal operational duties. Other ministries are expected to adhere to the austerity-driven work schedule. [Source: https://www.dawn.com/news/1982016/employees-of-soes-other-govt-supervised-bodies-to-face-5-30pc-salary-cut-as-part-of-austerity-measures-pmo, 14 Mar 2026]
#309
Which Apple mobile phone models remained stable with no change in valuation between the January and April 2026 rulings?
(a) iPhone 15 Pro Max and iPhone 14
(b) iPhone 13 and iPhone 12 Pro
(c) iPhone XS Max and iPhone SE 3
(d) iPhone 11 and iPhone XR
Explanation: The iPhone XS Max and iPhone SE 3 were identified as the most stable models, showing no change in their customs valuation between the two rulings. Other models experienced varying degrees of upward revision. [Source: https://www.dawn.com/news/1994373/customs-increases-import-valuation-for-62-old-and-used-mobile-phone-models, 23 Apr 2026]
#310
What is the range of salary cuts mandated for employees of State-Owned Enterprises (SOEs) and autonomous institutions under the 2026 austerity measures?
(a) 5-15 percent
(b) 5-30 percent
(c) 10-40 percent
(d) None of these
Explanation: The government announced a salary reduction ranging from 5% to 30% for employees of SOEs and autonomous bodies to manage fiscal pressure. This measure is part of a broader austerity package aimed at generating savings for public relief. [Source: https://www.dawn.com/news/1982016/employees-of-soes-other-govt-supervised-bodies-to-face-5-30pc-salary-cut-as-part-of-austerity-measures-pmo, 14 Mar 2026]
#311
Which of the following is NOT a component of the austerity measures announced by the government in March 2026?
(a) A complete ban on the purchase of new government vehicles
(b) A ban on foreign visits for ministers and special assistants
(c) The redirection of board participation fees to government savings
(d) An immediate increase in the salaries of civil servants to combat inflation
Explanation: The government is implementing salary cuts, not increases, to manage fiscal deficits. The other options are all verified components of the austerity package. [Source: https://www.dawn.com/news/1982016/employees-of-soes-other-govt-supervised-bodies-to-face-5-30pc-salary-cut-as-part-of-austerity-measures-pmo, 14 Mar 2026]
#312
Consider the following statements regarding the austerity measures reviewed on March 14, 2026: 1. The government has imposed a complete ban on foreign visits for ministers and special assistants. 2. Savings generated from austerity measures are designated exclusively for public relief. 3. The government decided to increase the fuel allotment for official vehicles to ensure mobility during the crisis. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 and 2 are correct as they reflect the official policy of banning foreign travel and using savings for public welfare. Statement 3 is incorrect because the government actually mandated a 50% cut in fuel allotment for official vehicles, not an increase. [Source: https://www.dawn.com/news/1982016/employees-of-soes-other-govt-supervised-bodies-to-face-5-30pc-salary-cut-as-part-of-austerity-measures-pmo, 14 Mar 2026]
#313
Which of the following is NOT a primary concern raised by the PPP during the pre-budget meetings in June 2026?
(a) The total exclusion of the Public Sector Development Programme from the budget
(b) The impact of fiscal measures on inflation-hit masses
(c) The need to expand the tax base rather than taxing the same classes
(d) The feasibility of provincial revenue targets set by the IMF
Explanation: The PPP discussed the Public Sector Development Programme (PSDP) as a priority for development spending, rather than calling for its exclusion. The other options accurately reflect the party's stated reservations regarding tax policy and IMF conditions. [Source: https://www.dawn.com/news/2005897/ppp-shares-tax-related-reservations-in-pre-budget-meeting-with-dar-say-sources, 07 Jun 2026]
#314
Consider the following statements about the energy sector performance in June 2026: 1. The price of Regasified Liquefied Natural Gas (RLNG) nearly doubled compared to the same month in the previous year. 2. Nuclear power generation was identified as a zero-fuel-cost energy source. 3. The fuel cost for imported coal was significantly higher than the fuel cost for local coal.
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 is correct as RLNG prices rose sharply. Statement 3 is correct as imported coal cost Rs16.65 per unit versus Rs11.5 per unit for local coal. Statement 2 is incorrect because nuclear power has a reported fuel cost of Rs2.85 per unit, unlike hydropower which is a zero-fuel-cost source. [Source: https://www.dawn.com/news/2016204/power-companies-seek-rs120-per-unit-fuel-cost-adjustment-for-august, 17 Jul 2026]
#315
Which of the following statements regarding the 2026 mobile phone valuation revision is INCORRECT?
(a) The new ruling abolished the existing framework regarding six-month activation and freight adjustment.
(b) The revision process included a consultation meeting with relevant stakeholders held on April 13, 2026.
(c) The new valuation applies to imports of old and used mobile phones in commercial quantities.
(d) The revision aims to align assessed values for duty and tax purposes with prevailing market rates.
Explanation: The 2026 ruling did not abolish the existing framework; rather, it preserved the earlier regulatory requirements concerning six-month activation, higher declared value, and freight adjustment. [Source: https://www.dawn.com/news/1994373/customs-increases-import-valuation-for-62-old-and-used-mobile-phone-models, 23 Apr 2026]
#316
Consider the following statements about the 2026 customs valuation revision: 1. The revision was implemented to align assessed values with prevailing market rates. 2. The sharpest upward increases were recorded in older flagship and mid-range Samsung and Google Pixel devices. 3. Newer flagship models, such as the iPhone 15 Pro Max, experienced the highest percentage increase in valuation compared to older models. Which of the statements given above is/are correct?
(a) 1 and 2 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) All three
Explanation: Statement 1 is correct as the primary goal was market alignment. Statement 2 is correct as older Samsung and Pixel devices saw the steepest jumps. Statement 3 is incorrect because newer flagship models like the iPhone 15 Pro Max saw relatively moderate increases (9.78 percent) compared to the sharp spikes in older models. [Source: https://www.dawn.com/news/1994373/customs-increases-import-valuation-for-62-old-and-used-mobile-phone-models, 23 Apr 2026]
#317
The total additional financial burden proposed to be recovered from consumers through the August 2026 bills is:
(a) Rs15.7 billion
(b) Rs10.5 billion
(c) Rs18.2 billion
(d) Rs22.4 billion
Explanation: The petition filed by the power companies aims to recover an additional Rs15.7 billion from consumers across all power utilities, including ex-Wapda Discos and K-Electric, to offset the higher fuel costs. [Source: https://www.dawn.com/news/2016204/power-companies-seek-rs120-per-unit-fuel-cost-adjustment-for-august, 17 Jul 2026]
#318
According to the IMF requirements mentioned in the June 2026 discussions, what is the approximate additional revenue target set for the federal government?
(a) Rs 500 billion
(b) Rs 430 billion
(c) Rs 350 billion
(d) Rs 600 billion
Explanation: The IMF requested the federal government to introduce at least Rs 430 billion in additional budgetary measures. A matching target of Rs 430 billion was also set for the provinces. [Source: https://www.dawn.com/news/2005897/ppp-shares-tax-related-reservations-in-pre-budget-meeting-with-dar-say-sources, 07 Jun 2026]
#319
The budget for the fiscal year 2026-27 was scheduled to be announced on which date?
(a) June 7, 2026
(b) June 8, 2026
(c) June 12, 2026
(d) June 10, 2026
Explanation: The federal budget for FY2026-27 was officially scheduled for announcement on Wednesday, June 10, 2026. This date followed the final rounds of pre-budget negotiations between the coalition partners. [Source: https://www.dawn.com/news/2005897/ppp-shares-tax-related-reservations-in-pre-budget-meeting-with-dar-say-sources, 07 Jun 2026]
#320
What is the total value of the emergency fund that the government plans to utilize to absorb petroleum price shocks as of 2026-03-12?
(a) Rs289 billion
(b) Rs589 billion
(c) Rs489 billion
(d) Rs389 billion
Explanation: The government has allocated a Rs389 billion emergency fund to mitigate the impact of rising global fuel prices on domestic consumers. Other options represent incorrect figures that do not align with the official fiscal planning mentioned. [Source: https://www.dawn.com/news/1981355/govt-mulling-not-hiking-prices-of-petroleum-products-further-despite-increase-in-global-market, 12 Mar 2026]