May 2026 Edition
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May 2026 Current Affairs MCQs & Solutions
Top national & international current affairs questions for CSS, PMS, FPSC, PPSC, and NTS screening tests.
#14541
Which of the following statements regarding the May 2026 fuel price reduction is INCORRECT?
(a) The price of petrol was reduced by Rs22 per litre.
(b) The price of kerosene remained unchanged at its previous level.
(c) The price of high-speed diesel was reduced by Rs22 per litre.
(d) The Prime Minister's Office announced the relief measures.
Explanation: The statement that kerosene prices remained unchanged is incorrect, as the Oil and Gas Regulatory Authority explicitly reduced the price of kerosene from Rs313.44 to Rs272. [Source: https://www.dawn.com/news/2003697/govt-cuts-petrol-diesel-prices-by-rs22, 29 May 2026]
#14542
The government aims to generate how many new jobs in the fiscal year 2026-27?
(a) 1.1 million
(b) 2.0 million
(c) 1.5 million
(d) 2.5 million
Explanation: The macroeconomic framework targets the creation of two million new jobs in FY2026-27. This is expected to be achieved through increased public and private investment. [Source: https://www.dawn.com/news/2004391/4pc-growth-target-set-for-fy2026-27-as-macroeconomic-framework-sent-to-economic-council-for-approval, 01 Jun 2026]
#14543
Consider the following statements regarding the diplomatic status of the conflict as of March 25, 2026: 1. Iran has officially accepted the 15-point US peace plan. 2. The White House claims that negotiations with Iran are currently productive. 3. Iran maintains that no negotiations will occur until its five conditions are met. 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 incorrect because Iran rejected the US proposal. Statements 2 and 3 are correct as they reflect the conflicting official positions of the White House and the Iranian government respectively. [Source: https://www.dawn.com/news/1985253/iran-rejects-us-proposal-lays-out-5-conditions-for-ending-war, 25 Mar 2026]
#14544
Which of the following sectors was specifically highlighted for enhanced collaboration between Pakistan and China during the July 2026 meeting?
(a) Textile manufacturing
(b) Artificial intelligence
(c) Agricultural exports
(d) None of these
Explanation: The joint statement emphasized advancing high-quality development under CPEC 2.0, specifically mentioning collaboration in trade, investment, science and technology, the digital economy, and artificial intelligence. [Source: https://www.dawn.com/news/2016159/china-and-pakistan-call-on-us-iran-to-resume-talks-cease-hostilities, 17 Jul 2026]
#14545
Which of the following is NOT a sector-specific growth target mentioned for FY2026-27?
(a) Information and communication growth of 9.5%
(b) Large-scale manufacturing growth of 4.5%
(c) Services sector growth of 4.2%
(d) Agriculture sector growth of 3.8%
Explanation: The target for the information and communication sector is 7.7%, not 9.5%. The other options correctly reflect the targets for agriculture, manufacturing, and services. [Source: https://www.dawn.com/news/2004391/4pc-growth-target-set-for-fy2026-27-as-macroeconomic-framework-sent-to-economic-council-for-approval, 01 Jun 2026]
#14546
Which of the following is NOT a component of the reported 15-point peace proposal discussed on March 25, 2026?
(a) A one-month ceasefire between the involved parties
(b) The lifting of economic sanctions against Iran
(c) The surrender of Iran's enriched uranium stockpiles
(d) The immediate and unconditional annexation of disputed maritime territories
Explanation: The peace proposal focuses on nuclear non-proliferation, a ceasefire, and the lifting of sanctions. Annexation of territory is not part of the reported diplomatic framework. [Source: https://www.dawn.com/news/1985150/us-reportedly-sends-peace-plan-as-iran-opens-strait-of-hormuz-to-non-hostile-oil-vessels, 25 Mar 2026]
#14547
Consider the following statements regarding the diplomatic developments reported on March 25, 2026: 1. The United States has proposed a one-month ceasefire to facilitate negotiations. 2. Iran has agreed to allow safe passage for all vessels, including those from hostile nations, through the Strait of Hormuz. 3. The proposed deal includes provisions for Iran to receive assistance in developing civil nuclear energy. 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 a one-month ceasefire is part of the proposal. Statement 2 is incorrect because Iran specifically limited safe passage to 'non-hostile' vessels. Statement 3 is correct as the proposal includes assistance for the Bushehr civil nuclear site. [Source: https://www.dawn.com/news/1985150/us-reportedly-sends-peace-plan-as-iran-opens-strait-of-hormuz-to-non-hostile-oil-vessels, 25 Mar 2026]
#14548
Which of the following is NOT a key area of cooperation mentioned in the 2026 EU-Pakistan Strategic Dialogue?
(a) Climate change
(b) Connectivity
(c) Sustainable development
(d) Space exploration
Explanation: The dialogue focused on trade, investment, climate change, security, migration, sustainable development, and connectivity. Space exploration was not identified as a primary pillar of the strategic engagement. [Source: https://www.dawn.com/news/2004340/pm-reaffirms-eu-ties-thanks-kallas-for-support-for-gulf-peace-efforts, 01 Jun 2026]
#14549
Which body is responsible for the final approval of the macroeconomic framework for FY2026-27?
(a) Annual Plan Coordination Committee
(b) National Economic Council
(c) Planning Commission
(d) None of these
Explanation: The National Economic Council (NEC) is the country's highest economic policy-making body and is responsible for the final approval of the framework. The APCC is the committee that prepares and clears the framework before it reaches the NEC. [Source: https://www.dawn.com/news/2004391/4pc-growth-target-set-for-fy2026-27-as-macroeconomic-framework-sent-to-economic-council-for-approval, 01 Jun 2026]
#14550
Consider the following statements about the fuel supply challenges in July 2026: 1. The NCMC was established as a civil-military body to monitor energy supplies. 2. Rising import premiums for petrol were influenced by renewed US-Iran hostilities. 3. The government has successfully eliminated all pending price differential claims for oil marketing companies. 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 factually correct based on the report. Statement 3 is incorrect because the report explicitly mentions that over Rs 66 billion in price differential claims remain pending, which continues to hinder the operations of smaller oil marketing companies. [Source: https://www.dawn.com/news/2015959/oil-industry-prompts-government-to-discourage-hoarding-as-petrol-stocks-decline-to-14-day-cover, 16 Jul 2026]
#14551
Consider the following statements about the macroeconomic framework for FY2026-27: 1. The framework projects that private investment will rise to 10.3% of GDP. 2. The services sector is targeted to grow at a rate of 4.2%. 3. Public investment is expected to increase significantly to 5% of GDP. 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 per the framework. Statement 3 is incorrect because public investment is targeted to remain at 3% of GDP, not 5%. [Source: https://www.dawn.com/news/2004391/4pc-growth-target-set-for-fy2026-27-as-macroeconomic-framework-sent-to-economic-council-for-approval, 01 Jun 2026]
#14552
On March 25, 2026, Iran announced that it would allow 'non-hostile' vessels to pass through which strategic maritime chokepoint?
(a) Strait of Malacca
(b) Strait of Hormuz
(c) Suez Canal
(d) Bab-el-Mandeb Strait
Explanation: The Strait of Hormuz is the gateway for approximately one-fifth of the world's oil. Iran's decision to allow safe passage for non-hostile vessels is a significant de-escalation measure. [Source: https://www.dawn.com/news/1985150/us-reportedly-sends-peace-plan-as-iran-opens-strait-of-hormuz-to-non-hostile-oil-vessels, 25 Mar 2026]
#14553
The temporary US waiver issued in March 2026 was intended to facilitate the sale of which specific commodity to India?
(a) Natural gas
(b) Refined petroleum products
(c) Russian oil stranded at sea
(d) None of these
Explanation: The US waiver was specifically designed to allow Russian oil that was stranded at sea to be sold to India. This was a temporary measure in response to the broader energy market disruptions. [Source: https://www.dawn.com/news/1979646/new-delhi-continues-importing-russian-oil, 08 Mar 2026]
#14554
What is the name of the peace agreement signed between the United States and Iran in 2026?
(a) Geneva Accord
(b) Burgenstock Treaty
(c) Islamabad Peace Deal
(d) Hormuz Security Pact
Explanation: The agreement that ended the hostilities between the United States and Iran in 2026 is officially referred to as the Islamabad Peace Deal. While Geneva was mentioned as a potential site for subsequent talks, it is not the name of the primary agreement. [Source: https://www.dawn.com/news/2009269/pm-shehbaz-saudi-crown-prince-discuss-iran-us-talks-stress-peace-process-must-not-be-undermined, 19 Jun 2026]
#14555
Which of the following statements regarding the 2026 US-Iran peace process is INCORRECT?
(a) The peace deal includes a framework to reopen the Strait of Hormuz.
(b) The peace deal was signed in person by the leaders in Switzerland.
(c) The peace deal requires negotiations on key issues to be completed within 60 days.
(d) Pakistan acted as a mediator throughout the conflict.
Explanation: The memorandum of understanding was electronically signed by the parties, not in person in Switzerland. The other statements accurately reflect the terms and context of the agreement. [Source: https://www.dawn.com/news/2009269/pm-shehbaz-saudi-crown-prince-discuss-iran-us-talks-stress-peace-process-must-not-be-undermined, 19 Jun 2026]
#14556
The conflict between the United States and Iran in 2026 officially began on which date?
(a) February 28, 2026
(b) March 15, 2026
(c) April 8, 2026
(d) June 19, 2026
Explanation: The military conflict, characterized by air attacks, commenced on February 28, 2026. This date marks the beginning of the hostilities that Pakistan later mediated. [Source: https://www.dawn.com/news/2009269/pm-shehbaz-saudi-crown-prince-discuss-iran-us-talks-stress-peace-process-must-not-be-undermined, 19 Jun 2026]
#14557
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]
#14558
The decision to hold fuel prices in March 2026 was made following a consultative session that included which high-ranking official?
(a) Minister of Finance
(b) Governor of the State Bank
(c) Field Marshal Asim Munir
(d) Chairman of the FBR
Explanation: The consultative session involved federal and provincial representatives and was attended by the Chief of Defence Forces, Field Marshal Asim Munir. This reflects the high-level coordination regarding national economic security. [Source: https://www.dawn.com/news/1981713/pm-shehbaz-says-prices-of-petroleum-products-not-being-increased-despite-uptick-in-global-market, 13 Mar 2026]
#14559
The price of diesel, based on Platts, increased to more than how many dollars per barrel during the 2026 energy crisis?
(a) 100 dollars
(b) 150 dollars
(c) 250 dollars
(d) 200 dollars
Explanation: The Petroleum Minister noted that diesel prices, which are indexed to Platts, surged from $80 per barrel to over $200 per barrel. This reflects the unprecedented global oil price hike mentioned in the 2026 briefing. [Source: https://www.dawn.com/news/1984252/scarcity-of-energy-pm-shehbaz-urges-nation-govt-to-display-responsible-attitude, 21 Mar 2026]
#14560
According to the government's 2026 energy briefing, how much in savings was generated through recent austerity measures?
(a) Rs 17 billion
(b) Rs 27 billion
(c) Rs 22 billion
(d) Rs 32 billion
Explanation: The Petroleum Minister confirmed that government-led austerity measures successfully accumulated Rs 27 billion in a special fund. These funds are designated to mitigate the impact of rising global oil prices on the general public. [Source: https://www.dawn.com/news/1984252/scarcity-of-energy-pm-shehbaz-urges-nation-govt-to-display-responsible-attitude, 21 Mar 2026]