Pakistan ensures energy stability through Red Sea oil imports and weekly price checks
WEB DESK: In a strategic move to protect its energy supply amid escalating Gulf tensions, Pakistan will import oil through the Red Sea, bypassing the Strait of Hormuz. The decision comes as conflicts involving Iran, the United States, and Israel threaten global oil flows.
Red Sea Route Secures Oil Supplies
Pakistan, which imports nearly one million barrels of oil monthly, is turning to suppliers including Saudi Arabia’s Aramco and UAE-based ADNOC for shipments via the Red Sea, reports The Express Tribune. Some oil cargos have already reached Pakistani ports, while others remain in transit.
The Pakistan National Shipping Corporation has placed cargo vessels on standby to ensure timely collection. Meanwhile, the Oil and Gas Regulatory Authority (OGRA) maintains 28 days’ stock of petrol and diesel, providing short-term stability despite Strait of Hormuz disruptions.
Weekly Price Reviews to Curb Hoarding
To prevent potential fuel price spikes, the government will switch from fortnightly to weekly price reviews. Sources warn that the Gulf conflict could increase fuel costs by up to Rs50 per litre.
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