New Delhi: Pakistan has limited petroleum reserves, with crude oil stocks sufficient for just 11 days, raising concerns over energy security amid disruptions caused by the ongoing Middle East conflict, a report has said.
Briefing the Senate Standing Committee on Petroleum, the secretary petroleum said the country currently has diesel reserves for 21 days, petrol for 27 days, liquefied petroleum gas (LPG) for nine days and jet fuel for 14 days, according to a report in The Express Tribune.
Nearly 70 per cent of Pakistan’s petroleum imports come from the Middle East, and the ongoing conflict has disrupted key shipping routes and supply chains, the official said.
Pakistan is in talks with Iran to secure permission for oil shipments through the Strait of Hormuz, which could allow four vessels to transport crude cargoes if approved.
Officials also warned of a potential gas crisis, with the country likely to face a severe shortage after April 14 due to disruptions in liquefied natural gas (LNG) supplies.
Of the eight LNG cargoes expected in March, only two reached Pakistan, while several shipments scheduled for April may also be affected.
The report also said that the conflict has also led to a sharp rise in global oil prices, with high-speed diesel prices increasing significantly and petrol costs also witnessing a steep jump. Shipment timelines have been impacted as well, with deliveries via the Red Sea now taking nearly 12 days compared to the usual four to five days, it said.
Moreover, authorities are considering measures to prioritise gas supply for domestic consumers, while reducing supply to industries and commercial users to manage shortages.
In a relief measure, the government has decided to provide a subsidy of Rs 23 billion to around 30 million motorcycle and rickshaw owners, funded through savings from austerity measures.
Meanwhile, the government has initiated daily reviews of petroleum stocks to closely monitor the situation.
“The country currently has adequate fuel availability for March, with arrangements in place to ensure supplies through mid-April,” according to officials.
(IANS)
