ISLAMABAD: Pakistan has sent vessels to ports in Saudi Arabia and the United Arab Emirates to secure crude oil supplies, the Pakistani petroleum minister said late Friday, as tensions in the Middle East continue to threaten global energy flows.
Global oil markets have been rattled since the United States and Israeli began pounding Iran last week, prompting retaliatory strikes from Tehran across the region. The conflict has raised fears of disruptions in energy supplies, particularly through the Strait of Hormuz, and pushed petroleum prices.
Pakistani Petroleum Minister Ali Pervaiz Malik and others said Islamabad was monitoring international energy markets and domestic supply conditions as they announced a hike of Rs55 ($0.20) per liter in petrol and diesel prices, promising to bring down the prices as soon as the conflict is resolved.
Describing the situation as “extraordinary,” Malik said they did not know how long the Middle East crisis would last and it was important to stretch Pakistan’s available petroleum reserves as much as they could to ensure a steady supply to consumers during the crisis.
“At the regional and global level, you can clearly see that countries are scrambling to secure energy supplies. Pakistan is also part of this effort because a significant portion of our energy supplies comes through the Strait of Hormuz,” he said, adding that Prime Minister Shehbaz Sharif has engaged the Saudi government to secure alternative sources.
