ISLAMABAD: Pakistan warned on Wednesday that global oil markets have tightened sharply due to the Iran war, with rising prices and cargo premiums expected to keep import costs elevated, even as the government said domestic fuel supplies remain stable.
A cabinet body reviewing petroleum supplies said diesel stocks currently provide around 24 days of cover, while petrol remains at comfortable levels, supported by ongoing imports and refinery operations.
The assessment comes as the Middle East conflict involving the United States, Israel and Iran has pushed up global oil prices, disrupted key shipping routes and increased the cost of fuel imports for countries like Pakistan.
“The Committee was ... briefed that global petroleum markets remain exceptionally tight, with recent increases observed in both benchmark prices and cargo premiums,” the Finance Division said in a statement.
“Members noted that the prevailing market conditions reflect supply-side uncertainties linked to regional developments, with premiums for upcoming cargoes expected to remain elevated in the near term,” it added.
