Oil prices remain high amid the ongoing war in Iran, but Russia has offered cheap crude oil to Pakistan. Russia’s condition is that Pakistan itself will have to take initiative to take advantage of this opportunity and request oil supply from Russia. The very next day, Pakistan clarified that despite the fluctuations in the global market, the fuel supply in the country remains adequate and stable.
What did the Pakistani Finance Ministry say?
Pakistani Finance Ministry said that despite the instability of the international oil market, the availability of petrol and diesel in the country is satisfactory. The ministry said in a statement that the committee monitoring petroleum supplies assessed the stock position and incoming supplies in its recent meeting. The committee is being headed by Finance Minister Senator Mohammad Aurangzeb.
According to the ministry, the current stock of diesel is enough to meet the needs for about 24 days, while petrol is also available in sufficient quantity. Adequate quantity of imports are taking place in the country and refineries are working regularly, due to which the supply of fuel remains stable. Incoming crude oil shipments and additional cargo in transit are expected to further strengthen the stock.
The Finance Ministry also said that the committee has taken note of the increasing pressure on premiums and prices in the international market. For this, cooperation is being increased with State Bank of Pakistan and other financial institutions, so that necessary financing can be ensured.
Entire supply chain under surveillance
The entire supply chain is kept under constant surveillance to avoid hoarding and untimely storage and ensure timely availability of oil and gas across the country, especially ahead of Eid and harvest season. Officials clarified that the depots will remain operational and there will be no interruption in the availability of fuel.
Russian Ambassador Albert Khorev said in a press conference in Islamabad that Russia is ready to provide oil to Pakistan at concessional rates, but to take advantage of this opportunity, Pakistan itself will have to come forward. Till now no formal initiative has been taken from Pakistan.
On the other hand, Iran has temporarily closed the Strait of Hormuz in response to the US and Israeli attacks, which has increased the pressure on global oil supply. This has also affected Pakistan and the prices of petrol and diesel have increased by about 20 percent. Rising prices are creating financial problems for the poor people of the country and making it even more challenging to meet their daily needs.
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