Pakistan owns adequate petrol and diesel reserves for a few weeks as per the officials of Senate Standing Committee on Petroleum on Monday. The secretory of Petroleum, Hameed Yaqoob Sheikh, addressed the committee in Islamabad. He explained that petrol reserves will last about 27 days and diesel stocks may run out in around 21 days.
Meanwhile, reserves of jet fuel (JP1) are available for 14 days, crude oil for 11 days, and liquefied natural gas (LNG) for only nine days. The committee meeting, chaired by Senator Manzoor Ahmed, was held shortly after the government raised petrol and diesel prices by Rs55 per litre following tensions in the Middle East.
Supply disruptions and rising import costs
According to the petroleum secretary, about 70 percent of Pakistan’s petrol imports come from the Middle East. However, suspended ship movements have disrupted supply lines, pushing international prices sharply higher. As a result, the price of high-speed diesel jumped from $88 to $187 per barrel, while petrol rose from $74 to $130.
Sheikh also noted that two Pakistani oil shipments remain stuck in the Strait of Hormuz, further complicating the supply situation. To ease shortages, the government has temporarily allowed the import of oil below Euro-5 quality standards.
Officials said a ministerial committee formed by Prime Minister Shehbaz Sharif is reviewing petroleum supplies on a daily basis and monitoring market conditions.
Gas shortages and rising energy costs
In addition, the authorities of the Oil and Gas Regulatory Authority announced that the imports of LNG from Qatar have been suspended. Out of the eight shipments scheduled for the month of March, only two shipments of LNG have arrived, and six more shipments are scheduled for April.
As a result, the stocks of LNG are expected to end after April 14. Gas supplies to the power sector have already been curtailed. However, gas supplies to the domestic sector will continue, and electricity tariffs are also likely to rise if Pakistan imports LNG at higher prices from the spot market.
