Three Oil Ships Expected to Arrive in Pakistan Tomorrow

Federal Minister for Finance Muhammad Aurangzeb on Sunday warned that due to the ongoing Gulf tensions arising from US and Israeli actions against Iran, Pakistan’s monthly oil import bill could reach $600 million, and the price of crude oil could rise to $120 per barrel.

Aurangzeb made the remarks while meeting Sindh Chief Minister Syed Murad Ali Shah, along with Petroleum Minister Ali Pervaiz Malik. He added that the government is working on alternative projects to mitigate the impact of the extraordinary increase in petroleum prices. “The government is constantly monitoring global markets,” he said.

Petroleum Minister Ali Pervaiz Malik stated that the government would seek relief from the IMF regarding levies and emphasized the need for fuel conservation to ensure reserves last longer. He also expressed concerns that Qatar’s force majeure could disrupt LNG supply.

The ministers informed CM Murad that diplomatic contacts with Saudi Arabia, Oman, and the UAE are underway to secure fuel supplies, and efforts are being made to ensure oil delivery through alternate routes due to the closure of the Strait of Hormuz. They added that three oil-carrying ships are expected to reach Pakistan tomorrow.

Speaking at the meeting, CM Murad highlighted that keeping the country’s economy on track is a top priority. He said all proposals discussed during the meeting would be presented at the Sindh cabinet session and stressed increased coordination between the Center and provinces to prevent hoarding.

In a related meeting with Punjab Chief Minister Maryam Nawaz, she emphasized the urgent need for diesel supply to support agricultural activities.