ISLAMABAD – Pakistan has started exploring alternative sources of crude oil imports following threats of possible closure of the Strait of Hormuz and an announcement by the Houthis restricting the transportation of Saudi oil through the Bab al-Mandab route from the Red Sea port of Yanbu.
The development has raised concerns about the country’s energy security and the continuity of crude oil supplies.
In response, Federal Minister for Petroleum and Natural Resources Ali Pervaiz Malik convened an emergency meeting with the chief executive officers and managing directors of Pakistan’s oil refineries. Participants were briefed on the regional security situation arising from tensions involving the United States, Iran and the Houthis.
During the meeting, the minister directed refinery officials to immediately identify alternative import sources to ensure an uninterrupted supply of crude oil to Pakistan.
Senior officials attending the meeting said refineries have since initiated contacts with international trading companies to assess the availability of crude oil from the United States, Singapore, Nigeria, and Central Asian countries as part of efforts to diversify supply options and reduce potential disruptions.
It comes as the federal government jacked up the petrol prices, delivering another blow to inflation-hit consumers as fresh notification announcing higher rates for both petrol and high-speed diesel.
According to the notification, petrol has become costlier by Rs4.93 per litre, taking the new price to Rs320.73 per litre while high-speed diesel (HSD) has been increased by Rs7.15 per litre, with the new retail price fixed at Rs367.21 per litre.
The latest hike is expected to push up transportation costs, freight charges, and the prices of essential goods, adding further pressure on households already struggling with rising living expenses.
The revised petroleum prices have come into effect following the issuance of the official OGRA notification and will remain applicable until the next government review, unless revised earlier.
