Pakistan’s Petroleum Minister, Ali Haider Zaidi, has announced that the country is shifting its oil supply route from the Strait of Hormuz to the port of Yanbu in Saudi Arabia. This change is expected to reduce the delivery time of oil to Pakistan from 4-5 days to 15-20 days.
Addressing the Senate’s Standing Committee on Finance, the minister stated that the Pakistan Navy Ship (PNS) has two ships stuck in the Strait of Hormuz. As a result, Saudi Arabia will now provide the oil to Pakistan, which will arrive in 15-20 days. The minister also revealed that the government is unable to find ships to import oil due to lack of insurance.
The current global oil prices have reached $149.87, with Pakistani petroleum products already exceeding the price of $120. The minister emphasized that the government cannot afford to bear the losses if the prices are set to match those of 2022.
To address this crisis, the government has decided to set the prices of petroleum products on a weekly basis instead of a fortnightly basis. The new prices will be announced on Friday, March 13, and will be based on the average prices of petroleum products in the global market.
The minister also stated that the government is in talks with Iran to secure a safe passage for Pakistani ships through the Strait of Hormuz. This move is expected to reduce the risk of attacks on Pakistani ships and ensure the smooth supply of oil to the country.
Meanwhile, the Sindh government has announced a public holiday on March 13 to mark the completion of 75 million dollars in savings due to the closure of the Peshawar consulate. The government also stated that the move will not affect the country’s relations with the United States.
In other news, the PTI has expressed concern over the condition of its leader, Imran Khan, who was injured in a fall at his home. The party has demanded that the government provide security to its leaders and ensure their safe passage.
The government has also announced a new policy to address the complaints of electricity consumers. The policy aims to provide a fair and transparent system for resolving consumer complaints.
In a related development, the Ministry of Foreign Affairs has called for calm and restraint in the Middle East, where tensions have been escalating between Iran and Saudi Arabia. The ministry has also condemned the recent attacks on Iranian targets and called for an end to the conflict.
In a separate statement, the PTI has demanded that the government resign immediately, citing the country’s economic crisis as a reason. The party has also announced that 90 percent of the visas for Hajj pilgrims have been issued.
In a major development, Prime Minister Imran Khan has left for Saudi Arabia to meet with Crown Prince Mohammed bin Salman. In a recorded speech, the crown prince has warned that the presence of American troops in the region is fueling tensions and increasing the risk of conflict.
The government has also stated that it is working to resolve the issue of the PTI leader’s eye injury, which has sparked widespread concern in the country.
