The government has revealed that the ongoing tensions in the Middle East have impacted the supply of petroleum products in the country. Addressing a meeting of the Senate’s Standing Committee on Petroleum, Secretary Petroleum Hamid Yaqoob Sheikh said that 70% of the country’s petroleum comes from the Middle East, with oil from Arab countries reaching Pakistan in 4 to 5 days. However, with the current situation, the arrival of ships from these countries has been suspended.
According to the secretary, the price of high-speed diesel has increased from $88 per barrel to $187 per barrel, while the price of petrol has risen from $74 per barrel to $130 per barrel. The secretary revealed that the government had delayed two cargoes per month for this year, and that LNG supplies from Qatar were completely halted from March 2.
Senate Chairman Manzoor Ahmad said that the country had 28 days’ worth of oil reserves when the price hike was implemented, and that the entire benefit was passed on to oil marketing companies. However, Secretary Petroleum denied this, saying that the price hike was implemented to prevent hoarding of oil, and that oil marketing companies had not benefited from the increase. The companies had continued to import oil despite the price hike, ensuring the availability of petroleum products across the country.
The secretary further revealed that the country had sufficient oil reserves, with 11 days’ worth of crude oil, 21 days’ worth of diesel, and 27 days’ worth of petrol. LNG reserves were available for 9 days, while JP-1 reserves were available for 14 days.
The government has introduced a new strategy with a focus on three key areas. According to the State Bank of Pakistan, the current account surplus stood at $427 million in February. The government has also revealed that it is working on a package to provide relief to motorcyclists and rickshaw drivers.
In a related development, the global market has seen a significant increase in gold prices, with the price of gold per ounce reaching $5,000. However, the price of gold has not increased in the face of the ongoing tensions in the Middle East, which is seen as an unusual development.
Meanwhile, the Pakistan rupee has seen a significant decline against the US dollar, with the currency reaching a new low. The Ministry of Finance has revealed that the government had delayed two cargoes per month for this year, and that LNG supplies from Qatar were completely halted from March 2.
The tensions in the Middle East have also had an impact on the global market, with the price of oil increasing due to the suspension of supplies from the region. The International Monetary Fund has warned of a potential global economic downturn due to the ongoing tensions.
In related news, the Pakistani rupee has seen a significant decline against the US dollar, with the currency reaching a new low. The Ministry of Finance has revealed that the government had delayed two cargoes per month for this year, and that LNG supplies from Qatar were completely halted from March 2.
The Middle East tensions have also had an impact on the global market, with the price of oil increasing due to the suspension of supplies from the region. The International Monetary Fund has warned of a potential global economic downturn due to the ongoing tensions.
The government has also revealed that it is working on a package to provide relief to motorcyclists and rickshaw drivers. The package is expected to be announced soon, with the government working to increase the availability of petroleum products across the country.
In a related development, the Pakistani rupee has seen a significant decline against the US dollar, with the currency reaching a new low. The Ministry of Finance has revealed that the government had delayed two cargoes per month for this year, and that LNG supplies from Qatar were completely halted from March 2.
The Middle East tensions have also had an impact on the global market, with the price of oil increasing due to the suspension of supplies from the region. The International Monetary Fund has warned of a potential global economic downturn due to the ongoing tensions.
The government has also revealed that it is working on a package to provide relief to motorcyclists and rickshaw drivers. The package is expected to be announced soon, with the government working to increase the availability of petroleum products across the country.
Meanwhile, the Pakistani rupee has seen a significant decline against the US dollar, with the currency reaching a new low. The Ministry
