Pakistan fuel prices hit record; Shehbaz ministers warn of energy crisis
Pakistan is grappling with record-high fuel prices and an energy crisis exacerbated by global shipping disruptions in the Middle East. The government is attempting to mitigate the impact on citizens through fuel relief schemes while maximizing domestic energy production.
Why it matters
The energy crisis poses a severe threat to Pakistan's economic stability and the daily lives of its citizens, reflecting broader global supply chain vulnerabilities.
Pakistan is facing a widening energy crunch as disruptions around key Gulf shipping routes push up global oil prices, fuel costs surge and the government weighs measures to curb petroleum consumption.Pakistan’s Prime Minister Shehbaz Sharif’s government is facing pressure on multiple fronts, with ministers warning about the impact of disruptions in the Strait of Hormuz and Bab El-Mandeb while trying to shield consumers from soaring fuel prices.Petrol prices were raised by PKR 4.10 per litre and high-speed diesel by PKR 6.41 per litre on Tuesday night, taking petrol to PKR 384.34 per litre and HSD to PKR 415.83 per litre.The sharp increases have raised concerns about how long Pakistan can absorb the impact of the global oil shock, with climate change minister Musadik Malik saying the government was trying to absorb part of the increase through its fuel relief scheme.Under the scheme, motorcyclists would receive subsidised petrol for up to…
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