Pakistan fuel prices hit record; Shehbaz ministers warn of energy crisis
Pakistan is grappling with record-high fuel prices driven by global shipping disruptions in the Gulf. The government is implementing limited relief schemes and prioritizing domestic energy sources to mitigate the economic impact and prevent power outages.
Why it matters
The energy crisis highlights the vulnerability of developing economies to global supply chain shocks and the critical importance of domestic energy independence.
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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