Pakistan Urgently Imports Fuel as Iran-Israel Conflict Rages

Pakistan, June 22 — In light of the ongoing Iran-Israel conflict, the federal government has instructed oil marketing companies to maintain a minimum of 20 days’ fuel reserves and ordered the immediate import of 140 million litres of petrol. The Oil and Gas Regulatory Authority (Ogra) has issued an official directive to oil companies to ensure compliance with this requirement. In addition, authorities have taken steps to accelerate fuel imports, including rescheduling the arrival of an oil vessel initially scheduled for July 6. The ship, which is carrying approximately 70 million litres of petrol, is now expected to arrive on June 26, officials said. Meanwhile, the Pakistan State Oil (PSO) officials have informed that an additional 140 million litres of petrol will be available in the country by July 1. They also noted that further emergency tenders may be issued depending on how the regional situation evolves. Furthermore, Pakistan National Shipping Corporation (PNSC) officials have warned that any closure or disruption in the vital shipping route could significantly impact Pakistan, which relies heavily on oil imports from the Gulf region. Shipping industry sources reported that freight rates for oil tankers have increased by up to 15% amid regional instability. Vessels that previously charged around $900,000 per trip are now costing between $1.1 million and $1.2 million per trip. Insurance premiums have also increased significantly, rising from $15,000 to $22,000 per voyage. Sources in the PNSC have confirmed that operational challenges have emerged in the Strait of Hormuz, particularly temporary GPS signal disruptions during certain hours. One PNSC vessel reportedly had to delay its entry into the strait for two hours due to a GPS outage, they say.