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Pakistan could spot its monthly lipid import measure leap to $600 cardinal arsenic tensions successful West Asia escalate, country's concern curate Muhammad Aurangzeb has warned. These comments travel astatine a clip erstwhile planetary lipid markets are reacting sharply to the ongoing crisis, with prices surging past the $100 people connected Monday.
Brent crude, the planetary benchmark, jumped to $118.22 a barrel, portion US West Texas Intermediate (WTI) changeable up astir 30% from Friday’s adjacent of $90.90, reaching $118.21. The spike reflects increasing fears implicit imaginable disruptions to vigor supplies and shipping routes amid the intensifying Middle East conflict.As Pakistan is struggling with rising substance costs, the state is turning to the International Monetary Fund for alleviation connected the petroleum levy, petroleum curate Ali Pervaiz Malik confirmed.
Speaking astatine a briefing connected Sunday, Aurangzeb outlined the increasing economical strain caused by the ongoing conflict. Pakistan’s monthly lipid import measure could surge to $600 cardinal if the situation continues, and the authorities is preparing contingency plans to mitigate the fiscal interaction of higher crude prices. Highlighting the urgency, curate Malik urged fuel-saving measures to assistance agelong Islamabad’s reserves.
He noted that 3 petroleum shipments were expected to get connected Monday, but warned that disruptions successful LNG supplies stay a concern. He added that discussions are underway with Oman, Saudi Arabia and the UAE to unafraid alternate substance routes beyond the Strait of Hormuz. The announcement comes successful the aftermath of a steep summation successful home substance prices. Petrol and high-speed diesel rates person jumped by PKR 55 per litre, astir 20%, taking prices to PKR 321.17 and PKR 335.86 respectively arsenic of March 7, 2026.
The surge has amplified worries for citizens already facing precocious surviving costs during Ramadan. The petrol hike is expected to person a ripple effect crossed the economy. With petrol present astatine PKR 324 per litre, experts pass that transport and logistics costs volition rise, pushing up the terms of nutrient and indispensable goods and perchance triggering a 2nd question of inflation. Government officials, including lawman PM Ishaq Dar, stressed that Islamabad had “little choice” but to walk connected the interaction of planetary lipid terms spikes to consumers. He said that the measurement was indispensable to stabilise nationalist vigor finances and conscionable IMF consultation requirements.
