Amid the ongoing tensions in the Strait of Hormuz, foreign media has reported that Russia will supply crude oil to Pakistan.

 

According to Russian media reports citing global energy expert Dr Mamooda Salameh, approximately 733,000 barrels of Russian crude are expected to arrive at Port Qasim in the coming days.

 

The report highlighted that Pakistan has traditionally relied on Saudi Arabia and the United Arab Emirates for oil imports, though it has also previously purchased Russian crude. Experts note that the supply is part of measures to mitigate disruptions caused by the current crisis affecting international energy flows.

 

The Pakistan Business Council warned that surging global oil prices could have significant economic consequences for the country. The council stated that a 10 percent increase in international oil prices could raise Pakistan’s current account deficit by $1.5 to $2 billion.

 

The report further added that if prices reach $100 per barrel, the annual deficit could rise to $5–7 billion.

In response to global market pressures, the federal government announced an increase in domestic fuel prices.

 

Petroleum Minister Ali Pervaiz Malik, speaking at a press conference alongside Finance Minister Muhammad Aurangzeb and Deputy Prime Minister Ishaq Dar, on Friday night said the petrol and diesel rates would rise by Rs55 per litre.

 

Under the new rates, petrol will cost Rs321.17 per litre, up from Rs266.17, while diesel will be priced at Rs335.86 per litre, compared to Rs280.86 previously.

 

Malik noted that this adjustment comes amid heightened Middle East tensions following the US-Israel conflict with Iran, which has affected energy costs worldwide.

 

“We will review these prices on a weekly basis,” he said and assured that the government would reduce prices promptly once the international situation stabilises.