By Staff Reporter
KARACHI: Pakistan has started importing crude oil via the Red Sea route after the closure of the Strait of Hormuz halted traditional shipments amid the Middle East conflict, Geo television reported, quoting shipping sources.
A vessel operated by the state-owned Pakistan National Shipping Corp. reached Saudi Arabia’s Yanbu port and is scheduled to depart on Thursday for Karachi carrying 73,000 metric tons of crude. Separately, another PNSC tanker, the Shalamar, loaded oil at Fujairah in the United Arab Emirates and is now en route to the Pakistani port city.
The rerouting highlights the immediate fallout from the near-total shutdown of traffic through the Strait of Hormuz, a chokepoint that normally carries around one-fifth of the world’s oil supply and significant volumes of liquefied natural gas. Shipping through the narrow waterway has virtually stopped since the start of the US-Israeli war on Iran more than a week ago, blocking exports and pushing global crude prices to levels last seen in 2022.
That surge in international costs fed directly into Pakistan’s domestic fuel market. The government raised petrol and diesel prices by 55 rupees a liter in its latest review. Petrol now sells for 321.17 rupees a liter, up from 266.17 rupees, while diesel climbed to 335.86 rupees a liter from 280.86 rupees.
The Hormuz disruption has also affected other vessels in Pakistan’s fleet. Two additional PNSC ships are currently stranded — one near Karachi and the other at a charter port — according to industry officials. Refined-product imports continue to reach the country by sea. Four petrol-laden tankers arrived at Port Qasim on Tuesday, officials confirmed. About 37,000 metric tons have already been discharged, while a separate 50,000-tonne cargo is in the process of being transferred.
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