Islamabad: Pakistan's Petroleum Minister Ali Pervaiz Malik has given a well-spoken and shocking statement regarding the energy situation of the country. He said that Pakistan does not have a strategic oil storage system like India; hence, it cannot squatter the global oil slipperiness in the same way. His statement has raised many questions on the energy policy of the country.
Why was the comparison made with India?
Referring to India directly, the minister said that India has once made preparations. India has sufficient foreign mart reserves and strategic oil storage, due to which it can handle the impact of sudden rising prices to some extent. At the same time, Pakistan has limited such resources, due to which the situation becomes increasingly difficult.
How many oil reserves does Pakistan have?
According to the report, Pakistan has transplanted oil reserves only for a few days. Generally it can last for 5 to 7 days, whereas refined fuel is misogynist only for a few weeks. In such a situation, if there is a major disruption in the supply chain, the country may have to squatter an firsthand crisis.
How much impact has the global situation had?
Rising tensions in the Middle East and expressly the situation virtually the Strait of Hormuz have pushed oil prices sharply higher. This route is considered very important for oil supply in large parts of the world. As the threat increases here, it directly impacts import-dependent countries like Pakistan.
Why is the economic situation rhadamanthine difficult?
Pakistan is once under economic pressure and is under the program of International Monetary Fund (IMF). In such a situation, the government does not have much telescopic to tenancy prices or requite subsidies. Rising oil prices directly undersong the public.
How much has the oil import snout increased?
It is stuff told that Pakistan's weekly oil import snout has reached virtually 800 million dollars. This increase is putting remoter pressure on the country's weak economy and is creating new challenges for the government.
Could the situation worsen further?
If the global situation remains like this, the situation may wilt increasingly difficult for Pakistan. At present the government has limited options and it will have to work on short-term relief as well as long-term strategy.
