Pakistan holds 28 days of fuel stocks as Hormuz closure delays crude cargoes

Pakistan has sufficient oil stocks to meet around 28 days of national consumption, officials from the Oil and Gas Regulatory Authority (Ogra) said, even as two crude cargoes remain stranded following the closure of the Strait of Hormuz amid the US-Israel and Iran conflict, The Express Tribune reported. 

Officials said pre-emptive imports in recent months helped build surplus reserves of petrol and diesel. Stocks were maintained above 25 days in January and extended to 28 days in February to cushion against potential supply disruptions.

However, two crude oil consignments bound for Pakistan have been delayed due to the closure of the Strait of Hormuz, a 33-kilometre-wide channel through which roughly one-fifth of global oil supplies pass. 

Officials said remaining imports were scheduled to arrive as planned. They maintained that current inventories were adequate to meet domestic demand and there was no immediate risk of shortages.

Earlier, the Petroleum Division directed Ogra to ensure adequate availability of crude and refined products and to closely monitor imports of petrol, diesel and LPG in view of the evolving security situation in the Gulf.

The government on Friday reiterated that Pakistan has sufficient crude and petroleum product stocks. The assurance was given during a meeting co-chaired by the petroleum and finance ministers.

The State Bank governor said oil-related payments would be processed without delay to ensure uninterrupted imports by refineries and oil marketing companies.