KARACHI/RIYADH: Pakistan has started importing crude oil through the Red Sea route after the closure of the Strait of Hormuz disrupted shipments in the wake of the conflict in the Middle East.
A Pakistan National Shipping Corporation (PNSC) vessel has reached Yanbu port in Saudi Arabia and will depart for Karachi on Thursday carrying 73,000 tonnes of crude oil, the sources said.
Another PNSC vessel, Shalamar, has also managed to load oil from the Fujairah port and is now heading towards Karachi.
Shipping sources said the disruption in the Strait of Hormuz has affected several vessels, with two PNSC ships currently stranded near Karachi and at a charter port due to the ongoing situation.
The developments come as the ongoing Middle East war has severely disrupted energy shipments through the Strait of Hormuz, a critical global oil transit route.
Shipping through the narrow waterway has nearly come to a halt since the start of the US-Israeli war on Iran more than a week ago. The disruption has blocked the export of around one-fifth of the world’s oil supply and liquefied natural gas, pushing global oil prices to levels not seen since 2022.
The global price hike also led to the federal government raising petrol and diesel prices by Rs55 per litre as surging international prices, fuelled by the US-Israel war with Iran, put pressure on domestic energy costs.
The new price of petrol was set at Rs321.17 per litre, up from Rs266.17, while the diesel rate increased to Rs335.86 per litre from Rs280.86 after the latest review.
It may be noted that four petrol-laden ships arrived at Port Qasim on Tuesday as well, officials confirmed.
Around 37,000 tonnes of petrol have already been offloaded, while another shipment of 50,000 tonnes was being transferred.
