Karachi: Pakistan has begun importing crude oil through the Red Sea route after shipments were disrupted due to the closure of the Strait of Hormuz amid escalating tensions in the Middle East.
According to shipping sources, a Pakistan National Shipping Corporation (PNSC) vessel has arrived at the Saudi port of Yanbu and is set to depart for Karachi on Thursday carrying around 73,000 tonnes of crude oil.
Another PNSC vessel, Shalamar, has also successfully loaded oil from the Fujairah port and is currently on its way to Karachi.
Sources said the disruption in the Strait of Hormuz has affected several vessels, with two PNSC ships presently stranded one near Karachi and another at a charter port due to the ongoing situation in the region.
The developments come as the ongoing conflict in the Middle East has severely disrupted energy shipments through the Strait of Hormuz, one of the world’s most critical oil transit routes.
Shipping through the narrow waterway has nearly come to a halt since the start of the US-Israel war with Iran more than a week ago. The disruption has blocked the export of nearly one-fifth of the world’s oil supply and liquefied natural gas, pushing global oil prices to their highest levels since 2022.
The surge in international oil prices has also forced the federal government to significantly increase domestic fuel prices.
Following the latest review, petrol prices were raised by Rs55 per litre to Rs321.17 from Rs266.17, while high-speed diesel increased to Rs335.86 per litre from Rs280.86.
Meanwhile, officials confirmed that four petrol-laden ships arrived at Port Qasim on Tuesday. Around 37,000 tonnes of petrol have already been offloaded, while another shipment of 50,000 tonnes is currently being transferred.
