Pakistani Minister Warns of Price Hike to Rs1,000 Per Litre Amid Global Oil Market…
- Reports
- 2
- Developments
- 1
- Repetition
- 50%
New informationRepeats or wire copies
What happened
Federal Petroleum Minister Ali Pervaiz Malik warned that petrol prices in Pakistan could reach Rs1,000 per litre if a shortage occurs. He stated that the global oil market had been shaken again following Houthi attacks on Saudi Arabia. Malik added that crude oil prices had reached $132 per barrel.
From samaa.tv
Why it matters
The warnings came as the region was passing through a highly sensitive period. Malik confirmed that the government, led by Prime Minister Shehbaz Sharif, was responsible for ensuring oil supplies to the public. The minister stated that the government would do whatever was necessary to protect the country's interests.
Houthis, who are Iran-aligned, are firing missiles at Saudi Arabia while the conflict could disrupt Red Sea shipping routes, raising fears of wider geopolitical involvement including Pakistan.
From samaa.tv
Who's involved
- PakistanSovereign state issuing domestic price hike warnings due to global market pressures.
- Saudi ArabiaCountry targeted by Houthi attacks, causing global oil market instability.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- IndiaSpeculative
Global oil price rises could increase energy import costs for India.
- State Bank of PakistanSpeculative
Rising oil prices could drive inflation, forcing the central bank to adjust monetary policy and manage reserves.
- EuropeSpeculative
Global oil price rises could increase energy costs across the European economy.
Keep exploring
Part of
Red Sea conflict and expanding Middle East security pactsAlso in this story
- Saudi forces intercepted a Houthi ballistic missile that was aimed at the kingdom's capital.
- Houthis targeted ships in the Red Sea, while Russia supplied them with military intelligence and satellite data.
- India is monitoring the ongoing tensions and security risks in the Red Sea region.
- Pakistan failed to support Saudi Arabia during a Houthi attack, prompting criticism over its strategic rationale.
The entities involved
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Pakistan
sovereign state in South Asia
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Saudi Arabia
country in West Asia