• Source:JND

West Asia Crisis: Pakistan, amid the energy crisis due to the war between the US and Iran, has accepted that it lacks a strategic oil reserve like India. In an interview with Samaa TV, Pakistani Petroleum Minister Ali Pervaiz Malik acknowledged that Islamabad only holds a few days of crude reserves, worsening the crisis. The oil prices in Pakistan witnessed a significant hike due to the disruption in movement of ships through the Strait of Hormuz, a strategic chokepoint largely controlled by Iran.

Malik stated that Pakistan does not own any strategic oil reserves, and its strategy should not be compared with India's, which has 60-70 days of reserves. "We don't have any strategic oil reserves...we only have commercial reserves. We have crude worth five to seven days. And the refined product with OMCs can only last 20-21 days. We are not like India which has 60-70 days of reserves and can release it with just a single signature," the Pakistani minister stated, reported the Times of India.

He further pointed out that India could reduce taxation amid the crisis due to the fiscal space, which Pakistan lacks. "Besides, they are not part of IMF programme and they tried to insulate themselves by reducing taxation as oil prices soared...they had the fiscal space to do that," he added.

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Earlier last month, following public anger due to the sudden hike in prices, the Pakistani government announced a reduction in petrol prices by Rs 80 per litre. The fuel stations in the top cities of Pakistan witnessed long queues after the local government announced an increase in the fuel prices by 42.7 per cent.

While the fuel prices have increased across the world due to the crisis, the countries with strategic oil reserves have managed to deal with the issue. Along with increasing the prices, Pakistan has also taken several other steps, including limited energy supplies to government offices.

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